According to a new report from IMS Research, Saudi Arabia is poised to become the second largest market for surveillance equipment in the Middle East, ahead of the United Arab Emirates (UAE), which currently holds that distinction, and just behind Turkey, which is the region’s largest market.
The report, "The Middle East Market for CCTV and Video Surveillance Equipment – 2012 Edition," forecasts the Saudi Arabian market for network video surveillance equipment will grow by 25 percent a year from 2011 to 2016, compared with the UAE market, which is forecast to grow by around 15 percent a year.
IMS market analyst Oliver Philippou attributes the UAE’s loss in market position to several factors.
"Saudi Arabia has historically set conservative annual oil production forecasts, leaving surplus funding for social spending, including infrastructure, and health care projects; the UEA is a few years ahead of Saudi Arabia in terms of its transition from analogue to network video surveillance equipment; and the UAE is still feeling the effects of the financial crisis and a slowdown in construction projects," Philippou said in a statement.
For more information, visit www.imsresearch.com.