Saudi Arabia Video Surveillance Market Growth 2024, Revenue, Emerging Trends, Key Players, Challenges, Future Opportunities and Forecast till 2033: SPER Market Research
A video surveillance system records all of the data and video on the device that is connected to it, allowing the user to monitor a specific area closely. These systems are adopted by a range of end users, including the commercial, military & defence, institutional, residential, industrial, and infrastructure sectors, to enhance security.
According to SPER Market Research, ‘Saudi Arabia Video Surveillance Market Size- By Component, By System Type, By End User - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Saudi Arabia Video Surveillance Market is estimated to reach USD 2.6 billion by 2033 with a CAGR of 9.48%.
Drivers:
The video surveillance industry in Saudi Arabia is projected to be driven by government requirements and security concerns. The Saudi video surveillance market is expanding rapidly, owing primarily to increased security concerns. As a result of these concerns, the demand for video surveillance systems has skyrocketed, both in public and private places.
Organisations, governments, and individuals are increasingly recognising the value of monitoring technologies in improving security and preventing unplanned incidents. As a result, the Saudi government has incorporated monitoring of any criminal activity in the country into the regulations controlling video surveillance.
Restraints:
Saudi Arabian organisations struggle to enter the market due to high initial costs for implementing video surveillance systems, including hardware, software, installation, and maintenance. Furthermore, over the system's lifetime, the total cost of ownership (TCO), which includes ongoing maintenance, upgrades, and operational costs, can be substantial. The cost of investing in comprehensive surveillance systems may deter small and medium-sized businesses (SMEs) and entities with limited resources, limiting market growth and adoption rates.
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The COVID-19 outbreak has had a tremendous influence on the video surveillance sector. Businesses and organisations are increasingly employing video surveillance systems for remote property monitoring as a result of the pandemic's lockdowns and restrictions. This includes monitoring compliance with safety standards, regulating social distance, and limiting the number of people allowed in stores, offices, and other public locations. The demand for remote access and management has led to an increase in the adoption of cloud-based video surveillance technologies. Cloud-based solutions are particularly appealing to businesses that are shifting to working remotely during the pandemic due to their scalability, flexibility, and remote accessibility.
The Riyadh Metropolitan Region emerges as Saudi Arabia's principal market for video surveillance solutions, accounting for the majority of market share, estimated at 40%. As the Kingdom's capital and economic core, Riyadh is home to several government institutions, commercial complexes, residential areas, and key infrastructure projects. The key players of this market are Dahua Technology, Axis Communications, Hikvision, Honeywell Security, ZMR, Industrial Video & Control Co, Pelco, and Others.
Saudi Arabia Video Surveillance Market Segmentation:
By Component: Based on the Component, Saudi Arabia Video Surveillance Market is segmented as; Hardware, Software, Services.
By System Type: Based on the System Type, Saudi Arabia Video Surveillance Market is segmented as; Analog Video Surveillance Systems, IP Video Surveillance Systems, Hybrid Video Surveillance Systems.
By End User: Based on the End User, Saudi Arabia Video Surveillance Market is segmented as; Commercial, Industrial, Residential, Government.
By Region: This research also includes data for Riyadh, Jeddah, Dammam, Rest of Saudi Arabia
For More Information, refer to below link: -
KSA Video Surveillance Market Forecast
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