Latin American Market Size ExaminedBy: John Honovich, Published on Oct 14, 2009
The Security Industry Association has released a market sizing report for Latin America. The report provides breakdown by product category and country but does not provide forecast for future growth. Additionally, the report evidently does not include Brazil, the country with the region's highest total GDP. This is a significant omission and should be factored in when considering any of their numbers.
The Executive Summary lists a number of key findings:
- The total market size for electronic physical security systems in 2008 is $704 Million USD.
- The video surveillance market size in 2008 is $263 Million USD. Video surveillance is the largest segment, accounting for 37% of all electronic physical security system sales.
- The report finds that lower cost Asian products are selling well in Latin America.
- The report finds that 'packaged' solutions from a single manufacturer is generally preferred. Such preference is consistent with a focus on lower cost at the expense of lower extensibility and interoperability.
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