Increasing crime in Latin America is driving growth in the physical security market, pushing the sector to $430 million a year in Mexico alone, according to a Latin America Security Market Report from the Security Industry Association (SIA).
The report examines the electronic and physical security (EPS) markets in Argentina, Chile, Colombia, Mexico, Panama and Venezuela.
"As we see in the news, security is a real concern in many parts of Latin America, and the report reflects this," SIA Research Director Mark Visbal said. "Growth in the electronic and physical security sector is often significantly outpacing growth in the economy as a whole."
The report found that the physical security market is $84 million in Argentina, $70 million in Colombia, $57 million in Venezuela, $45 million in Chile and $18 million in Panama. Video systems account for the largest segment of the physical security markets in the six nations, with a combined market size of $263 million. Intrusion alarm systems are the second largest segment at $124 million.
"The main driver for the Latin American EPS market has been an increase in crime against property (burglaries and thefts), which has generated a general feeling of insecurity in the population," the report concluded.