Wilmington, Delaware, Aug. 02, 2023 (GLOBE NEWSWIRE) -- A large chunk of the MENA’s physical security market is occupied by the Middle East (ME) region. The ME region physical security market was valued at US$ 1,198.7 Million in 2019 which further increased to US$ 1,285.1 Million in 2021. Increased number of construction activities and construction projects, surged smart cities projects and growth in technological advancements have fueled the ME physical security market growth. Moreover, the North Africa physical security market is anticipated to hit US$ 835.8 Million by 2028, growing at a CAGR of 6.7% over the forecast period.
Residential security solutions are in more demand as a result of customers' growing awareness of their own security and safety. In general, the physical security market is expanding due to the rising need for comprehensive security solutions, as well as technological improvements and shifting security dynamics.
Market Scope and Report Overview
Market intelligence for the Middle East and North Africa physical security market covers market sizes on the basis of market value (US$/EUR Million) and volume (units) by various products/services/ equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the physical security market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Middle East and North Africa physical security Market: Segmental and Market Share Analysis
- On the basis of type, video surveillance systems are anticipated to dominate the MENA physical security market. increase in theft, burglary, and crime rates has boosted the demand for comprehensive physical security measures.
- On the basis of region, by 2028, Saudi Arabia is predicted to hold a 54% share of the GCC market, followed by the UAE, Qatar, Kuwait, Oman, and Bahrain. Over the forecast period, Saudi Arabia's market expansion is likely to be fueled by rising security spending as well as a booming construction sector.
- The Commercial end user segment led the MENA physical security market in 2019 and will continue to lead the regional market during the forecast period. The large demand for physical security solutions is mainly attributed to the increased number of offices and corporates, HoReCa facilities, malls, and hospitals coupled with ongoing commercial construction activities.
Period Covered include data for 2019-2028 along with year-wise demand estimations
The physical security market report analyzes the market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The Middle East and North Africa physical security market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the Middle East and North Africa physical security market provides a detailed competition benchmarking analysis based on the market share of the leading companies/ brands/producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
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Competition Analysis and Market Structure
Some of the prominent players that contribute significantly to the physical security market growth include FOSS LLC, Alpha Data LLC, Emtech Solutions Inc, Alibaba Group, Hangzhou Hikvision Digital Technology Co., Ltd, Robert Bosch GmbH, iSecure Security Systems, NAFFCO, Metallic Equipment Technologies EST, Febno Technologies, DataONE Technologies LLC, Fujisoft Technology LLC, Ctelecoms and among others.
RationalStat has segmented the Middle East and North Africa physical security market based on type, sales channel, end user and region
- Global Physical Security Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Type
- Video Surveillance
- Camera
- IP Camera/Network Camera
- Analog Camera
- CCTV Monitor
- Access Control Systems
- Readers
- Biometric
- Keypads
- Video Intercoms
- Electric Strikes
- Fire & Life Safety
- Smoke and Heat Detectors
- Temperature Sensors
- Flood/Water Detectors
- Intrusion and Perimeter Security Systems
- Intruder Detection & Alarms
- Security Lighting
- Barriers
- Gates and Parking Barriers
- Road Blockers
- Bollards and Others
- Video Surveillance
- Global Physical Security Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Sales Channel
- Offline
- B2B
- B2C
- Online
- Offline
- Global Physical Security Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by End User
- Commercial
- Industrial
- Continue!
- Leading Companies and Market Players
- FOSS LLC
- Alpha Data LLC
- Emtech Solutions Inc
- Alibaba Group
- Hangzhou Hikvision Digital Technology Co., Ltd
- Robert Bosch GmbH
- iSecure Security Systems
- NAFFCO
- Metallic Equipment Technologies EST
- Febno Technologies
- DataONE Technologies LLC
- Fujisoft Technology LLC
- Ctelecoms
For more information about this report and market players https://store.rationalstat.com/store/middle-east-north-africa-physical-security-market-analysis-forecast/
Key Questions Answered in the Physical Security Report:
- What will be the market value of the Middle East and North Africa Physical Security market by 2028?
- What is the market size of the Middle East and North Africa Physical Security market?
- What are the market drivers of the Middle East and North Africa Physical Security market?
- What are the key trends in the Middle East and North Africa Physical Security market?
- Which is the leading region in the Middle East and North Africa Physical Security market?
- What are the major companies operating in the Middle East and North Africa Physical Security market?
- What are the market shares by key segments in the Middle East and North Africa Physical Security market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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