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Global Alarm Monitoring Software Market to Grow at a CAGR of 4.90% During 2022-2027, Aided by the Rising Crime Rates and Accidents Worldwide

According to a new report by EMR titled, ‘Global Alarm Monitoring Software Market Report and Forecast 2022-2027’, the market attained a value of about USD 46.5 billion in 2021. The industry is further expected to grow at a CAGR of 4.90% in the forecast period of 2022-2027 to reach USD 58.9 billion by 2027.

The global market for alarm monitoring software is driven by the increasing crime rates and the rising incidences of fire-related accidents. In addition, the improved living standards and the increasing purchasing power of consumers are expected to propel the deployment of alarm monitoring software to enhance their safety and improve the protection of their belongings. Furthermore, the rapid expansion of information and communication technologies, along with the software’s remote accessibility and time and cost saving benefits are also expected to propel the growth of the market. Additionally, the stringent security regulations, especially in developed regions, and the large-scale deployment of cloud-based alarm monitoring software is also expected to invigorate the market in the forecast period.

The growing demand for efficient alarm monitoring software is leading the key market players to develop technologies that can deliver exceptional performance, which is estimated to aid the market growth in the forecast period. For instance, in February 2022, Optex Systems Holdings, Inc. (OTCMKTS: OPXS) introduced its new cloud-based alarm monitoring software solution called Genio Map Cloud that provides a one-time solution to all the security issues, along with remote accessibility via internet connection. Its beneficial properties include cost effectiveness, user-friendliness, and the ability to provide real time data of tracked events. In addition, another leading vendor of alarm monitoring software, Honeywell International Inc. (NASDAQ: HON), in September 2020, announced the release of ProWatch Integrated Security Suite, a web-based software platform that helps protect individuals and property through monitoring and responding to alarms, while also offering optimised productivity, reduced costs, and compliance to industrial regulations. Such developments are expected to invigorate the alarm monitoring software industry growth in the forecast period.

Market Analysis by Component, Technology, End-User, and Region:

  • The alarm monitoring software industry, by component, can be segmented into solution, hardware, and service. Among these, the service segment can be further divided, based on type, into installation services, maintenance services, and monitoring services.
  • The market is divided, based on technology, into wired telecommunication network, cellular wireless network, and wireless radio network, among others.
  • The market is classified, on the basis of end-user, into healthcare, government, chemical and petrochemical, military and defence, automotive, manufacturing, and oil and gas, among others.
  • The regional markets for alarm monitoring software include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for alarm monitoring software is being driven by the increasing crime rates and the rising fire incidents.
  • The improved living standards and the growing concerns pertaining to safety and protection are leading to the installation of alarm monitoring software, which is further aiding the industry.
  • The expanding use of information and communication technologies is also estimated to contribute to the growth of the market.
  • The rapid technological advancements are expected to bolster the industry growth in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for alarm monitoring software for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the components, technologies, end-users, and major regions of alarm monitoring software.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global alarm monitoring software 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 comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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