Report Ocean recently published an extensive intelligence report titled “GCC Video Surveillance Market Report: Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030.” This report provides a comprehensive analysis of the market at a micro-level, focusing on insurers, major market sectors, products, and distribution methods within the industry.
The competitive segment of the report offers a summary of key competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This analysis enables market participants to effectively identify relevant opportunities by assessing the strengths and weaknesses of major competitors.
Market Definition: A video surveillance system is made up of different parts, like cameras, which are a common part of a security system and come in many different styles and features. Additionally, video surveillance is mostly used for a variety of security purposes, such as remote video monitoring, facility security, operation monitoring, vandalism deterrence, traffic monitoring, parking lots, and other similar endeavors.
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Insights into the Market During the Forecast Period (from 2023 to 28), the GCC Video Surveillance Market is anticipated to expand at a CAGR of approximately 6%.
The development of the market is credited to rising worries of clients with respect to somewhere safe and secure, a lift in the development area, and an expansion in IT spending. In addition, a rise in crime rates, escalating FDI and government spending, expanding tourism, and the requirement to install video surveillance systems are some of the factors driving the market’s expansion over the forecast period.
In addition, countries like the United Arab Emirates, Saudi Arabia, Qatar, and others are experiencing rapid urbanization and rising population densities. public wellbeing and security have become central issues for states, policing, and residents. There is a growing demand for solutions that can monitor and secure public spaces like airports, train stations, and shopping malls, where video surveillance has become increasingly common.
As a result, the region’s adoption of video surveillance solutions is being driven by growing concerns about public safety and security. This trend is also expected to lead market expansion in the coming years. In addition, the nation capitalized on video surveillance technologies to reduce the impact of COVID-19, installing surveillance cameras in the emirates, as in the United Arab Emirates, to increase COVID-19 detection rates.
In addition, the demand for the video surveillance market in the GCC region between 2018 and 2022 has been bolstered by an increase in residential and commercial construction. Video surveillance solutions that can secure and monitor these facilities are in high demand due to the rise in construction projects. As a result, the general adoption of video surveillance solutions is being driven by the expansion of construction activities in various economic sectors.
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Key driver: Market Dynamics The governments of the United Arab Emirates, Qatar, Saudi Arabia, Kuwait, and other countries, have been primarily concentrating on the growth of the country’s commercial sector with the intention of shifting the nation’s economic base away from oil. The diversification plans aim to grow the hospitality, retail, and other non-oil economy sectors, to ensure sustainable development even after oil reserves are exhausted and to meet the needs of their populations. As a result, governments are investing in and encouraging public-private partnerships for residential, commercial, and industrial development. As a result, ongoing building projects like Ain Dubai, The Royal Atlantis, Al Jahra, Riyadh, Doha, etc., have sparked an increase in the need for video surveillance equipment. The expansion of infrastructure projects has resulted in a significant increase in the region’s sales of video surveillance components and solutions.
Possible Limitation: The UAE Video Surveillance market is experiencing growth that is hampered by the cybersecurity risk that is associated with all video surveillance systems. Hackers are now able to take advantage of mega events like the New Year’s celebrations and another holiday season because hacking tools have become easier to use. Passwords that are weak, frequently used, or rarely changed can lead to cyber breaches in a variety of public and private institutions, including residential apartments and commercial spaces, among other places. These vulnerabilities have hampered the expansion of the video surveillance market.
Market Division
In light of End Clients:
Infrastructure Commercial Residential Industrial Institutional The commercial segment of the GCC video surveillance market has historically held a significant share of the market based on end users. This is because of the rising demand for video surveillance in banks and other financial institutions as a result of the rise in the rate of crime, particularly in the retail sector and the increase in the number of fraudulent transactions and data thefts. In addition, the market’s expansion is anticipated to be fueled by rising government spending on the commercial sector and stringent government initiatives mandating the installation of video cameras.
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In addition, the infrastructure market is expanding at a rapid rate. This is because of the growing inflow of foreign direct investment (FDI), upcoming construction projects like shopping malls, airports, and metros, and the growing use of video surveillance in public areas to keep people safe and lower the rate of crime. As a result, the Video Surveillance market in the GCC is expected to expand as a result of these factors in the near future.
Based on the Part:
Camera Monitor Media Storage Software Accessories Between 2018 and 2022, the Camera commanded a sizable share of the GCC Video Surveillance market. The growing demand for high-definition video surveillance and the need for surveillance solutions that are both more adaptable and less expensive have fueled the use of IP cameras in the GCC region. For enhanced intelligence and security, IP cameras can be easily integrated with other surveillance technologies like video analytics and facial recognition. As a result, their adoption is anticipated to rise in the coming years due to the numerous advantages they offer over analog cameras, such as improved image quality, easy scalability, and remote access.
Projection Regionally, the GCC Video Surveillance Market spans the following regions:
Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman are the other countries in the GCC that are expected to gain a significant share of the video surveillance market in the coming years. The UAE government’s mandate to install video surveillance in a variety of buildings, including residential and commercial ones, have accelerated the UAE’s demand for video surveillance. The government was compelled to develop guidelines for the use of video surveillance due to concerns about the building’s security. For instance, the Dubai government issued a preventive systems manual in 2020 in response to laws passed in 2016 and 2018 mandating technical specifications for video surveillance systems. As a result, hotels, gold and jewelry shops, airports, banks, clubs, residences, and other establishments that rely on video surveillance are likely to implement video surveillance laws.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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