Hospitality, commercial, and manufacturing and industrial are the fastest growing verticals for access control equipment in Latin America, according to a recent study from IMS Research.
The study, The Latin America Market for Electronic Physical Access Control Equipment, shows that these verticals are estimated to account for 55 percent of a $180 million electronic physical access control market, according to a recent press release from IHS Inc.
Report author and senior analyst Blake Kozak says that booming construction in the manufacturing and industrial industry is causing the call for access control equipment to remain strong throughout the region, for both local and multinational manufacturing companies.
"Within the oil and gas sector," he says, "access control equipment continues to play a major role not only within production sites, but also administrative offices that require high security to protect information on drilling areas and mineral rights."
He also notes that Brazil will be the region of highest access control growth for the hospitality industry, as new hotels are being constructed and existing ones renovated in anticipation of the 2014 World Cup and the 2016 Summer Olympics.
For the commercial vertical, telecommunications and copper mines are some of the largest sales opportunities.
"Much of the growth in telecommunications relates to antennas, towers, substations, and at remote locations," Kozak says in the press release. "Many of these sites have electronics that must be protected by either a keypad reader or combination reader and keypad.
"For copper mines, these sites are designed similarly to university campuses in the United States," he added. "Many have large complexes, living quarters and high security areas that will typically use electromagnetic locks to protect against theft."