The global hospital security systems market is valued at $5.27 billion in 2016, and poised to reach $10.83 billion by 2021, at an estimated CAGR of 15.5% from 2016 to 2021. This healthy growth rate is attributed to the implementation of Affordable Care Act, which mandates healthcare facilities and their security technologies to be highly integrated and able to provide quality of care and patient satisfaction to accommodate an increased flow of people into the system, along with requiring security technologies that comply with the legislation. Other pivotal factors driving the growth of this market include, rapid technological advances in the field, increasing crime rates and physical security risks, and regulatory compliances for quality patient care.
Video surveillance & analytics as well as biometrics access control offers huge potential to the growth of this market in the coming five years, while integrated security systems are looked upon as promising opportunity areas for hospital security systems market in future. However, lack of full-proof data security and high cost of hospital security systems along with limited capital resources are the factors restraining market growth.
The research report on the hospital security systems market provides comprehensive analysis of the global market with a regional level analysis and helps in understanding the driving forces for the growth of this market. The report also provides analysis of major product segments such video surveillance & analytics, access control systems, intrusion systems, fire alarm control systems, metal, explosive detector & X-ray screening systems, infant security systems, among others. The access control systems market is further sub-segmented into card-base, and biometrics. While, biometrics access control is further sub-segmented into fingerprint, face, hand, iris, among others. The market is also segmented on the basis of components, into hardware, software, and services. Market size estimates and forecasts for the period 2016 to 2021 has been provided for each segment and its sub-segment, in terms of USD million, calculating growth rates from 2016 to 2021, considering 2015 as the base year for calculations. The global hospital security systems market is segmented by geography as North America, Europe, Asia, and Rest of the World (RoW). These regions are analyzed with a detailed country-wise qualitative and region-wise quantitative insights.
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North America emerged as the dominant regional market over the forecast period. This trend is expected to continue over the forecast period due to the rapid adoption of hospital security systems across the hospitals and medical institutes’ in order comply with the laid regulations, and thrive in the competition. Video surveillance & analytics is the most popular product segment, which is expected to catapult the regional demand over the forecast period. Asia is set to witness the highest growth in the years to come. This growth is hinged at markets such as China, Japan, Taiwan, and India. Heightened concerns over security coupled with strong economic growth are slated to drive the Asian region towards adoption of more technologically advanced hospital security systems in the recent years.
The hospital security systems market is highly competitive and fragmented with a small number of large, global firms and thousands of smaller regional and local companies. Bosch Security Systems (U.S.), Honeywell International (U.S.), Johnson Controls (U.S.), Schneider Electric (France), STANLEY Security (U.S.), and Siemens AG (Germany), are among the prominent players in the market.
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