Increased investment in Electronic Security Devices is Mainly Guided by the Increased Concern for Security and Safety of the Residents, Visitors, and Assets in the KSA
Saudi Arabia is an oil rich country and in the past few years, sectors such as retail, hospitality and others have expanded their operation attracting tourists and foreign investments. Growing expat population, tourists, and investment in infrastructure was the key reason for growth of retail and hospitality sector. Saudi Arabia electronic security market had grown more than two fold in six years according to Ken Research. Infrastructure, hospitality, and real estate were the key sectors to use electronic security devices. Rise in demand for facilities management, hotels and amusement parks in Saudi Arabia region were some other key factors driving the growth in market. Civil defense code implementation prompted the property owners especially in commercial sector to install electronic security devices in their premises. Replacement demand was other key driver.
CCTV was the most demanded electronic security device and there is very large potential for replacement of analog cameras with IP based cameras. Improved implementation of regulatory norms, growth of economy and rise in per capita income of local people and expats has leveraged the buying capacity of people. A significant proportion of investment in the country has been intended towards improving the quality of infrastructure. Increasing number of railway stations, airports, schools, colleges, hospitals, offices and shopping malls have urged the need of installing electronic security products. The companies and government are putting a lot of efforts to educate people about the need to use reliable, efficient and high quality electronic security systems. Managing Hajj pilgrims every year attracts huge investments in monitoring and crowd control equipments including CCTV cameras, access control devices and others.
According to the report, Saudi Arabia Electronic Security Market Outlook to 2021 – Growth Driven by Video Surveillance Systems and Upgradation to New Technologies indicated a multi bagger CAGR of over 20% in revenue in access control system and around 15% in Intrusion alarm system in the country in the next 5 years till 2021.
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