According to the latest report by IMARC Group, titled “GCC Home Security Systems Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the GCC home security systems market reached a value of around US$ 160 Million in 2017. A home security system is a combination of software and hardware devices that are designed for detecting and preventing intrusion or unauthorized entry of unknown people or burglars. It is mainly installed at entry points, like doors and windows, or interior spaces where valuable items are stored. The market for home security systems in the GCC region experienced a negative growth in 2014, however, with strong economic growth, the demand for these systems has flourished since then.
With increasing terrorist threats and security concerns, the governments of several countries in the GCC region are introducing laws for making the installation of home security systems mandatory in the residential and commercial sectors. For instance, the Government of Saudi Arabia has made it compulsory for residents to install surveillance cameras in their homes so as to protect them from theft and other crimes. Apart from this, the prices of home security systems are decreasing, owing to which, they are becoming affordable for a larger section of the population. Further, manufacturers are incorporating advanced technologies in these systems in order to widen their user base. On account of these factors, the market value is projected to exceed US$ 470 Million by 2023, expanding at a CAGR of around 20% during 2018-2023.
- Based on residence type, the GCC home security systems market has been segregated into independent homes, condominiums and apartments. Amongst these, independent homes dominate the market, holding the largest share.
- According to the report, video surveillance represents the most popular type of home security system as it offers optimum vigilance for both domestic and commercial purposes. Other segments include intruder alarms, fire protection and access control.
- On the basis of sensor type, the market has been bifurcated into wireless and wired sensors. Due to rapid technological advancements, wireless sensors account for the dominant market share.
- Based on installation type, the GCC home security systems market has been divided into professional and DIY type installation.
- Region-wise, the market has been segmented into Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. Currently, Saudi Arabia and the UAE account for the majority of the market share owing to rising security concerns in these countries.
- The competitive landscape of the market has also been examined in the report along with a detailed list of the key players.
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