UAE – According to 6Wresearch, the UAE’s electronic security market is forecast to grow at a CAGR of 10.7% during 2015-21.
It states that government initiatives, increasing investments, rising security & IT spending and growing security concerns are impacting the adoption of electronic security systems in the country.
The UAE economy continued to show growth due to sectors such as construction, financial, retail and hospitality. Construction sector is budding with the large number of government and private projects to build infrastructure for the upcoming World Expo 2020.
“Amongst vertical markets, government and transportation vertical has accounted for the largest share in the electronic security market owing to expansion of transportation sector due to metro and airport projects,” said Prijo Samuel, senior research analyst, Research and Consulting, 6Wresearch.
He added that the demand for electronic security systems in government and transportation verticals would continue to increase in the coming years. The UAE government is likely to spend nearly US $10 billion on both physical and digital security by 2017, resulting in the growth for electronic security systems in the country.
According to Shefali Goel, research associate at 6Wresearch, with more than 25 million visitors expected for the expo in 2020, deployment of hybrid electronic security systems will be seen everywhere.
“In the access control market, biometric access control system market share will increase due to higher reliability and security. Fingerprint based access control systems have controlled the market; however, with surging security needs, penetration of iris, face and multi-modal biometrics technologies is anticipated to increase,” he said.