The GCC video surveillance storage market is expected to grow at a compound annual growth rate (CAGR) of 6.6 per cent during 2019 to 2025, according to a report by 6Wresearch, a global market research and consulting firm.
The report, titled "GCC Video Surveillance Storage Market (2019-2025)", estimates and forecast the overall GCC Video Surveillance storage market by revenues, technology, deployment, applications, and countries that include Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain.
The report also offer insights on market ranking by companies, company profiles, market drivers, restraints, and recommendations.
GCC video surveillance storage market witnessed growth during 2017 to 2018 as a result of improved implementation of government norms for mandatory installation of video surveillance systems with regulations that mandates the retention of footage ranging from 90 days to 180 days in countries such as Saudi Arabia and UAE.
Increased consumer awareness regarding security in public places as well as in the residential sector, along with a boom in the construction sector of the region are some of the key factors contributing significantly to the growth of GCC video surveillance storage market.
This growth is primarily due to improving economic performance across the region as a result of increasing oil prices, increasing FDI and government spending, growing tourism, increased IT spending and rising security concerns.
Shefali Goel, assistant manager, Research and Consulting, 6Wresearch, in the technology segment, SAN (Storage Area Network) acquired the majority of the market revenue pie in the GCC region in 2018 on account of its superiority in terms of security, speed, reliability, scalability, manageability and storage capacity as compared to DAS and NAS.
Further, SAN provides cost efficiency to large scale enterprises, along with up-graded technology and better data management techniques that drives the SAN video surveillance storage market across the region.
Moreover, the DAS segment of video surveillance storage market is expected to grow during the forecast period due to its suitability for small and medium enterprises (SMEs) and the number of SMEs is on a rise across the GCC region as a result of the increasing efforts by government to promote the share of SMEs in the country’s GDP.
Gurbani Kaur, research associate, Research and Consulting, 6Wresearch, said: "On the basis of deployment, on premise deployment of video surveillance storage acquired the major revenue share of the GCC video surveillance storage market in 2018.”
“However, the market revenues for the hybrid segment of video surveillance storage is expected to grow at a faster rate than the growth rate of the other two segments, which are, on premise and cloud-based storage, during the forecast period. The reason for this growth is shift in consumer preferences towards cloud and hybrid type of storage as these provide easy access of data and faster deployment technology,” Kaur added.
“Further, among the verticals, the hospitality and healthcare segment, retail and logistics as well as commercial offices segments are anticipated to witness substantial growth during the forecast period due to increase in number of installation of video surveillance systems in hotels and hospitals, shopping centers, hypermarkets, supermarkets, retail outlets and offices," Kaur concluded.
Among the countries in the GCC region, Saudi Arabia and UAE are the key revenue shareholders in the overall video surveillance storage market. Further, with Dubai World Expo 2020 and Qatar FIFA World cup on the cards, the construction of the required infrastructure would also spur the demand for video surveillance resulting in an increase in demand for storage in these regions in near future.
Some of the key players in GCC video surveillance storage market includes: Dell EMC, Resilient, BCD Video, Pivot3, Fujitsu Systems, Cisco, Avigilon, Hanwa Techwin, Honeywell and Pelco, it stated. – TradeArabia News Service