The ‘Latin America Video Surveillance Systems Market Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the Latin America video surveillance systems market, assessing the market on the basis of its segments like product types, applications, and major countries.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Video Surveillance Systems Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 2,986.82 million
• Forecast CAGR (2023-2028): 14.10%
• Forecast Market Size (2028): USD 6,481.33 million
The growing adoption of IP cameras and video analytics across various institutions is driving the video surveillance systems market growth in Latin America. The increasing awareness pertaining to the safety of citizens across this continent is boosting the incorporation of high-end video surveillance systems. Advanced systems such as digital video recorders are high in demand due to the accuracy, efficiency, and prolonged operability they offer.
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The increasing demand for video surveillance systems in the commercial sector is fuelling the Latin America video surveillance systems market growth. This can be attributed to the growing affordability, rising standards of living, and stringent policies of various governments against criminal activities and terrorism. Over the forecast period, a growing demand for video surveillance systems is anticipated across shopping complexes, bus and railway stations, healthcare units, theatres, and public administrative buildings, among others.
The growing safety concerns across financial institutions, infused by the surge in the cases of robbery, identity theft, and fraudulent transactions are expected to provide impetus to the Latin America video surveillance systems market in the coming years. Furthermore, the market is anticipated to be aided by the growing necessity of high-resolution video surveillance systems across small, medium, and large enterprises.
Video Surveillance Systems Industry Definition and Major Segments
Video surveillance systems refer to systems of image or motion capturing equipment such as cameras, monitor displays, recorders, CCTV cameras, or alarm systems, among others, which can accurately detect motion of a human or animal, or any kind of disturbance. They incorporate various hardware components and software, and are capable of operating 24X7, replacing the need for manual surveillance.
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Based on product type, the market is segmented into:
o Video Analytics
o Video Management Software
By application, the market is divided into:
On the basis of country, the market is categorised into:
Video Surveillance Systems Market Trends
The key trends in the Latin America video surveillance systems market include the growing innovations and technological advancements by the leading electronic equipment manufacturers to improve the detection, operational efficiency, and accuracy of video surveillance systems. The growing penetration of artificial intelligence, machine learning, and cloud-based software developed to improve video surveillance systems are furthering the market growth.
The emergence of internet of things (IoT) is a crucial trend in the Latin America video surveillance systems market. The interconnected ecosystem of smartphones, tablets, and high-performance computing systems is augmenting the reliability and dependency on video surveillance systems. Development of context-aware cameras which come with rapid detection, zoom-in feature, and alarm systems is a key trend. Meanwhile, the technological advancements in the defence sector are leading to a heightened incorporation of video surveillance systems which are adding to the market numbers.
Country wise, emerging economies such as Argentina, Brazil, and Mexico, among others, are expected to witness a heightened demand in the forecast period. This can be attributed to the rising living standards, increasing safety awareness among the population, and rapid urbanisation.
Key Market Players
The major players in the Latin America video surveillance systems market report are:
- Canon Inc.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Axis Communications AB
- Bosch Sicherheitssysteme GmbH
- Motorola Solutions, Inc.
- Panasonic Corporation
- Digifort IP Surveillance System
- BCD Technology Holdings
- The Infinova Group
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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