GCC Home Security Systems Market: Industry Trends, Share, Size, Growth, Opportunity And Forecast 2018-2023
A home security system is installed for securing all the entry points, such as doors and windows, as well as interior space which contains a variety of valuables. Generally, this type of security system includes door and window sensors, wired or wireless security cameras, a high-decibel siren or alarm, motion sensors, and a control panel. The demand for home security systems has been rising across the GCC region on account of increasing awareness among consumers regarding appropriate security needs. 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 system market reached a value of more than US$ 157 Million in 2017.
Over the past few years, the prices for home security products have been decreasing which has made these systems affordable for a larger population group. This is one of the major factors which is catalysing the growth of the market. Additionally, consumers have started adopting new technologies for the purpose of providing better security to their homes. Along with this, manufacturers have also been coming up with a number of technological innovations which has further contributed to an augmented demand for quality home security systems across the GCC region. Moreover, there are several other factors which have been proactive towards a rapid growth of the home security system market in the GCC region such as the booming construction industry, rise in DIY home security systems, large young population, etc. Looking forward, the market value is projected to exceed US$ 473 Million by 2023, exhibiting a CAGR of around 20% during 2018-2023.
On a geographical front, Saudi Arabia and UAE currently hold the majority of the market share on account of increasing security threats and breaches. Saudi Arabia and UAE are followed by Kuwait, Qatar, Oman and Bahrain.
On the basis of residence, the market has been segmented into independent homes, condominiums and apartments. Currently, independent homes represent the largest segment on account of rising rate of theft and burglary across the region.
Based on product, the market has been segregated into video surveillance, intruder alarms, fire protection and access control. Amongst these, video surveillance dominates the market as it can be accessed remotely and also provides optimum vigilance.
Currently, there are numerous types of sensors of home security systems which primarily include wireless sensors and wired sensors. Amongst these, wireless sensors have been experiencing a positive growth over the past few years owing to the rapid advancements in technologies.
The GCC home security system market has also been categorised on the basis of installation type which mainly consists of professional installation and DIY type installation.
This report provides a deep insight into the GCC home security system market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the GCC home security system market in any manner.
Key Questions Answered in This Report:
How has the GCC home security systems market performed so far and how will it perform in the coming years?
What are the key regions in the GCC home security systems market?
What are the major residence segments in the GCC home security systems market?
Which are the popular products in the GCC home security systems market?
What are the different types of sensors in the GCC home security systems market?
What is the breakup of the GCC home security systems market on the basis of installation type?
What are the various stages in the value chain of the GCC home security systems market?
What are the key driving factors and challenges in the GCC home security systems market?
What is the structure of the GCC home security systems market and who are the key players?
What is the degree of competition in the GCC home security systems market?
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook