Commercial security market to reach $4.8bn by 2021
05 Nov 2017 - 11:18
Growing demand for streamlined and IP network security systems will double the value of the Middle East’s commercial security market over the next four years, with hospitality likely to witness the highest growth of all end-user segments, according to new research.
Driven by increased investments and stringent regulatory policies, the commercial security market has witnessed an upswing throughout the region creating opportunities for suppliers of IP-based video surveillance, access control and intrusion detection.
Analysts Frost & Sullivan (F&S) estimate the market will be worth $4.8bn by 2021, growing at a 17 percent compound annual growth rate (CAGR) from its $2.2bn value in 2016.
Video surveillance accounts for a 75 percent of total market share, followed by access control at 15 percent, and intrusion detection at 10 percent.
“Safety and security is the pre-eminent priority for businesses and civic authorities not just in the region but across the globe, especially in today’s scenario where a small security vulnerability can lead to major losses,” said Ahmed Pauwels (pictured), CEO of Messe Frankfurt Middle East.
Okawa Tetsuo, Senior Sales and Marketing Manager for Panasonic’s System Solutions Department, said: “The Middle East and Africa is a key market for us, and there’s growing demand for surveillance technology as local governments are strongly committed to providing residents and industries with security and protection at all times.
“The region is boasting some of the fastest growing economies, and is viewed as a vitally important part of the world by the global safety, security and fire protection industries.
“This emphasis on greater security is felt in many ways including growing expenditure on security infrastructure, equipment and personnel by regional authorities as well as an increasing awareness in society about the importance of maintaining a safe and secure environment.”