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 the Latin America Security Market Report from SIA.
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 said.