According to Aaron Dale, research analyst for IHS Inc. (NYSE:IHS), the Latin American video surveillance equipment market is forecast to see annual average growth rates of over 14%. This is despite ongoing economic uncertainty and civil unrest in Brazil, Latin America’s largest economy according to recently published estimates from IHS Inc.

The Brazilian market remains the largest, accounting for 40% of revenues in Latin America and is characterized by the presence of numerous strong local suppliers; in fact local suppliers account for five of the largest 10 suppliers of video surveillance equipment to Brazil.

The total Latin American market for CCTV and video surveillance equipment is estimated to have been worth $565.3 million in 2013.

Other key findings of the report include:

• Both Chile and Peru are expected to see strong growth over the next five years. Both markets have been hailed as very business friendly with some of the lowest levels of import duties in Latin America. Moreover, a stable economic outlook and a flourishing mining sector are expected to attract future foreign investment.

• The overall market has tipped in favor of network equipment (by supplier revenues) for the first time, despite the large focus on analogue equipment that exists in many regions.

• Supply to the Latin America market is not as fragmented as that of other geographic regions. The top 15 suppliers accounted for 68.5% of the market in 2013.