Latin America Video Surveillance Market Expected to Reach $9.04 Billion By 2031: Allied Market Research
Rise in need for safety in high risk areas, increase in adoption of advanced surveillance by the government sector, increase in adoption of electronic devices coupled with surge in demand for high-performance and power-efficient electronic devices, and rise in demand for modular instruments drive the growth of the Latin America video surveillance market. Country-wise, Brazil is likely to maintain its dominance during the forecast period.
Portland, OR, Nov. 08, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Latin America video surveillance market generated $2.58 billion in 2021, and is estimated to reach $9.04 billion by 2031, witnessing a CAGR of 13.42% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 20222031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.58 Billion |
| Market Size in 2031 | $9.04 Billion |
| CAGR | 13.42% |
| No. of Pages in Report | 176 |
| Segments Covered | System Type, Component, Application, Enterprise Size, Customer Type, and Region |
| Drivers | Rise in need for safety in high risk areas. |
| Increase in adoption of advanced surveillance by the government sector. | |
| Surge in transition from analog surveillance to IP cameras. | |
| Increase in adoption of electronic devices coupled with surge in demand for high-performance and power-efficient electronic devices. | |
| Rise in demand for modular instruments. | |
| Opportunities | Increase in trend toward development of smart cities. |
| Advent of 5G technology. | |
| Restraints | High investment costs and lack of professional expertise in handling IP cameras. |
| Strong inclination of customers toward adoption of video surveillance on rental basis. |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic significantly impacted the growth of the Latin America video surveillance market.
- Reduction in manufacturing activities impacted the demand for video surveillance solutions during the pandemic. Moreover, lack of availability of a workforce due to partial and complete lockdown implemented by governments worldwide hampered the market growth.
- Nevertheless, the growing demand for the Internet of Things (IoT), 5G, and consumer electronics led to the growth of the Latin America video surveillance market post the pandemic.
The report offers a detailed segmentation of the Latin America video surveillance market based on application, component, enterprise size, system type, customer type, and country. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on application, the residential segment held the largest share in 2021, accounting for nearly one-fourth of the Latin America video surveillance market, and would rule the roost through 2031. However, the infrastructure segment is estimated to witness the fastest CAGR of 15.55% during the forecast period. The report also discusses the commercial, military & defense, and others segments.
Based on component, the hardware segment held the largest share in 2021, accounting for around two-thirds of the Latin America video surveillance market, and would rule the roost through 2031. However, the software segment is estimated to witness the fastest CAGR of 15.2% during the forecast period. The report also discusses the services segments.
In terms of enterprise size, the large scale enterprise segment captured the largest market share of nearly three-fourths in 2021 and is expected to lead the trail during the forecast period. However, the small scale enterprise segment is likely to achieve the fastest CAGR of 17.32% through 2031.
Based on system type, the IP surveillance segment held the largest share in 2021, contributing to more than half of the Latin America video surveillance market, and is likely to maintain its leadership status during the forecast period. However, the hybrid surveillance segment is expected to manifest the highest CAGR of 15.17% from 2022 to 2031. The report also discusses the analog surveillance segment.
Based on country, the market in Brazil was the largest in 2021, accounting for more than two-thirds of the Latin America video surveillance market, and is likely to maintain its leadership status during the forecast period. However, the market in Mexico is expected to manifest the highest CAGR of 14.13% from 2022 to 2031. The other regions analyzed in the study include the rest of Latin America.
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Leading players of the Latin America video surveillance market analyzed in the research include Canon Inc., Panasonic Holdings Corporation, Motorola Solutions Inc., Zhejiang Dahua Technology Co., Ltd., FLIR Systems, Inc., Infinova Corporation, Burgess Computer Decisions, Inc., Eagle Eye Networks, Inc., Verkada Inc., and Honeywell Security (Honeywell Security International Inc.).
The report analyzes these key players of the Latin America video surveillance market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key BenefitsFor Stakeholders:
- This study comprises analytical depiction of the Latin America video surveillance market share along with the current trends and future estimations to depict the imminent investment pockets.
- The overall Latin America video surveillance market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The Latin America video surveillance market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
- The Porters five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
- The report includes the share of key vendors and Latin America video surveillance market trends.
Latin America Video Surveillance Market Key Segments:
By System Type:
- Analog Surveillance
- IP Surveillance
- Hybrid Surveillance
By Component:
- Hardware
- Software
- Services
By Application:
- Commercial
- Military and Defense
- Infrastructure
- Residential
- Others
By Enterprise Size:
- Small Scale Enterprise
- Medium Scale Enterprise
- Large Scale Enterprise
By Customer Type:
- B2B
- B2C
By Region:
- Brazil
- Mexico
- Rest of Latin America
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