Market Entry - Advanced CCTV Market in Mexico - Analysis of Growth, Trends and Progress (2018 - 2023)
CCTV’s are frequently utilized for surveillance in locations that may require regular monitoring such as casinos, banks, military installations, airports, shopping malls, convenience stores, etc. Apart from this, CCTV cameras have wide applications across the globe, by government institutions to reduce and avoid domestic and international security threats. This has ultimately generated the demand for technically advanced CCTV surveillance system, thus strengthening huge growth prospects for CCTV industrialists, distributors, and operators. Apart from this, drop in prices and innovative features have intensified the growth of CCTV camera market, making it reasonable for even smaller companies to incorporate.
The global market has showcased significant growth over the past few years and is anticipated to generate substantial revenue in the future. The market is divided by type of styles, such as bullet CCTV camera, dome CCTV camera, discreet CCTV camera, and traditional camera. The market is further bifurcated by application areas such as healthcare, retail, education, banking, transport etc. Some of the key vendors identified across the value chain in the global CCTV camera market include Bosch Security Systems Inc., Honeywell International Inc., Panasonic System Network Co. Limited, Axis Corporation, Toshiba Corporation, Samsung Techwin, Vicon Industries, Mitsubishi Electric, Schneider Electric, Checkpoint System, Baxawell, and ADT Fire and Security.
About the Geography
Mexico, a USD two trillion economy (15th largest in the world), is one of the emerging countries most open to FDI. Mexico’s current government, led by President Enrique Pena Nieto emphasized on financial reforms with a long-term aim to improve competitiveness and economic growth. However, mounting organized crime, corruption and administrative inefficiency are hampering development.
The Mexican government has taken on large-scale economic reforms that aim to help ensure the safety of investment operations. In 2000, Mexico signed a free trade agreement called the ‘Global Agreement’, which focuses on commercial liberalization, political dialogue, and cooperation with the EU. Since the NAFTA came into force 22 years ago, Mexico has served as a low manufacturing cost base with direct, duty-free access to the United States. In 2014, the government came up with a national infrastructure plan to improve infrastructure for future operations. SEZs were also created to provide various incentives, trade facilities, duty-free customs benefits and easier regulatory processes.
Despite liberal government policies, there are some unique challenges like comparatively high-interest-rate for a country with a growing banking sector. Mexico’s economic stability is directly tied to the well-being of the US economy. Some sectors are reserved exclusively for Mexican nationals or State and the large size of the country presents supply chain challenges. However, Mexico offers many advantages such as labor costs comparable to Asia-based manufacturing and a strategic location between North and South America, making it attractive to firms who want to break into any of these markets. A young and skilled labor workforce coupled with government support to FDIs makes Mexico a top choice for investors.
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