Saudi CCTV market to grow 23pc
Burnaby, Canada, July 11, 2014
Saudi Arabia’s CCTV systems market is set to grow at 23 per cent in the period leading up to 2019, according to a recent report.
The ‘Saudi Arabia CCTV Market Forecast & Opportunities, 2019,’ published by TechSci Research, pointed out that the demand for CCTVs is being driven by various factors such as strong economic growth rate, rising infrastructure investments, growing defense spending as well as expansion in BFSI, retail, hospitality healthcare and construction sectors.
It has witnessed significant growth in recent years due to rising security requirements in key cities such Riyadh, Makkah and Madinah.
The kingdom’s CCTV market is also being boosted by huge ongoing infrastructure investments such as the Riyadh Metro project, said the report.
It is largely import-driven due to lack of domestic manufacturing. However, several key players such as Bosch and Axis Communications are expected to expand their production base in Saudi Arabia by 2019, which is predominantly due to growing use of security products and increasing penetration of IP based CCTV systems, it said.
Karan Chechi, research director, TecSci Research, said: "Robust growth in the construction business coupled with significant infrastructure development through 2015 is expected to positively influence the CCTV market in Saudi Arabia.
“Moreover, growing demand from Central and Western regions of Saudi Arabia due to the presence of large and mid-scale industries, expanding tourist base in cities such as Makkah and Madinah, as well as increasing adoption of IP based systems and technologies such as VSaaS and mobile video surveillance is anticipated to significantly benefit Saudi Arabia's CCTV market during the next five years."
The report also identified and analysed the emerging trends along with essential drivers and key challenges faced by the CCTV market in Saudi Arabia. - TradeArabia News Service