Middle East and Africa Video Surveillance Market Trends, Growth, and Future Outlook (2023-2029) Axis Communications AB, Bosch Group, Hanwha Corporation

Middle East & Africa Video Surveillance Market Report

The Middle East & Africa video surveillance market is witnessing significant growth due to increasing security concerns, government initiatives to improve public safety and security, and rapid urbanization in the region. According to a recent study by Report Ocean, the market size of the Middle East & Africa video surveillance market was estimated at USD 3.93 billion in 2022. During the forecast period from 2023 to 2029, the market is expected to grow at an impressive CAGR of 11.61%, reaching a value of USD 8.35 billion by 2029. Government regulations mandating the installation of video surveillance equipment in retail establishments and public spaces are among the major factors driving the development of the Middle East & Africa video surveillance market. The market is also expected to grow during the forecast period due to increased construction activities in various commercial and residential sectors, including new projects for hotels, resorts, entertainment venues, and shopping malls.

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Middle East & Africa Video Surveillance Market - Overview:
A video surveillance system consists of a network of cameras, monitors/display devices, and recorders. These technologies can be used both inside and outside buildings or areas. They can be programmed to record only in response to motion, continuously, or at specific times of the day. Various design options are available for both analog and digital cameras. The primary difference between a digital video surveillance system and an analog video surveillance system is the ability of a digital system to record and store the video signal in a digital format.

Middle East & Africa Video Surveillance Market - By Applications:
The Middle East & Africa video surveillance market is segmented based on applications into banking & financial, government & transportation, retail & logistics, commercial offices, industrial & manufacturing, and others (residential, hospitality & healthcare, and educational institutions). The retail & logistics segment holds the highest market share. Remote access retail security camera solutions enable managers and business owners to monitor video feeds from any location, which is crucial for preventing theft and shoplifting when dedicated loss prevention staff are not present.

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Impact of COVID-19 on the Middle East & Africa Video Surveillance Market:
The COVID-19 pandemic significantly impacted the growth of the Middle East & Africa video surveillance market. The emergence of the virus from China and subsequent lockdown measures implemented worldwide disrupted the manufacturing and supply chains of video surveillance components. The lockdowns also caused a severe shortage of semiconductor chips, which are crucial for manufacturing various video surveillance components, affecting manufacturing operations even in the post-COVID-19 period. Furthermore, the temporary halt in infrastructure activities directly impacted the demand for video surveillance in the Middle East & Africa market.

Competitive Landscape:
Key players operating in the Middle East & Africa video surveillance market include Axis Communications AB, Bosch Group, Hanwha Corporation, Hangzhou Hikvision Digital Technology Co. Ltd, Pelco Corporation, Avigilon Corporation, Honeywell Security Group, Panasonic Corporation, Zhejiang Dahua Technology Co. Ltd., and Cisco Systems Inc. These companies employ various strategies, such as mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches, to enhance their market share.

Conclusion:
The Middle East & Africa video surveillance market is experiencing substantial growth due to increasing security concerns, government initiatives, and rapid urbanization. The market is expected to more than double in size, reaching USD 8.35 billion by 2029. Government regulations mandating video surveillance installations and the growth of construction activities in commercial and residential sectors are driving market growth. Despite the impact of the COVID-19 pandemic, the market is expected to recover and continue its upward trajectory. Key players in the market are employing various strategies to strengthen their market presence. The Middle East & Africa video surveillance market presents significant opportunities for industry participants.

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