London, 10 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the security systems market in Latin America 2015-2019, which is expected to grow at a CAGR of 14.35% during the period of 2014-2019.
Increasing instances of data theft and threat to major IT systems in enterprises has led to the rapid adoption of security systems in Latin America. The banking, financial services, and insurance (BFSI) segment has witnessed the highest adoption of security services, which is a direct result of imminent threats to confidential financial data. Also, the increasing adoption of internet of things (IoT) in sectors like retail, healthcare, and energy has fueled the demand for these systems in Latin America.
“A rise in pilfering and terror attacks in airports, casinos, and the retail sector has increased the need for constant monitoring using panoramic cameras that render a clear view of the area,” says Faisal Ghaus, Vice President of Technavio.
“Parque da Luz Park in Brazil has panoramic cameras that give a 360-degree view of the park. Airports in Latin America are also likely to install panoramic cameras to avoid terror attacks in the future.”
Key Market Drivers:
- Increase in Security Threats.
- Advances in Technology.
- High Adoption in Retail Sector.
- Increased Demand from Corporate Sector.
Key Market Trends:
- Emergence of Panoramic Cameras.
- Shift to IP-video Surveillance Systems.
- Adoption of Cloud-based Video Surveillance Systems.
- Increase in ROI.
Key Market Vendors:
- Bosch Security Systems Inc.
- Cisco Systems Inc.
- Honeywell Security Group Inc.
- NICE Systems Ltd.
- Tyco International Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
