Market Trends of Alarm Monitoring Industry
This section covers the major market trends shaping the Alarm Monitoring Market according to our research experts:
Vehicle Alarm Monitoring Segment is Expected to Drive the Market's Growth
- The automotive industry is witnessing robust growth in the adoption of electric vehicles globally. For instance, according to EIA, the sales of electric vehicles (EVs) doubled in 2021 from 2020 to a new record of 6.6 million. In 2012, just 120 000 electric cars were sold worldwide. However, nearly 10% of global car sales were electric in 2021, four times the market share in 2019. Global sales of electric cars kept rising strongly in 2022, with 2 million sold in the first quarter, up 75% from the same period in 2021.
- The National Transportation Safety Board and the Bureau of Transportation Statistics provided data for the study in which Fifty-two electric vehicles were reported to have caught fire in the United States in 2021. In addition, 16,051 fires involving hybrid vehicles and 199,533 involving vehicles with internal combustion engines were reported.
- In April 2022, a Canada-based startup MakerMaxdeveloped testing devices and algorithms that can arrest battery fires and consequent property loss and lives. The announcement comes amid a series of fire incidents in electric vehicles (EVs). MakerMaxsaid also collaborates with battery manufacturers to place specially designed pressure, temperature, and gas sensors at the vulnerable zones in the battery to create three levels of a "wifi-enabled audio-visual alarm system" that can depict the cautious, serious, or dangerous condition of the battery.
- The industry is witnessing an upsurge in the launch of advanced and innovative products and solutions to cater to the evolving needs of consumers. For instance, in March 2021, Alarm.com launched a solution to connect users' cars and homes through its integrated security platform to help people stay informed about their vehicle's status and unlock more home automation capabilities. Alarm.com Connected Car, developed in collaboration with vehicle telematics solutions pioneer CalAm, offers all the benefits of a vehicle monitoring solution, in addition to the unique benefit of deep integration with the Alarm.com smart home security system. Vehicle insights, notifications, and home automation features are accessible through one interface - the Alarm.com mobile app.
- In January 2022, Ford announced that it is working with ADT Security Services to help prevent crime. The joint venture called Canopy aims to bring real-time monitoring for automobiles similar to what ADT offers with houses and businesses. To that extent, a bevy of cameras and sensors would detect activity around the vehicle. In the event of suspicious behavior, pre-recorded warnings can be broadcast along with other audible alerts. In the future, live warnings will be available via two-way communication through an app. Vehicle owners would be able to monitor the live camera feeds, and the system would also trigger notifications in the event of suspicious activity.
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North America is Expected to Hold a Major Market Share
- The United States is expected to be the largest market for alarm monitoring in the North American region. Stringent government regulations and higher penetration levels of advanced technologies among commercial and residential users are some of the major drivers enabling new sales growth in the country. Intelligent security technology solutions can help in monitoring a building and warn about unauthorized entry. These systems can supervise safe building evacuation, emergency call stations, and detection alarms for water, smoke, and gas leaks.
- Smart city projects gained momentum over the last decade as more municipalities across the region launched a wide variety of digital transformation initiatives. Municipalities realize the benefits of utilizing technology to manage assets and resources that enhance city operations. With multiple devices connected to the IoT, smart city technology allows officials to understand what is happening around their network by monitoring infrastructure and community.
- There are plenty of investments in commercial buildings in the United States. According to Construct Connect and Oxford Economics, in 2022, the value of commercial construction by retail will account for USD 19.64 billion, besides USD 14.96 billion for hotels, USD 12.05 billion for government offices, and USD 9.66 billion for sports stadiums. The robust investments directed toward commercial projects create a need for smart building solutions for safety. The country also has some of the best emergency response infrastructure globally. Fire alarms and smoke detectors are mandated by several local and central authorities that are directly connected to a national grid for the rapid detection of emergencies. According to National Fire Protection Association (NFPA), it is estimated that a fire department in the United States responds to a fire incident every 24 seconds, owing to well-established hardware and integration to a connected network.
- Despite such an infrastructural advantage, NFPA indicates that a fire incident occurs in a structure at the rate of every 63 seconds, and a home fire takes place every 88 seconds. This is one of the major factors driving the installation of advanced solutions based on IoT technologies and sensor fusion concepts. The NFPA estimates suggest that despite several government efforts, many people die annually in residential fires in the United States, as they live in homes with no smoke alarms or working smoke alarms. Several home-grown companies are working toward creating more affordable technologies to address such issues.
- Vendors are ubiquitous in the studied region. Ring, an IoT-based alarm and doorbell company owned by Amazon, is attempting to expand its product portfolio through additional product releases. A significant upgrade came through in September 2021 through a feature called 'Virtual Security Guard,' an independent subscription service designed to mimic the benefits of having an on-site security guard. The offering is presented as a collaboration with Rapid Response. This physical security personnel company acts as the professional monitoring unit for the service, responding to motion alerts and providing interventions, including triggering sirens and lights, using two-way talk features, and dispatching emergency services when necessary.
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