Posted On: 2021-03-25
Government & transportation sector acquired the largest revenue share in Egypt video surveillance system market - 6Wresearch.
Underpinned by the growing construction market and several projects being launched under the domain of hospitality, government and tourism segments, along with the influx of FDI in the commercial and retail sectors, the Egypt video surveillance systems market witnessed moderate growth during 2017-2019. Additionally, the adoption of advanced technologies by the businesses and government sector, establishment of the regulatory framework for compulsory installation of video surveillance systems in shops and at public places would further aid the growth of video surveillance system market in the upcoming years. However, a downward trajectory in the market revenues was witnessed during the year 2020 due to the coronavirus outbreak all across the globe. The sudden halt in the economic activities ranging from construction activities to tourism had resulted in a decline in investments across various sectors of the Egyptian economy.
According to 6Wresearch, Egypt Video Surveillance System Market size is projected to grow at a CAGR of 5.7% during 2021-27. On account of several government initiatives launched to fulfil the Egypt Vision 2030, the National Data Protection Policy launched in 2020, Surveillance bill passed in 2019, coupled with several projects in the development pipeline in the commercial, residential and hospitality sector and construction of the new administrative capital project would further propel the demand for video surveillance systems in Egypt during the forecast period.
According to Aviral Khare, Research Associate, 6Wresearch, “on the basis of components, video surveillance cameras acquired a major share in the overall video surveillance systems market revenues and would take lead to maintain its pre-eminence over the coming period as well since the number of cameras installed in a single facility is far more than the number of other components installed. As a result of the rise in crime rates against women, the legal framework has been established for the compulsory installation of video surveillance systems in businesses and public places. The Egyptian population across different verticals have started to embrace the benefits of advanced technologies such as artificial intelligence. The combined effect of IP-based cameras with network video recorders with in-built AI solutions would drive the demand for IP based video surveillance systems in the following years.
According to Anmol Dhanju, Research Associate, 6Wresearch, “Government & transportation vertical accounted for major share in the Egypt video surveillance systems market due to the hefty amount of investment in construction projects, infrastructure investments and increasing installation of video surveillance systems across different government avenues situated in the country. The government’s investment plan for 2020-2021 amounting to 21.1 Billion, that aims to upgrade 79 hospitals and 294 primary healthcare units in nine governorates, along with the Kasr Al-Ainy Hospitals refurbishment project launched for Cairo University, construction and renovation activities keeping in view the installation of smart systems would augment the demand for video surveillance systems in Egypt from the government sector.
Further, the adoption of advanced technologies and the collaboration efforts with European tech-companies would ease out the transfer of technical know-how from these tech giants to the Egyptian businesses. The AI-based security applications across all verticals would help to deduce fraudsters and criminals by the local authorities and would curb down the increasing rate of crimes in Egypt. However, tourism and retail sector are also anticipated to grow with the increased investments from financial institution worth 7.3 Billion to be used in upcoming projects in the capital city, which would require a higher number of video surveillance products to be installed, hence creating additional demand in the surveillance market.” Anmol concluded
Egypt Cyber Security Market (2021-2027F) report provides an in-depth analysis with 23 figures and 10 tables, covered in 101 pages. The report estimates and forecasts the Egypt video surveillance systems market by types, regions and verticals. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.