Alarm Monitoring Market Size

Alarm Monitoring Market Analysis

The Alarm Monitoring Market is expected to grow at a CAGR of 6.2% over the forecast period. An increase in crime rate and increasing adoption of security systems that comes with insurance policies for residential and commercial applications are the major factors that are driving the growth of the global alarm monitoring market.

• Numerous technological advancements, especially in communications technology, led to a transition from traditional monitoring over telephone lines to monitoring systems that exploit digital, wireless, and cellular communications to provide better, more reliable, and more convenient monitoring to consumers. Moreover, with the advent of the Internet of Things, common household objects are increasingly being connected to the internet, enabling them to transmit and receive different data types.
• Security system technology is constantly evolving, and newer technologies are continuously innovated to improve the security of business security systems through the constant augmentation of camera processors and alarm sensors that feature an extensive suite of new alerts and smart features that make using these systems easier. These new features and technologies are making the security of homes and commercial buildings more effective, thereby driving the growth of the studied market.
• Moreover, the integration of security systems in mobiles gained popularity in the last few years, and smart features are becoming more integral to home and commercial security efforts. While remote monitoring via mobile devices and the ability to arm or disarm a system remotely was popular for quite some time, multiple systems and manufacturers are integrating additional features, such as alarm triggers and panic buttons, into their mobile apps. This enables the home and commercial system users to trigger the alarm and alert the monitoring station of potential emergencies from their mobile devices.
• Smart cities are growing globally, and urbanization is enabling their growth. According to the United Nations, the proportion of people living in urban areas is expected to increase to 66% by 2050. According to the projections provided by the United Nations, in multiple countries, such as India (404 million), China (292 million), and Nigeria (212 million), urban dwellers are expected to increase in number by 2050. Increased spending on smart cities, technological developments, urbanization, and government support and funding are leading to an increased number of smart city projects. Technology led to the growth in the use of video surveillance cameras in smart buildings to prevent crimes. The new Data Protection Law is more demanding and guarantees people's privacy. This is expected to influence the demand for the alarm monitoring market over the forecast period.
• The development of smart cities needs to be complemented by the adoption of security measures by equally invested public institutions, such as schools, colleges, and banks. In September 2021, Aalborg University in Denmark installed a security system featuring intrusion alarms, video monitoring systems, and access software that utilize access cards for any individual across all its buildings. All the data was strategized to be protected on campus, in the university's private servers, and managed from a central control facility in Aarhus, where a centralized security platform is used to monitor video footage and alarm systems. Furthermore, their decision to install the system allowed them to fit environmental sensors to keep track of any relevant metrics across the campus. To complete the installation, security professionals from G4S patrol the premises with a tablet device that acts as a portal into the monitoring software, providing instant alerts in case of emergencies.
• Moreover, the recent outbreak of the COVID-19 pandemic is completely different from any previous recessions. It impacted consumer spending, and the forced mass quarantines inundated almost every country worldwide. The consumer's propensity to adopt security solutions is on the rise due to the pandemic. The aspect of a 'smart building' looks more practical in the new normal post-COVID-19.