LATIN AMERICA VIDEO ANALYTICS MARKET 2021-2028

LATIN AMERICA VIDEO ANALYTICS MARKET 2021-2028

MARKET OUTLOOK

Triton Market Research’s report mentions that the Latin American video analytics market is probable to exhibit revenue growth at a CAGR of 19.92% during the period 2021-2028. Mexico, Brazil, and Rest of Latin America outline the market in this region.

In Brazil, the demand for surveillance systems is gaining significant traction, especially in the real estate sector. Such a rise in housing increases the need for video surveillance across the country. Further, the growing crime rates have compelled the government to increase video surveillance to ensure public safety. Several companies are also expanding their operation in the country, adding to the market’s progress. For instance, Huawei partnered with telecommunication giant Oi to commercialize facial recognition technology across the nation. This technology passed its trial and is expected to be implemented on a large scale. Therefore, the growing need for surveillance is likely to augment the development of the video analytics market in Brazil.

Furthermore, the growing demand for security systems, such as surveillance technology, among various end-user industries is estimated to support the market’s evolution in Rest of Latin America. Chile is among the major economies with better access to new technologies and telecommunication facilities compared to other countries in the region. This advancement in technologies will support the adoption of video surveillance systems for public safety. Here, video analytics will help derive valuable data by analyzing the video, in turn, boosting the video analytics market’s progression.

COMPETITIVE OUTLOOK

The well-known companies in the video analytics market consist of Verint, Honeywell, Huawei, i2V, Intellivision, Genetec, and Cisco.