Research: Brazil Largest, Fastest Growing Market In Latin America For Video Surveillance Equipment
As Brazil emerges as an economic powerhouse there is growing demand for video surveillance in mid and low-end applications such as hotels, small retail outlets and light industry.
According to IMS Research's market study “The Latin American Market for CCTV and Video Surveillance Equipment,” Brazil is the largest and fastest growing market in Latin America for video surveillance equipment -- and one of the fastest growing markets globally.
Large scale security projects ahead of the 2014 World Cup and 2016 Olympic Games are fuelling much of the demand; however, companies targeting this market should not overlook opportunities outside of the major infrastructure projects.
However, Brazil already has an established eco-system of suppliers, ranging from large multi-nationals through to home grown vendors that target the low and mid-range markets. If new vendors cannot get traction in the Brazilian market, what remains of the Latin American market for them to target?
Brazil was estimated to account for nearly 35 percent of all sales of video surveillance equipment in Latin America in 2009. By 2014 it is forecast this will rise to nearly 45 percent. Clearly this is irresistible to most vendors but IMS Research is of the opinion that opportunities in Argentina, Chile and Mexico should not be overlooked.
“By 2014, it is forecast Argentina, Chile and Mexico will account for 35 percent of all sales of video surveillance equipment in Latin America,” said Research Manager Alastair Hayfield. “Combined market revenue growth for these countries will top 15 percent in 2014, with long-term double digit growth foreseeable.
“Brazil is definitely one to watch, but being successful there given the level of competition that exists won’t be easy. Vendors should not lightly dismiss the abundant opportunities that exist in the rest of Latin America.”