Evolution and Development of Alarm Monitoring Technology in US Region


Posted September 3, 2020 by ctom7000

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
 
The overall alarm monitoring 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 market include attractive insurance policy discounts for installing security systems and increasing popularity of smart homes and home automation systems.

Software, services, and solutions held a major share of the overall alarm monitoring market in 2017. The software, services, and solutions segment dominates the market as most players in this market generate revenues through monitoring and installation fees, which they obtain as monthly recurring charges. Many players in this market offer free equipment and installation to expand their customer base.

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Among all communication technologies, wired telecommunication network held the largest share of the overall alarm monitoring market in 2017. Wired telecommunication is the most commonly used communication technology in the existing alarm monitoring systems; its reliability is a major reason of its dominating presence.

Among all end-use applications, building alarm monitoring held the largest share of the overall alarm monitoring market in 2017. Alarm monitoring systems installed in buildings are designed to detect emergency situations such as fire, smoke, intrusion, and flood. Residential buildings form a major segment of the market for building alarm monitoring; a major part of the overall revenue in this segment is generated through monthly recurring charges, which alarm monitoring companies obtain in lieu of monitoring services. Most companies catering to residential customers do not charge for the equipment or installation costs; however; they charge a monthly fee for monitoring.

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 cyber security concerns, protocol signals are preferred over analog and discrete signals as these signals provide more security due to encryption.

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 market in APAC is expected to grow at the highest rate between 2018 and 2023 as the region is highly concerned about the increase in security spending owing to the ever-growing threat landscape in the region. In the recent years, APAC has undergone tremendous economic growth, political transformations, and social changes.

Some of the major players operating in the alarm monitoring market are 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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Alarm Monitoring Market Dynamics

Attractive insurance policy discounts for installing security systems

Several insurance companies offer a discount in the insurance amount for installing and maintaining an alarm system with some form of central monitoring. Insurance companies offer maximum discounts in cases where the alarm system is connected to a central monitoring station. These monitoring stations alert the emergency services in case of an alarm.

It has been observed that several residential customers purchase security systems to benefit from the lower insurance premium rates that are offered to the house owners who have installed security systems. Besides, certain other insurance policies make the installation of security systems at homes mandatory to avail coverage of the policies. Insurance companies offer discounts on the purchase of home security systems, especially to those connected to the fire and local police departments. Insurance companies give discounts in the range between 5% and 20% for different security measures installed in houses on the basis of the home owners’ policy. The discount varies from 15% to 20% for homes that are equipped with burglar and fire alarm systems. These discounts are mainly offered as it is believed that houses equipped with security systems are 60% lesser prone to burglary attacks than the houses without security systems. Hence, this factor boosts the demand for security systems.

False alarms triggered due to variations in outdoor physical environment

False alarm is a major restraining factor in the adoption of alarm monitoring systems. Alarm systems are influenced by outdoor physical environment, such as variation in temperature and humidity. For instance, in summers, glasses get shattered because of the overwhelming heat, and this results in the triggering of alarm systems—which is a false alarm. The frequent causes of false alarms include prank calls, incorrect key pad codes, lack of training to authorized users. Frequent false alarms increase risks to public safety. For example, in St. Petersburg, Florida, US, the Police Department responds to over 11,000 false alarms each year. In case of an alarm, two law enforcement units are dispatched.
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Issued By Tom
Country United States
Categories Technology , Telecom
Tags Alarm Monitoring Market , Alarm Monitoring Market Share , Alarm Monitoring Market Size , Alarm Monitoring Market Trends , Alarm Monitoring Market COVID-19 Analysis , Alarm Monitoring Market Forecast
Last Updated September 3, 2020