Market Trends of Latin America Video Surveillance Industry
The Camera Segment to Hold a Significant Market Share
- Surveillance cameras are witnessing a growing demand in Latin America. Rising crime rates drive the increasing awareness of the need for surveillance systems in residential areas. Additionally, the growth of commercial and industrial establishments in the country is a significant factor. Surveillance cameras play a crucial role in enhancing the monitoring capabilities of security agencies and individuals in commercial, industrial, or residential settings.
- The growing proliferation of smart devices in Latin American households is another major factor driving the demand for Internet Protocol (IP)-based camera systems in the country, as smartphones are becoming a favorite tool to manage/operate IP-based cameras, the constant development of infrared cameras, adoption of IoT in video surveillance, and the growing availability of installment security solution subscriptions support the segment's growth.
- The rising crime rates across different countries also support the demand for security cameras in Latin America. For instance, according to Insight Crime, a media organization dedicated to tracking organized crime in the Americas, in 2023, the homicide rate in Colombia (per 100,000 inhabitants) stood at 25.7, compared to 24 in 2017.
- According to Semáforo Delictivo, a Mexican organization, in 2023, domestic violence was the leading crime in Mexico in terms of the number of instances reported, followed by assault and vehicle theft. Hence, such trends and developments are anticipated to drive the adoption of surveillance cameras in the region during the forecast period.
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Brazil to Hold a Significant Market Share
- Brazil is among the largest and most economically established countries in Latin America. The urbanization rate in the country is also among the highest. For instance, according to the World Bank, the percentage of Brazil's urban population reached 87.56% in 2022. According to data from the Central Intelligence Agency (CIA), the urbanization rate in the country is anticipated to change by about 2.47% annually between 2020 and 2025. Suggesting a notable growth in urban population will drive the demand for more security and surveillance systems in the country.
- In recent years, several initiatives have been taken in the country regarding the adoption of surveillance cameras, creating a favorable market growth ecosystem. For instance, in 2023, Sao Paulo, the financial capital of Brazil, announced their plans to install about 20,000 cameras featuring facial recognition technology to enhance public safety.
- Similarly, in 2023, authorities in Rio de Janeiro announced their plans to purchase security cameras with facial recognition features, alarm sensors, and number plate readers to implement a citywide video surveillance system. In the first phase, these cameras will be installed in tunnels, motorways, and waterfronts, wherein all newly installed cameras will be connected to a security management system installed at the Integrated Command and Control Center (ICCC).
- Also, the rising crime rates are driving the adoption of surveillance cameras in Brazil. For instance, according to Consejo Ciudadano para la Seguridad Pública y la Justicia Penal, in 2023, Feira De Santana was the city with the highest homicide rate in Brazil (58.69) per 100,000 inhabitants, followed by Manaus (47.16) and Salvador (44.56).
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