The new report by Expert Market Research titled, ‘Global Alarm Monitoring Software Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global alarm monitoring software market, assessing the market based on its segments like components, technologies, end-users, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 46.5 billion
- Forecast CAGR (2023-2028): 90%
- Forecast Market Size (2028): USD 58.9 billion
The alarm monitoring software industry is driven by the development of cloud-based alarm monitoring software systems. For instance, in February 2022, the Optex company launched the world’s first real-time burglary alarm monitoring software, which is cloud-based. Among the many benefits of this alarm monitoring software is its cost effectiveness.
In addition, the improved living standards and the growing working-class population are also expected to propel the industry growth. This can be attributed to the rising consumer demand for efficient alarm monitoring systems fuelled by the growing concerns regarding their safety and the protection of valuables.
Industry Definition and Major Segments
Alarm monitoring software is a technologically advanced centralised security system that provides security assistance in situations of burglary, break-ins, and fire accidents, among others. They send alarms to the central monitoring station that can be accessed remotely with an internet connection, which further alerts the appropriate authorities depending upon the emergency. This software also provides real-time data of the alarms sent.
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The alarm monitoring software industry, by component, can be segmented into:
Among these, the service segment can be further divided, based on type, into installation services, maintenance services, and monitoring services.
Based on technology, the market is divided into:
- Wired Telecommunication Network
- Cellular Wireless Network
- Wireless Radio Network
On the basis of end-user, the market is classified into:
- Chemical and Petrochemical
- Military and Defence
- Oil and Gas
The regional markets of alarm monitoring software include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The increasing crime rates and fire incidents across the globe have led to a rise in demand for alarm monitoring systems, which is estimated to invigorate the market growth. The major advantages of this software include its remote accessibility. Additionally, the expanding use of information and communication technology is also expected to bolster the alarm monitoring software industry.
Furthermore, the integration of advanced technological solutions to upgrade existing features including sensors, cameras, alarms, and video surveillance, among others is expected to propel the industry in the coming years. In addition, the research and development activities, along with the rising investments by the key market players are also expected to impel the alarm monitoring software industry in the forecast period.
Key Market Players
The major players in the market are ABB Ltd, Siemens AG, Rockwell Automation, Inc., Honeywell International Inc., Schneider Electric SE, ADT Inc., Axis Communications AB, and Tyco International plc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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