North America, 5–7 % mark et gro wth The securit y ser vices mark et in North America is es timated to more than 19 percent of the g lobal securit y ser vices mark et with a tot al siz e of out - sourced guar din g of U SD 18 billion. The a v er a g e lon g term- gro wth is es timated at 5–7 percent on an annual basis. Gro w th: The securit y ser vices mark et in North America has his torically gro wn fas ter than GDP and the trend is forecas ted to continue . U SA and Canada are mature and indus trializ ed mark ets while M e xico is r ather an emer g in g mark et with hig h gro wth in demand for securit y coupled with great future potential. Driving f orc e s: Heig htened securit y conscious - ness, impro v ed economic conditions and increased demand for v alue added ser vices are e xamples of drivin g forces in North America. P o sition and pre senc e: Securit as is the mark et leader in the U SA and one of the leadin g securit y ser vices pro vider s in Canada and M e xico . L atin America, 8–10 % mark et gro wth The mark et for securit y ser vices in L atin America is es timated to represent close to 14 percent of the g lobal securit y ser vices mark et . The tot al siz e of the outsourced guar din g is e xpected to amount to U SD 12 billion. The a v er a g e lon g term- gro wth in the re g ion is assumed to be 8–10 percent on an annual basis. Gro w th: The L atin American securit y ser vices mark et is e xpected to continue gro win g w ell abo v e the w orld a v er a g e o v er the comin g y ear s. Driving f orc e s: Economic liber alization, increased foreign in v es tment and usa g e of securit y ser vices, that is lo w in comparison to other mark ets, will continue spurrin g gro wth. P o sition and pre senc e: Securit as is present in se v en L atin American countries; Ar g entina, Chile , Colombia, Cos t a Rica, Ecuador , Peru and U rugua y . In Ar g entina, Chile and U rugua y w e are mark et leader s. Europe , 3–5 % mark et gro wth The European securit y ser vices mark et is es timated to almos t 30 percent of the g lobal securit y ser vices mark et with a tot al siz e of U SD 27 billion of out - sourced guar din g. The annual lon g -term gro wth in the re g ion is es timated at an a v er a g e of 3–5 per - cent . The lon g -term gro wth in W es tern Europe is ho w e v er belie v ed to amount 2–3 percent per y ear while Eas tern Europe is es timated to gro w 7–9 per - cent on an annual basis. Europe 3–5% mark et gro wth North America 5– 7% mark et gro wth L atin America 8– 1 0% mark et gro wth 14 Securit as Annual R eport 2012 Oferin g and mark ets