Latin America Video Surveillance Market to Reach $9,038.9 Million By 2031

According to a new report published by Allied Market Research, titled, “Latin America Video Surveillance Market By System Type, Component, Application, Enterprise Size, and Customer Type: Opportunity Analysis and Industry Forecast, 2022–2031” the Latin America video surveillance market size was valued at $2,582.5 million in 2021, and is projected to reach at $9,038.9 million by 2031, growing at a CAGR of 13.42% from 2022 to 2031.

Video surveillance system provides real-time monitoring of environment and people. This surveillance system is used to promote safety and security among users. Next-generation video surveillance cameras are one of the most promising security solutions that have the capability to offer real-time surveillance and are superior compared to traditional surveillance systems. Video surveillance systems help end users to maintain flexible security solutions in respective environments.

Video surveillance is witnessing wide acceptance and is expected to experience growth in the security service market in the future. Currently, this technology is in its growing stage; however, it is expected to gain a major position in the market, owing to technological developments. On the basis of features offered by video surveillance system, it is increasingly becoming popular among end users such as small- and medium-scale enterprises. Advancements in technology are anticipated to help video surveillance cameras and accessories manufacturing companies to reduce the overall cost of production of this system. The Latin America video surveillance industry is predicted to exhibit growth during the forecast period, owing to increase in demand for enhanced security products. This is the major factor that propels the Latin America video surveillance market growth.

The Latin America video surveillance market is segmented into system type, component, application, enterprise size, customer type, and region. By system type, the market is analyzed across analog surveillance, IP surveillance, and hybrid surveillance. By component, it is divided into hardware, software, and services. On the basis of application, it is divided into commercial, military & defense, infrastructure, residential, and others. On the basis of enterprise size, it is analyzed across small-scale enterprises, medium-scale enterprises, and large-scale enterprises. By customer type, the market is bifurcated B2B and B2C.

Key Findings of the Study

• In 2021, the hardware segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 66.3% during the forecast period.
• The residential and others segments together accounted for around 46.7% of the Latin America video surveillance market trends in 2021.
• The IP surveillance segment is projected to growth at a CAGR of 54.8% during the forecast period.

The key players profiled in the Latin America video surveillance market report include Canon Inc., Panasonic 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 INTERNATIONAL INC.). Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the market