Saudi Arabia is increasingly diversifying its economy to reduce it's over dependence on oil by investing in multiple sectors. Infrastructure development in Saudi Arabia is accelerating at a rapid pace especially in the areas of hospitality, government & transportation, retail, commercial buildings, BFSI, education, etc. With the rise of these infrastructures, need for advanced security solutions have surged, which have created the demand for video surveillance systems in the country. Video surveillance market in the KSA is the largest amongst all GCC countries and is expected to witness significant growth due to growing security concerns.
Saudi Arabia is increasingly diversifying its economy to reduce it's over dependence on oil by investing in multiple sectors. Infrastructure development in Saudi Arabia is accelerating at a rapid pace especially in the areas of hospitality, government & transportation, retail, commercial buildings, BFSI, education, etc. With the rise of these infrastructures, need for advanced security solutions have surged, which have created the demand for video surveillance systems in the country. Video surveillance market in the KSA is the largest amongst all GCC countries and is expected to witness significant growth due to growing security concerns.
According to 6Wresearch, Saudi Arabia's video surveillance market is projected to grow at a CAGR of 16.08% during 2015-21. In Saudi Arabia, IP video surveillance market has dominated the overall video surveillance in 2014 and would maintain its market leadership through forecast period. Increasing IT infrastructure, higher reliability, scalability and ability to provide remote access is expected to drive the growth of the market.
Amongst all the applications, government and transportation sector has captured largest revenue share of the market pie in the country. Over the next six years, verticals such as banking & financial, education, commercial office are projected to grow at relatively higher CAGR during 2015-21. Saudi Arabia has planned to develop 6 new economic cities by investing more than $100 billion in the coming years, which would stimulate the growth of video surveillance market in the country.
Upcoming Haramain High Speed Rail project also known as the Makkah-Madinah high speed railway and Riyadh Metro project would further boost the demand for video surveillance systems during the forecast period.
"Saudi Arabia Video Surveillance Market (2015-2021)" provides in-depth analysis with 81 figures and 21 tables covered in more than 120 pages. The report thoroughly covers video surveillance market by types, components, verticals and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to decide and align their market strategies according to the current and future market dynamics.