Alarm Monitoring Market Worth 59.83 Billion USD by 2023
PUNE, India, March 29, 2018 /PRNewswire/ --
According to the new market research report on the "Alarm Monitoring Market by Offering (Systems Hardware, Services), Input Signal (Discrete, Protocol), Communication Technology (Wired, Cellular, IP), Application (Building, Equipment, Vehicle Alarm Monitoring), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, this market is expected to be valued at USD 45.70 Billion in 2018 and is likely to reach USD 59.83 Billion by 2023, at a CAGR 5.5% between 2018 and 2023. The major factors driving the growth of the alarm monitoring market include attractive insurance policy discounts for installing security systems and increasing popularity of smart homes and home automation systems.
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Browse 64 market data Tables and 47 Figures spread through 132 Pages and in-depth TOC on "Alarm Monitoring Market - Global Forecast to 2023"
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Wired telecommunication network held the largest share of the alarm monitoring market in 2017
Wired telecommunication network or PSTN is the most commonly used communication technology in the existing alarm monitoring systems; its reliability is a major reason of its dominating presence. PSTN, being a legacy system, is widely used in major regions. Most old alarm monitoring systems make use of PSTN, and are not likely to switch to newer technologies due to the high cost and complexity involved.
Residential buildings to hold a larger share of the market for building alarm monitoring throughout the forecast period
Residential buildings are expected to hold a larger share of the alarm monitoring market for building alarm monitoring throughout the forecast period as the demand for home security systems is increasing due to the rise in crime rates. Monitoring of residential buildings is growing at a high rate owing to the rising penetration of security systems in the residential sector. Increasing income, rising demand for security, and discounts on home insurance policies are some of the major factors boosting the adoption of alarm monitoring systems in the residential sector.
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North America to hold the largest share of the alarm monitoring market during the forecast period
North America is in the forefront in the evolution and development of alarm monitoring technology as this region is home to some of the largest multinational corporations in the world. Most leading players operating in the global alarm monitoring market are based in this region. Increased R&D in the field of remote monitoring, home automation systems, and Internet of Things, in terms of new and improved technologies, is a major factor driving market growth in North America. The emerging R&D activities at the academic and industry levels are broadening the application areas of alarm monitoring to include equipment monitoring, building alarm monitoring, environment monitoring, and medical equipment monitoring in North America.
The report also profiles the most promising players in the alarm monitoring market. The competitive landscape provides a picture of the strategies adopted by a large number of the players in the market. The key players in the alarm monitoring market include ADT (US), Moni (US), Honeywell (US), Securitas (Sweden), UTC (US), Schneider (France), Johnson Controls (US), Vivint (US), Vector Security (US), and Bosch (Germany).
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