Middle East’s security market to reach $25b by 2022

Figure is a huge jump from market’s current worth of $12.2b

The Middle East’s homeland and commercial security market is expected to reach a value of $25.3 billion (Dh92.91 billion) by 2022, up from its current worth of $12.2 billion, as governments and companies up their security spending.

The homeland security market comprises governments and transportation while commercial security comprises companies.

According to Frost and Sullivan, a market research firm, the homeland security market in the Middle East will be worth $19.7 billion by 2022, up from the estimated $9.6 billion in 2018.

Meanwhile, the commercial security market in the region will be worth $5.6 billion by 2022, more than double the $2.6 billion in value in 2017.

“[The growth in the market] is driven by a mix of governments investing a lot in development of the public infrastructure, so a lot of activities planned from surveillance in street lights to upgrading of certain systems to include newer technologies,” said Arushi Upandhyay, associate director at Frost and Sullivan.

F&B, retail and realty drivers

She added that restaurants, hotels, retail spaces, commercial areas, and residential developments are also driving growth in spending on security systems.

Upandhyay said that some of the latest trends in the market include smart storage solutions, intelligent video analytics, smart merchandising, artificial intelligence, drones, and the Internet of Things. “One of the biggest reasons for growth will also be the Dubai Expo and the Qatar [World Cup], which will lead to a lot of commercial activities and development around those areas and the need for surveillance solutions,” Upandhyay said.

She was speaking yesterday on the sidelines of a press conference to announce details about the upcoming Intersec, a trade fair for security, safety, and fire protection. The threeday event kicks off in Dubai from January 21, and is being organised by Messe Frankfurt Middle East.

Rising awareness

Also speaking at the press conference was Brigadier Rashid Buflasa, director–general assistance for fire and rescue at Dubai Civil Defence, who said there is an increase in awareness of security technologies, and that was driving spending in the region.

In its 20th edition this year, Intersec will highlight new technologies including drones, with the Dubai Civil Defence Authority set to deliver live demonstrations of their drones and unmanned vehicles.