Saudi Arabia CCTV Market to Grow at 23% During 2014-19, Finds TechSci Research Study
Burnaby, Canada, July 09, 2014 --(PR.com
)-- According to a recently published report by TechSci Research, “Saudi Arabia CCTV Market Forecast & Opportunities, 2019,” the country’s CCTV systems market is forecast to grow at 23% during 2014-19. The demand for CCTVs is being driven by various factors such as strong economic growth rate, rising infrastructure investments, growing defense spending as well as expansion in BFSI, retail, hospitality healthcare and construction sectors. Saudi Arabia’s CCTV market has witnessed significant growth in recent years due to rising security requirements in key cities such Riyadh, Mecca and Medina. Presently, the country’s CCTV market is also being boosted by huge ongoing infrastructure investments such as the Riyadh Metro project.
The country’s CCTV market is largely import-driven due to lack of domestic manufacturing. However, several key players such as Bosch and Axis Communications are expected to expand their production base in Saudi Arabia by 2019, which is predominantly due to growing use of security products and increasing penetration of IP based CCTV systems in the country.
“Robust growth in the construction business coupled with significant infrastructure development through 2015 is expected to positively influence the CCTV market in Saudi Arabia. Moreover, growing demand from Central and Western regions of Saudi Arabia due to the presence of large and mid-scale industries, expanding tourist base in cities such as Mecca and Medina, as well as increasing adoption of IP based systems and technologies such as VSaaS and mobile video surveillance is anticipated to significantly benefit Saudi Arabia’s CCTV market during the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia CCTV Market Forecast & Opportunities, 2019” has analyzed the potential of the CCTV market in Saudi Arabia and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the CCTV market in Saudi Arabia.