Market Trends of Security And Surveillance Storage Industry
Healthcare Sector to Occupy Considerable Share
- Hospitals feature expensive machines, equipment, restricted drugs, and confidential data. Protecting such assets is important to ensure the continuity of a hospital without disputes. As such, surveillance systems are used to secure healthcare centers from different security threats.
- Also, a study by the Crisis Prevention Institute (CPI) found that the majority of occupational violence (70%) occurs in healthcare settings. The use of surveillance systems allows live security staff to become aware of such incidents as they occur so they can respond accordingly. It also provides evidence to assist law enforcement in investigations and protect hospital management in liability claims.
- To keep the staff, patients, and visitors safe, hospitals can utilize a wide range of security measures, including CCTV cameras, duress alarms for staff members, or electronic access control systems for doorways. For instance, smart CCTV cameras broadcast live video footage 24/7, helping responders track all aspects of a hospital.
- Further, healthcare centers that have implemented CCTV cameras with cloud storage can store the recorded video and data safely on the cloud. Authorized security professionals can access the digital storage remotely anytime on network servers, NVRs, and hard drives.
- Remote monitoring and data storage are among the most crucial aspects of hospital security surveillance. With digital storage, users are easily able to access recorded data to manage emergencies based on factual information.
- According to Identity Theft Resource Center, the number of annual number of data compromises in the United States for healthcare sector has increased from 306 breaches in 2020 to 809 in 2023. The rise in data theft of healthcare organisations is further expected to boost the demand for the studied market.
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Asia Pacific to Grow at a Significant Rate
- Currently, India is one of the largest global destinations in the retail space. In recent years, the retail industry in India has been becoming increasingly more dynamic and fast-paced, owing to the entry of many new players. The industry accounts for over 10% of the country's gross domestic product (GDP) and around 8% of the employment (as per the India Brand Equity Foundation (IBEF)).
- For retail stores, loss prevention plays an important role in effectively maintaining profit margins. The presence of surveillance systems like security cameras can act as a deterrent against shoplifting and retail theft, such as under-ringing either by checkout staff or by customers at self-checkout. Thus, the expanding retail sector in the region offers considerable growth opportunities for the market.
- Further, the healthcare market in India was forecasted to reach USD 372 billion by 2022, primarily driven by rising income, better health awareness, lifestyle diseases, and increasing access to insurance, as per IBEF. Moreover, the Indian government planned to introduce a credit incentive program of INR 500 billion (USD 6.8 billion) to boost the country's healthcare infrastructure. Such investments also help to create a positive outlook for the sector, thereby accelerating the demand for surveillance and security systems.
- The use of security cameras is on the rise in China. The country is home to some of the world's most surveilled cities. Also, China's national surveillance programs use varying degrees of data fusion. For instance, the Sharp Eyes program pulls data from a wide variety of sources, including surveillance cameras and vehicle and license plate recognition cameras.
- Moreover, in March 2023, the Ministry of Finance announced that China would increase defense spending in 2023 by 7.2% to CNY 1.56 trillion (USD 230 billion). With surveillance systems playing an important role in the defense strategy of site security officers, such investments also indicate the growth potential for the market.
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