KSA – The government of the Kingdom of Saudi Arabia is planning to increase the role of the private sector in the economy in order to improve efficiency and make its market more open and competitive, according to a new report by Ken Research.
Easing restrictions on foreign lenders, private sector involvement in the financing and construction of education infrastructure, security for small and medium businesses, the 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.
CCTV leading the way
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.
In its latest publication “Saudi Arabia Electronic Security Market Outlook to 2021 – Growth Driven by Video Surveillance Systems and Upgradation to New Technologies” Ken Research 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 Saudi Arabia. Technology is important clients for electronic security devices however customers are not willing to pay over the top for highly advanced products.
The report provides 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 such as Bosch, Honeywell, Hikvision, Axis Communications, Pelco, Siemens, Tyco.