Global Alarm Monitoring Market Valued at $46B and Growing, Report Says
The market for protocol input signals for alarm monitoring is expected to grow at the highest CAGR between 2018 and 2023.
DUBLIN, Ireland — The global alarm monitoring market is forecast to be currently valued at $45.7 billion and likely to reach $59.8 billion by 2023, representing a 5.5% compound annual growth rate (CAGR), according to a market report.
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, according to the global forecast posted at researchandmarkets.com.
False alarms are considered a major factor restraining the adoption of alarm monitoring systems.
In 2017, building alarm monitoring held the largest share of the overall market. Residential structures form a major segment of the market for building alarm monitoring; a significant portion of the overall revenue in this segment is generated through monthly recurring charges, which are obtained for monitoring services.
Building alarm monitoring is seen as a lucrative market due to the enormous growth opportunities in the sector.
Protocol inputs are electrical signals, which are formatted into a formal code that represents more complex information than that in case of discrete or analog signals. There are different types of protocols for transmitting telecom alarm data. With growing cybersecurity concerns, protocol signals are preferred over analog and discrete signals as these signals provide more security due to encryption.
Alarm monitoring in the developing economies of Asia-Pacific (APAC) is considered a vast emerging market and is expected to grow at the highest CAGR between 2018 and 2023.
The higher growth rate of the APAC market can be attributed to the fast-growing urban centers and increasing population, among other factors. Moreover, APAC is highly concerned about the increase in security spending owing to the ever-growing threat landscape in the region.
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