Global Hospital Security Systems Market

Global Hospital Security Systems Market Size, Share, Growth Analysis, By Product(Access Control Systems (Smart Cards, Readers), By Service(System Design, Installation), By Surveillance System(Video Surveillance, Surveillance Cameras), By Application(Surgical Equipment, Medical Devices), By End-User(Hospital, Clinics) - Industry Forecast 2024-2031


Report ID: SQSG20O2002 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 160 | Figures: 78

Global Hospital Security Systems Market Dynamics

Hospital Security Systems Market Driver

  • An Increase in Cyber-Attacks and Regulatory Policies

The rise in cyber-threat vectors and attacks as a result of inadequate security measures is a major issue for the healthcare industry, and it is expected to drive up adoption of security solutions. This has aided in the establishment of supportive government laws and regulations to protect patient information from data breaches, thereby rewarding healthcare providers who use advanced cyber security solutions to secure their healthcare data. The United States government, for example, enacted "the Health Insurance Portability and Accountability Act (HIPAA)" to encourage healthcare organizations to keep patient data private and confidential. These factors will drive the hospital security market to grow in the coming years.

  • Improved Authentication and Administration of Healthcare Services are Required

Healthcare businesses require strong authentication features to ensure that only authorised workers have access to internal networks or specialised apps. Healthcare businesses have steadily transitioned to multi-factor authentication to avoid the hazards associated with traditional password-based authentication, such as credential theft. In most situations, multi-factor authentication is performed by adding an additional element to the standard username and password. This might be a hardware and software token, biometric authentication, or device authentication. Using authentication processes to reduce the danger of cyber-attacks encourages customers to use appropriate cyber security solutions and protect the whole healthcare infrastructure.

Hospital Security Systems Market Restraint

  • High Initial Cost Is a Key Impediment In The Market For Hospital Security Systems

Costs are a major concern for many health care organisations. Long-term demand for security systems may be impacted by high service maintenance costs. End-users are cautious to use this technology due to the significant investments required. Furthermore, the initial cost might have an adverse effect on the rate of expansion. Furthermore, the installation cost is a limiting issue in the hospital security systems industry. This element may have an impact on the forecasted worldwide revenue rates. The security system is a sophisticated piece of technology. Expert assistance is required for the establishment of these system health amenities. Furthermore, the sector's high-cost requirements may have a negative impact on the hospital security systems market.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Global Hospital Security Systems Market size was valued at USD 98 billion in 2019 and is poised to grow from USD 115 billion in 2023 to USD 405.6 billion by 2031, growing at a CAGR of 17.4% in the forecast period (2024-2031).

Key companies are investing in research and development to launch advanced sensors with specialised features for a wide range of blockchain Service. Furthermore, to strengthen their market position, most well-established companies in the Hospital Security Systems market are focusing their efforts on acquiring new start-ups. The top players are currently focusing on increasing their technological capacity while also expanding their geographical boundaries. Players are constantly investing in the development of sophisticated technology products to acquire a competitive advantage over others in the market, which is projected to fuel the growth of the healthcare cyber security market. For instance, in November 2021, IBM announced the acquisition of ReaQta, a Dutch cyber security threat detection and response business, to expand its cyber security and response capabilities. 'Johnson Controls International PLC', 'Honeywell International Inc.', 'Siemens AG', 'Bosch Security Systems', 'ADT Inc.', 'Axis Communications AB', 'Stanley Black & Decker, Inc.', 'Hikvision Digital Technology Co., Ltd.', 'Allied Universal Corporation', 'G4S plc', 'Tyco Integrated Security LLC', 'Schneider Electric SE ', 'Securitas AB', 'Avigilon Corporation ', 'Nedap N.V.', 'Pelco, Inc.', 'Salient Systems Corporation', 'FLIR Systems, Inc.', 'Genetec Inc.', 'Verint Systems Inc.'

An Increase in Cyber-Attacks and Regulatory Policies

The growing number of data breaches in the business fuels the market for hospital security. According to IBM's Cost of a Data Breach Report issued in 2021, the average cost of data breaches in the healthcare industry in 2021 was USD 9.23 million. In addition, the Secretary of the United States Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information List listed approximately 592 breaches of unsecured protected patient data that affected more than 500 individuals in the previous two years and are being investigated by the Office for Civil Rights.

North America dominates more than one-third of the hospital security systems industry. In this area, the revenue for the hospital security systems market is significant. The United States is the region's largest contributor, with top leaders. The presence of significant players and the rising use of security in healthcare organisations are the primary contributors to market growth. The industry is being fuelled by increased expenditure in security and technological progress. Furthermore, market expansion is attributed to better healthcare infrastructure. In addition, the release of novel devices to protect data in the healthcare business is adding to market growth.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Hospital Security Systems Market

Product ID: SQSG20O2002

$5,300
BUY NOW GET FREE SAMPLE