Though, governments have mandated compulsory installation of video surveillance systems throughout various GCC countries, the market registered decline in demand in last two years. This was predominantly due to falling oil prices which impacted overall government spending towards various infrastructure projects. However, the market is all set to bounce back majorly post 2017 with expected improvement in oil prices along with projected flow of investments primarily for upcoming international events such as World Expo 2020 in UAE and FIFA World Cup 2022 in Qatar.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6wresearch, “The IP video surveillance segment captured major revenue share of the market. Growing demand for high quality cameras, increasing IT infrastructure, need for remote monitoring and declining prices of IP video surveillance systems have led for its market growth in the region.”
“Further, the GCC market is one of the potential markets for video surveillance software on account of increasing adoption of IP video surveillance systems in government & transportation vertical. In video surveillance software market, video management software accounted for the largest market demand” Samuel further added.
According to Shefali Goel, Research Analyst, Research and Consulting, 6wresearch, “Government and transportation accounted for highest revenue share followed by commercial offices, retail verticals, and others. The GCC region is witnessing significant infrastructure development activities in commercial sector. Additionally, increasing construction projects pertaining to residential vertical would further stimulate the growth of the market in forecast period.”
“Saudi Arabia and the UAE accounted for the majority of the revenue share in the GCC video surveillance market; however, the Qatar market is anticipated to register a significant growth rate due to the FIFA World Cup 2022,” Shefali concluded.
The major companies in the GCC video surveillance market include- Avigilon Corporation, Axis Communication, Bosch Security System, Dahua Technology, Hikvision, Hanwha Techwin, Honeywell Security, Panasonic Corporation, and Pelco.
“GCC Video Surveillance Market (2017-2023)” provides in-depth analysis with 207 figures and 35 tables covered in more than 280 pages. The report estimates and forecast the overall GCC Video Surveillance market by revenue, by types, by countries and by verticals. The report also gives insights on competitive landscape, market share by companies, companies bench marking, company profiles, market drivers and restraints."