GCC security market to reach $19.7 bn by 2022
The GCC region continue to remain significant markets for the latest Homeland Security and Policing equipment and solutions, as governments prioritise the maintenance of a safe and secure society.
According to research by analysts Frost & Sullivan (F&S), the Middle East Homeland Security market, which includes Monitoring and Surveillance systems, Restricted Entry systems, and Perimeter Security solutions, is expected to more than double in five years, growing from $9.6 billion in 2017 to $19.7 billion by 2022.
Additionally, sustained investments in infrastructure security are set to drive growth in the Homeland Security market at a Compound Annual Growth Rate of 15.5 per cent between 2017 and 2022.
Saudi Arabia, the largest country in the GCC, continues to be the largest Homeland Security market, with 44.8 per cent of the total market, followed by the UAE with 16.6 per cent.
While Saudi will post healthy growth rates with spending on internal security, growth in the UAE and Qatar are expected to be even quicker, given the increased expenditure on enhanced security systems for mega events such as the Dubai Expo 2020 and Fifa World Cup 2022.
Kuwait too is in the process of significantly expanding its building and construction industry, with the government recently approving a $104 billion National Devt Plan that includes the construction of major roadways, a new airport, new hospitals and residential developments, a new Kuwait Un i v e r s i t y campus, a new oil refinery, oil exploration and power projects as well as new rail and metro links.
The Sultanate of Oman is also in the process of creating vital new infrastructure and transport links according to F&S. They’re expected to invest $20 billion in boosting its transport sector, especially for developing infrastructure projects in the next 15 years.
“As the premier business networking and trade event for safety, security and fire protection in the wider region, Intersec has served as an unmatched business facilitator and networking platform for the international safety and security community for the last two decades,” said Ahmed Pauwels (pictured), CEO of Messe Frankfurt Middle East, the organiser of Intersec.
“The exhibition has proved to be a launch pad and sounding board for many of the most popular security products and systems in use today. Homeland Security and Policing continues to be a high priority sector with both governments and commercial establishments across the region paying great emphasis to ensuring the safety and security of society and citizens,” he added.