London, 01 October 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Security Sector in the Kingdom of Saudi Arabia 2014-2018, which is expected to grow at a CAGR of 11.35 percent during the period 2014-2018.
The Security sector in the Kingdom of Saudi Arabia is expected to show tremendous growth in the coming years because of the increasing threat of security attacks by other countries. As Saudi Arabia is the world’s largest producer of oil, its security is a big challenge. Therefore, the country invests extensively in importing equipment from countries such as the US, Russia, France, and the UK.
Key Market Drivers
- Flourishing Economy and Infrastructure
- Need to Strengthen Homeland Security
- High Defense Expenditure
- Increase in Number of Security Attacks
Key Market Trends
- High Investment on Safety and Security Equipment
- Continual Increase in Oil Prices
- Increased Number of Cyber Defense Security Solutions
- Increased Use of Cloud-based Services
Key Market Vendors
- BAE Systems
- Boeing Co.
- General Dynamics Corp.
- Lockheed Martin Corp.
- Raytheon Co.
“Saudi Arabia being the world’s largest producer of oil and oil extraction is a major player in this monopolistic market where buyers are dependent on oil,” says Faisal Ghaus, Vice President of TechNavio.
“Therefore, the continual increase in oil prices is accelerating the growth of the Security sector in the Kingdom of Saudi Arabia.”
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
