Diversification of Economy from Oil Based Industries, Managing Hajj pilgrims is Expected to Boost Demand for Saudi Arabia Electronic Security Market: Ken Research
- CCTV and system integration devices are expected to increase in future as smart technologies gain importance.
- Improving technology and customer willingness to pay premium for quality products will help in augmenting market revenue.
- Government keen interest to sustain the economic growth by diversifying industry base will lead to investment in electronic security market. This will create growth opportunities for all type of electronic devices in Saudi Arabia.
Government of Kingdom of Saudi Arabia is planning to increase the role of private sector in economy in order to improve efficiency and make its market more open and competitive. Easing restrictions on foreign lenders, private sector involvement in the financing and construction of education infrastructure, security for small and medium businesses, scheduled opening of Riyadh metro in 2019 and Vision 2030 are some key factors that are expected to boost the market for electronic security devices in Saudi Arabia. It is expected that revenue generation will continue to increase till 2021. It is expected that CCTV will continue its dominance in the electronic security market in Saudi Arabia. Government will continue its dominance as major user of electronic security devices however its share may decline. Based on analyst recommendation by Ken Research, easing of restrictions on foreign lenders, private sector involvement in the financing and construction of education infrastructure, security for small and medium businesses are some other key factors that may have positive impact on the market creating additional and replacement demand for electronic security devices in the future. Ken Research in its latest publication “Saudi Arabia Electronic Security Market Outlook to 2021 – Growth Driven by Video Surveillance Systems and Upgradation to New Technologies” suggested that an electronic security devices system integrator which has worked for large real estate clients is given very high preference as they can pre plan the installation without disfiguring the final finish. Prior engagement and good quality workmanship plays a very key role in determining whether to continue to discontinue the old contractor in Saudi Arabia. Technology is important for the client for electronic security devices however the customer is not willing to pay over the top for highly advanced products. The report provided information on CCTV (Analog, Digital), Fire Alarm, Access Control Devices (Biometric Based , Card Based, Pin Based), Intrusion Alarms (Motion Alarms, Seismic Alarms, Infrared Beam Alarms) segments covering companies including Bosch, Honeywell, Hikvision, Axis Communications, Pelco, Siemens, Tyco.