ME security industry to be worth $23B by 2024

dubai — The rapidly transforming economies of the Middle East have witnessed a surge in demand for the latest in safety and security solutions from governments, companies and residents, new research has shown.

Analysts, 6Wresearch, said the regional market for physical and perimeter security is expected to grow at a CAGR of 13.5 per cent between 2018 and 2024, by when it is estimated to be worth $23 billion.

Increased government spending on safety and security measures and surging tourism and hospitality sectors are the main engines of expansion, with the UAE, Saudi Arabia and Bahrain expected to be the key marketplaces to watch.

The white paper indicated a growing appetite for real time analytic cameras across the region as well as a preference for thermal imaging cameras for the industrial sector, especially in the oil and gas sector.

The research has been prepared for the upcoming Intersec 2019 exhibition, which will bring together the leading safety, security, fire protection equipment manufacturers and solution providers.

“With increased awareness of the complex threats they face in their work and personal environments, the Middle East consumer of safety products is on the lookout for cutting-edge solutions to combat sophisticated threat factors,” said Andreas Rex, show director for Messe Frankfurt Middle East, Intersec’s organiser.

The Middle East consumer of safety products is increasingly on the lookout for cutting-edge solutions Andreas Rex, show director for Messe Frankfurt Middle East