Dublin, June 05, 2024 (GLOBE NEWSWIRE) -- The "Middle East Video Surveillance Market 2023-2029 Revenue, Companies, Size, Trends, Share, Growth, COVID-19 IMPACT, Value, Analysis, Industry & Forecast: Market Forecast By Countries, By Offering, By System, By Vertical And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The Middle East video surveillance market grew at a considerable rate during the period 2019-2020 as a result of several mandatory government regulations implied upon businesses for compulsory installation of video surveillance systems in shops and public areas in several countries.
The upsurge in the construction activities in different horizons of commercial and residential spaces entailing the new projects related to hotels, resorts, entertainment centres, shopping malls and the huge influx of FDI in the retail and construction sectors were the key catalysers for the overall growth of video surveillance solutions across the region.
According to this research, Middle East Video Surveillance Market size is anticipated to grow at a CAGR of 4.2% during 2023-2029. The government initiatives for installation of video surveillance systems for traffic management, rapid infrastructural growth, and reforms in the education and BFSI vertical coupled with rising awareness among the end-users and businesses in the countries about the advantages of video surveillance solutions would act as a critical driving force behind the growth of the market in the region during the forecast period.
Moreover, a rise in crime rates, escalating FDI and government spending, and growing tourism are some of the factors leading to the growth of the market in the forecast period. The growing need for perimeter security & surveillance of critical infrastructure and government facilities would further augment the demand for video surveillance solutions from government and transportation sector in the forthcoming period.
Moreover, consumers are likely to shift their preferences from analog video cameras to IP/Network-based cameras due to its connectivity over IoTs. UAE accounted for the largest market revenue share in 2022 and is also expected to be at the top in the forecast years as the government is focusing on improving the security needs in the country along with initiatives such as Dubai Smart City Initiative, National Plan 2020 and Vision 2031. It is followed by Saudi Arabia and Qatar on account of their growing urbanization, theft and increasing crime rate along with growth in construction projects in the transportation, hospitality, industrial and commercial verticals.
Report Segmentation
Market by Components
Video surveillance cameras on the basis of components held the highest share in the Video Surveillance Market in Middle East and similar trend is expected to continue in the coming years owing to growing adoption of surveillance cameras in tourism and hospitality sector as rise in number of visitors and expats across the nations in the region has escalated the construction of hospitality projects.
Market by Applications
Government and transportation vertical has garnered majority of market revenue due to the to increasing investments in various infrastructure projects across the region. The same segment will continue to rise in the years to come.
Market by Countries
UAE accounted for the largest market revenue share in 2022 and is also expected to be at the top in forecast years on account of several government initiatives such as Dubai Smart City Initiative, National Plan 2020 and Vision 2030. The growing expansion of mega buildings and shopping centers also proliferate deployment of video surveillance camera and is estimated to bolster growth of UAE video surveillance market in the upcoming years. It is followed by Saudi Arabia and Qatar on account of growing urbanization, theft and increasing crime rate among the countries along with growth in construction projects in the transportation, hospitality, industrial and commercial verticals.
Key Highlights of the Report
- Middle East Video Surveillance Market Overview
- Middle East Video Surveillance Market Outlook
- Middle East Video Surveillance Market Forecast
- Historical Data and Forecast of Middle East Video Surveillance Market Revenues & Volume for the Period 2019-2029F
- Historical Data and Forecast of Middle East Video Surveillance Market Revenues & Volume, By Components, for the Period 2019-2029F
- Historical Data and Forecast of Middle East Video Surveillance Camera Market Revenues & Volume, By Camera Type, for the Period 2019-2029F
- Historical Data and Forecast of Middle East Video Surveillance Recorder Market Revenues & Volume, By Recorder Type, for the Period 2019-2029F
- Historical Data and Forecast of Middle East Video Surveillance Market Revenues, By Applications, for the Period 2019-2029F
- Historical Data and Forecast of Middle East Video Surveillance Market Revenues & Volume, By Countries, for the Period 2019-2029F
- Market Drivers and Restraints
- Middle East Video Surveillance Market Trends
- Industry Life Cycle
- Porter's Five Force Analysis
- Market Opportunity Assessment
- Middle East Video Surveillance Market Revenue Share/Ranking, By Companies
- COVID-19 Impact on Video Surveillance Market
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Components
- Video Surveillance Cameras
- Video Surveillance Recorder
- Video Surveillance Encoder
- Video Management Software
By Applications
- Banking & Financial
- Government & Transportation
- Retail & Logistics
- Commercial Offices
- Industrial & Manufacturing
- Residential
- Hospitality & Healthcare
- Educational Institutions
By Countries
- UAE
- Bahrain
- Kuwait
- Oman
- Qatar
- Saudi Arabia
Companies Profiled:
- Axis Communications AB
- Bosch Group
- Hanwha Corporations
- Hangzhou Hikvision Digital Technology Co. Ltd
- Pelco Corporations
- Avigilion Corporations
- Honeywell Security Group
- Panasonic Corporation
- Zhejiang Dahua Technology Co. Ltd.
- Cisco Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/d1dy6y
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