Hospital Security Systems Market Size, Share, Growth Analysis, By Product(Access Control Systems (Smart Cards, Readers, Biometric Systems {Fingerprint Recognition Systems, Facial Recognition Systems), By Service(System Design, Installation, Integration, Other Services), By Surveillance System(Video Surveillance, Surveillance Cameras), By Application(Surgical Equipment, Medical Devices), By End-User(Hospital, Clinics), By Region - Industry Forecast 2024-2031

Global Hospital Security Systems Market size was valued at USD 98 billion in 2022 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.'

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.

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.