08 Nov Saudi video surveillance market on the up as oil prices recover
Despite registering a decline over the last couple of years, the video surveillance market in Saudi Arabia is once again experiencing an upswing according to a new report from market analysts, 6W Research.
A drop in oil prices and government spending cuts brought several major infrastructure projects to a halt between 2014-16. As oil prices recover so will the surveillance market which is expected to reach $163 million by 2023 – boosted by the fact that the government has mandated compulsory installation of video surveillance systems in major verticals.
Prijo Samuel, assistant research manager, research and consulting, 6Wresearch, “Under Vision 2030, the Saudi Arabian government has passed a plan to invest in the infrastructural development and to allow FDI in commercial and retail sectors which will result in major expansion of infrastructure.”
According to 6WResearch, the central region held the majority share of the video surveillance market, with government and transportation verticals accounting for highest revenues, followed by commercial offices and retail. Over the next six years, hospitality and healthcare and the education verticals are forecast to grow at a higher CAGR.
Some of the major video surveillance companies active in Saudi Arabia include: Avigilon, Axis, Bosch, Dahua Technology, Hikvision, Hanwha Techwin, Honeywell, Panasonic and Pelco.
The report entitled: Saudi Arabia Video Surveillance Market (2017-2023) provides in-depth analysis with 51 figures and 13 tables covered in more than 111 pages. The report estimates and forecast the overall Saudi Arabia Video Surveillance market by revenue, by types, by regions, and by verticals. It also offers insights on competitive landscape, market share by companies, companies benchmarking, company profiles as well as market drivers and restraints.
For more info visit: http://www.6wresearch.com/press-releases/saudi-arabia-video-surveillance-market-ksa-vss-share-trends-forecasts-cagr-players-size-growth-opportunity-media-news.html