Market Trends of Asia-Pacific Surveillance Storage Industry
Healthcare Sector to Occupy Considerable Share
- Hospitals, pivotal for healing and care, grapple with a distinct set of security challenges. These span from averting patient falls to thwarting thefts of valuable medical equipment and personal items. Workplace violence further compounds these challenges, disrupting the otherwise serene hospital environment. Safeguarding staff, patients, and visitors is a daily concern for administrators.
- The healthcare sector has witnessed a surge in its workforce. For instance, by 2023, Japan had approximately 1.94 million licensed care workers, marking a decade-long uptrend. Japan mandates a state exam for care worker certification, a prerequisite that has coincided with a notable uptick in occupational violence.
- Violence in hospitals, highlighted by the National Medical Journal of India, is a universal challenge across health systems. It is increasingly drawing attention, particularly in public health, given its alarming prevalence as the leading cause of healthcare worker fatalities. Nurses bearing the brunt of this violence are urged to take on more assertive roles in combating this epidemic.
- To combat these challenges, hospital administrators are turning to innovative solutions. One such remedy is adopting advanced Closed-Circuit Television (CCTV) systems. CCTV acts as a vigilant eye, bolstering hospital security and enhancing patient care. This heightened focus on surveillance is concurrently spurring demand for surveillance storage solutions.
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India to Witness Significant Growth Rate
- According to IBEF, the Indian retail sector, with the influx of new entrants, has cemented its position as a dynamic and rapidly evolving industry. It contributes over 10% to India's GDP and employs approximately 8% of the nation's workforce. Notably, India stands as the world's fifth-largest retail market and secured the 63rd spot in the World Bank's Doing Business 2023 rankings. The growth trajectory of the Indian retail sector is indicative of its potential to become a global leader, driven by a burgeoning middle class and increasing consumer spending.
- India, recognized as one of the most promising markets globally, is witnessing heightened interest from multinational corporations eager to tap into its vast consumer base. The country is poised to see the opening of nearly 60 shopping malls, collectively spanning 23.25 million sq. ft, between 2023 and 2025. This expansion is expected to significantly enhance the retail infrastructure, providing consumers with a diverse range of shopping experiences and boosting the overall economic activity in the region.
- Loss prevention is a critical concern for retail establishments, directly impacting their bottom line. Implementing surveillance measures, such as security cameras, serves as a potent deterrent against various forms of retail theft, including shoplifting and fraudulent activities at checkout points. These systems not only help in reducing losses but also contribute to creating a safer shopping environment for customers and staff. With the retail landscape in the region expanding, the market for such security solutions is primed for significant growth, offering substantial opportunities for businesses specializing in loss prevention technologies.
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