The Latin America, Middle East and Africa Video Surveillance Market would witness market growth of 13.9% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Video Surveillance Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,410.8 million by 2031. The Argentina market is registering a CAGR of 14.8% during (2024 - 2031). Additionally, The UAE market would witness a CAGR of 13.6% during (2024 - 2031).
As urbanization increases, many cities are adopting smart city initiatives, where video surveillance is essential in enhancing public safety. Surveillance systems are integrated with sensors, IoT devices, and analytics to provide insights into urban challenges such as traffic congestion, public disorder, and disaster management. These smart surveillance systems improve city-wide security, offer real-time incident monitoring, and optimize city services.
The adoption of video surveillance systems has been growing rapidly across the globe, driven by several factors, including security concerns, advancements in technology, and regulatory requirements. The cost of video surveillance systems has significantly decreased, making them more affordable for businesses and individuals. The falling prices of cameras, storage devices, and installation costs have contributed to the wider adoption of surveillance solutions in small and large settings.
The UAE is witnessing rapid urbanization and infrastructural growth, including constructing new residential, commercial, and industrial complexes. With new developments, the need for advanced security measures has become paramount. For example, high-profile areas such as the Burj Khalifa and the Dubai Mall are equipped with state-of-the-art video surveillance systems to ensure the safety of visitors and residents. Also, as a global tourist hub, the UAE attracts millions of visitors annually. Tourist security and safety are of utmost importance. Major hotels and tourist attractions, such as the Atlantis, The Palm, and the Louvre Abu Dhabi, have invested heavily in comprehensive video surveillance systems to safeguard their premises and enhance the visitor experience. Therefore, the steady increase in retail trade sales in Brazil and increasing smart city projects in the UAE significantly impact the video surveillance market.
Free Valuable Insights: The Worldwide Video Surveillance Market is Projected to reach USD 165 Billion by 2031, at a CAGR of 12.3%
Based on System Type, the market is segmented into IP Surveillance, Analog Surveillance, and Hybrid Surveillance. Based on End User, the market is segmented into Commercial, Military & Defense, Infrastructural, Residential, and Other End Users. Based on Component, the market is segmented into Hardware (Camera, Monitor, and Storage Accessories), Software (Video Analytics and Video Management Software), and Services. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By System Type
By End User
By Component
By Country
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