Saudi Arabia Video Surveillance Systems Market (2020-2026)
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Saudi Arabia Video Surveillance Systems Market (2020-2026): Market Forecast By Component Type (Camera (Analog, IP/Network), Recorder (Network Video Recorder (NVR), Digital Video Recorder (DVR)), Encoder, Software), By Application (BFSI (Banking, Financial Services & Insurance), Government & Transportation, Retail & Logistics, Commercial Offices, Oil & Gas, Residential, Hospitality And Healthcare, Tourism And Public Venues & Other (Manufacturing And Critical Infrastructure)) And Competitive Landscape
The Saudi Arabia Video Surveillance Systems Market is anticipated to grow at a steady pace owing to the diversification of the economy and reviving the construction sector. The market for video surveillance in Saudi Arabia is likely to witness continued growth owing to increasing concerns related to public safety and security, growing adoption of IP cameras along with rising demand for wireless and spy cameras would attribute to the strong growth of video surveillance system market.
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Saudi Arabia Video Surveillance Systems Market is projected to grow at a CAGR of 3.7% during 2020-2026. The outburst of coronavirus would adversely impact the market for video surveillance systems as government imposed nation-wide lockdown resulting in closure of all business operations which would impact the demand and supply for video surveillance systems. However, government initiatives such as Saudi Vision 2030, National Transformation Program and the development of new social infrastructure in Saudi Arabia are predicted to aid the growth of the non-oil sector of the economy during the forecast period. By type, the camera component acquired the highest revenue share due to the universal application of video surveillance systems for security in various establishments and is likely to maintain its dominance during the forecast period as well.
The government and transportation vertical held the major revenue share in the Saudi Arabia Video Surveillance Systems Market during the forecast period owing to its advantages of remote monitoring, transportation management and increased public safety. Further, the hospitality & healthcare segment of Saudi Arabia is expected to grow significantly over the coming years on account of increasing reliance on advanced security systems in this segment across the nation.
The report comprehensively covers the Saudi Arabia Video Surveillance Systems Market by component type and application. The report provides an unbiased and detailed analysis of the Video Surveillance Systems Market on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
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Last Update : May 22, 2020 7:54 AM
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