According to a new report from IHS, the market for video surveillance equipment in Latin America is expected to see annual average growth rates of over 14 percent despite economic uncertainty and civil unrest in Brazil, the region’s largest economy.
IHS estimates that the total Latin American market for CCTV and video surveillance equipment was worth $565.3 million in 2013.
Brazil remains the largest market in Latin America, accounting for 40 percent of revenues in the region. IHS said that the Brazilian market is characterized by the presence of numerous, strong local suppliers which account for five of the 10 largest suppliers of video surveillance equipment in the country.
Other findings in the IHS report include:
- Both Chile and Peru are expected to see strong growth over the next five years. Both markets have been hailed as very business friendly with some of the lowest levels of import duties in Latin America. Moreover, a stable economic outlook and a flourishing mining sector are expected to attract future foreign investment.
- The overall market has tipped in favor of network equipment (by supplier revenues) for the first time, despite the large focus on analog equipment that exists in many regions.
- Supply to the Latin America market is not as fragmented as that of other geographic regions. The top 15 suppliers accounted for 68.5 percent of the market in 2013.
For more information, visit www.ihs.com.