Strategic Location, Trade and Tourism Promotion and Counter Terrorism Will Drive the Market for Electronic Security Devices in Turkey: Ken Research
Posted on 05 April 2017 by KenResearch defense and security,
Looming security threats, rising refugee population and improved awareness about benefits of using electronic security devices were the key factors driving the demand for electronic security devices in Turkey.
Turkey has the largest refugee population from Syria and Iraq. It reached over 3.0 million people by the end of December 2016 and safety for them is a cause of major concern.
Turkey is at the centre of three continents and attracts tourists from all across the world. It is known for its vibrant culture which is culmination of practices across the globe. Growing refugee population, tourists, and investment in infrastructure was the key reason for growth of electronics security market. Turkey electronic security market is among the most developed in Middle East region. Infrastructure, hospitality, and real estate were the key sectors to use electronic security devices. Rise in demand for facilities management, number of visitors at major markets, hotels and historical monuments in Turkey were some other key factors driving the growth in market. Looming threat from extremist organization had prompted the government and property owners especially in commercial sector to install electronic security devices in their premises. Replacement demand was other key driver. CCTV was the most demanded electronic security device. Turkey was the largest market for electronic security devices in the Middle East region
Improved implementation of regulatory norms, growth of economy and rise in per capita income of local people has leveraged the buying capacity of people. A significant proportion of investment in the country has been intended towards improving the quality of infrastructure. Increasing number of railway stations, airports, schools, colleges, hospitals, offices and refugee camps have urged the need of installing electronic security products. The companies and government are putting a lot of efforts to educate people about the need to use reliable, efficient and high quality electronic security systems.
The report titled “Turkey Electronic Security Market Outlook to 2021 – Rising Tourist Safety Concern from Looming Threat of Neighboring Countries Will Drive Market Growth” by Ken Research suggested that Turkey electronic security will grow at a CAGR of 8% in next 5 years to 2021 with a robust boost in access control segment. The access control segment is expected to be more than double in next 5 years till 2021.