Prison Management Systems Market is Projected to Grow Significantly to Reach US$ 2,809.8 Mn by 2026 - Persistence Market Research

Prison Management Systems Market is Projected to Grow Significantly to Reach US$ 2,809.8 Mn by 2026 - Persistence Market Research

PR Newswire

NEW YORK, January 10, 2019

NEW YORK, January 10, 2019 /PRNewswire/ --

Prison Management Systems Market Growth Driven by Increasing Adoption of Cloud Computing Networks & Services

Persistence Market Research (PMR) recently published a report titled "Prison Management Systems Market - Global Industry Analysis 2013-2017 and Market Forecast 2018-2026." The adoption of prison management systems is increasing owing to an increase in adoption of security systems in government organizations. Prison management systems provide features where a prison warden can access and update inmate details, register a new inmate, and perform other activities. The global prison management systems market is expected to grow at a CAGR of 5.3% during the forecast period. The prison management systems market was valued at US$ 1,763.0 Mn in 2017, and is projected to grow significantly to reach US$ 2,809.8 Mn by 2026 due to the rising digitalization of various government entities and public security bodies.

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In this report, PMR has segmented the global prison management systems market on the basis of component, application, and region. By component, the prison management systems market is sub-segmented into hardware infrastructure and software infrastructure. Due to the increasing demand for advanced access control equipment, the hardware infrastructure sub-segment of the prison management systems market was valued at 1,101.3 Mn in 2017. The hardware infrastructure sub-segment of the prison management systems market is also projected to grow at a moderate growth rate during the forecast period. Furthermore, governments in developed and developing countries, such as the U.S., India, the UK, China Germany, and Japan are taking initiatives to develop advanced public security infrastructure, which includes the installation of prison management systems. Governments in these countries also developing smart cities. With these factors, the hardware infrastructure sub-segment is also expected to create potential opportunities for the vendors of prison management systems. In addition, the increasing usage of cloud-based services for multiple workloads in prison management, such as cell maintenance, check in/out, commissary management, incarceration records, inmate accounting, data backups, and collaboration services, is also expected to drive the global prison management systems market over the forecast period.

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Based on application, the prison management systems market is sub-segmented into video surveillance, intrusion detection, access control, alarms & notification, prison administration, prisoner information management, and others. Due to the increasing demand for access control equipment and biometric devices, the access control sub-segment of the prison management systems market is expected to register a high CAGR of 5.8% during the forecast period. In the recent years, advanced video surveillance equipment has witnessed a quantitative rise in demand, hence, the video surveillance sub-segment of the prison management systems market is projected to create potential growth in the prison management systems market. In the recent past, it has been observed that developed countries as well as developing countries have started investing on public security infrastructure, which includes the installation of prison management systems in jails. These factors are expected to boost the global prison management systems market in near future.

Global Prison Management Systems Market Study : https://www.persistencemarketresearch.com/market-research/prison-management-systems-market.asp

Furthermore, on the basis of geography, the North America prison management systems market is expected to dominate the global prison management systems market due to advancements in next-generation communication and cloud technologies in the U.S. The region has witnessed the widespread deployment of mobile technologies and virtual storage technologies in the past couple of years. These factors are fuelling the growth of the prison management systems market in North America. The prison management systems market has high potential in Europe owing to exponential growth in the amount of information available on social media. The prison management systems market has witnessed substantial growth in China owing to major technological advancements in the field of public security by the Chinese government. China is now the most connected country in the world. In the recent years, the prison management market in SEA & Others of SEA has witnessed significant growth. The SEA and Others of SEA prison management systems market will be a target market for companies that provide prison management systems because governments in the region are creating digital public infrastructure. The Latin America prison management systems market is estimated to grow with a moderate CAGR over the forecast period. Furthermore, the Japan prison management systems market is projected to exhibit a single-digit growth rate during the forecast period.

According to PMR analysis, long-term contracts with business partners are likely to increase revenue, and new innovation strategies are estimated to enable the vendors of prison management systems to reach new growth markets. Some of the market participants in the global prison management systems market report include Axis Communications AB; Bosch Security and Safety Systems; Cisco Systems, Inc.; Fujitsu, Huawei Technologies Co., Ltd.; IBM Corporation; Montgomery Technology, Inc.; NEC Corporation; Thales Group; and Tyler Technologies Inc.

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