CLEVELAND, July 29, 2020 /PRNewswire/ -- According to the new study Global Security Services, global alarm monitoring service revenues are forecast to rise 3.8% per year to $63.1 billion in 2024. Alarm monitoring tends to hold above average market share and growth potential in high-income nations, as investment in technological solutions is common and high labor costs favor remote monitoring over on-site guarding.
Revenue growth will be fueled by increased penetration of high-value services, particularly in the commercial market. The service offering the greatest potential boost to demand is video monitoring, which significantly speeds up alarm verification, resulting in quicker (and thus more effective) law enforcement response:
- While video monitoring in its basic form is not particularly complex, data transmission and storage costs have traditionally made video surveillance more cost-effective as a component of on-site security response, rather than an element monitored by a central station.
- As data costs have fallen, alarm monitoring providers have increasingly emphasized outside video monitoring as a value-added offering.
Greater penetration of household monitoring equipment associated with the Internet of Things will boost revenues in the residential market. To an extent, emerging household monitoring systems will compete with outside alarm monitoring services, as the rising prevalence of smartphones and tablet computers is making self-monitoring more viable.
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SOURCE The Freedonia Group