SecurityWorldMarket

23/08/2017

UAE video surveillance market to reach $194m by 2023

New Delhi, India

According to 6Wresearch, the UAE video surveillance market is projected to reach $194 million by 2023.

Burgeoning construction market, increasing government spending, infrastructural development, surging FDI in retail, along with government regulation for compulsory installation of surveillance systems in public areas are a few of the key factors that have led to the growth of video surveillance market in the region according to the researchers. Additionally, the growing tourism industry in the region has resulted in increased construction projects in various sectors; primarily, hospitality and government & transportation, which have further fuelled the growth of video surveillance market in UAE.

In 2016, the video surveillance market registered marginal growth in terms of demand due to falling government spending. The government spending is mainly affected by declining oil prices; however, the market is anticipated to bounce back with the recovery of oil prices post 2017; although, due to government regulations for compulsory installation of video surveillance systems throughout the UAE, the market registered a positive growth in terms of revenues during the same period.

According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, “The IP video surveillance segment has captured the major revenue share of the market. Growing demand for high definition cameras coupled with declining prices, has resulted in an increase in adoption of IP video surveillance systems in the country.”

“Additionally, for the upcoming World Expo 2020, more than $200 billion are expected to be spent over the expansion of existing and construction of new public & private infrastructures. In 2020, around 25 million visitors are expected in the country for the World Expo. To provide high security and monitor the activities, a large number of security cameras would be deployed at various locations.” Samuel further added.

According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, “The government and transportation vertical accounted for the highest revenue share followed by commercial offices, retail verticals and others. The UAE is exhibiting significant infrastructural development activities in the commercial sector. Additionally, increasing construction projects pertaining to the residential vertical, would further stimulate the growth of the market during the forecast period.”

“Moreover, the Northern region, accounted for majority of the revenue share in the UAE video surveillance market attributed to key construction projects in the commercial, hospitality, and retail verticals.” Shefali concluded.

The major companies in the UAE video surveillance market include- Avigilon Corporation, Axis Communications, Bosch Security Systems, Dahua Technology, Hikvision, Hanwha Techwin, Honeywell Security, Panasonic Corporation and Pelco.

“The UAE Video Surveillance Market (2017-2023)” provides in-depth analysis with 54 figures and 13 tables covered in more than 115 pages. The report estimates and forecast the overall UAE video surveillance market by revenue, types, regions and verticals. The report also gives insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers and restraints.


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