TechNavio recognizes the following companies as the key players in the Security Market in Saudi Arabia: Advanced Electronics Co. Ltd., Alsalam Aircraft Co., BAE Systems plc, Boeing Co., General Dynamics Corp., Lockheed Martin Corp., and Raytheon Co.
Commenting on the report, an analyst from TechNavio’s team said: “One of the major trends in the Security Sector of the Kingdom of Saudi Arabia is the increasing number of international defence deals. As the defence budget of Saudi Arabia is increasing significantly, its foreign collaborations for military affairs are also increasing. Saudi Arabia mainly engages in defence deals with the US and UK for their defence machineries. Also, other major European countries such as Germany and France supply defence machineries to Saudi Arabia. Hence, as the defence number of international defence deals increase, the Security Sector in the Kingdom of Saudi Arabia is expected to grow significantly.”
According to the report, one of the major drivers in the market is strong economy. As Saudi Arabia is the largest economy in the Gulf region and is one the major exporters of petroleum, its economy is financially strong. Therefore, the availability of abundant revenue from the natural resource makes it a strong economy which has the capability of investing in security sector.
Further, the report states that one of the major challenges is the high dependence on import machineries. In Saudi Arabia, most of the defence machineries are imported from the US, the UK, and France. This can affect the growth of the Security sector in the Kingdom of Saudi Arabia due to delay in supply and also increase in prices.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/content/security-market-saudi-arabia-2012-2016
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report – Security Market in Saudi Arabia 2012-2016
