Alarm Monitoring Market estimated to be worth $59.83 Billion by 2023 with a growing CAGR of 5.5%

(IT-NEWSWIRE.COM, November 26, 2021 ) The report "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", was valued at USD 42.88 billion in 2017 and is expected to reach USD 59.83 billion by 2023, at a CAGR of 5.5% during the forecast period.

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Alarm monitoring is a service wherein alarm systems installed in buildings, equipment, or vehicles are professionally monitored by a central monitoring station (CMS). The alarm systems are monitored in lieu of a monthly recurring charge. The CMS alerts security agencies or the property owner incase an alarm is triggered. Alarm monitoring is carried out to detect intrusion, fire, glass break, or rising carbon monoxide levels inside a premise.

The objectives of the report includes forecast of the Alarm Monitoring market size in terms of Offering (Systems Hardware, Services), Input Signal (Discrete, Protocol), Communication Technology (Wired, Cellular, IP), Application (Building, Equipment, Vehicle Alarm Monitoring), and Geography.

The alarm monitoring market by protocol input signal to grow at the highest CAGR during 2017–2023

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. The most widely used telemetry protocols are open standards such as SNMP, TL1, ASCII, and TBOS. The alarm monitoring market by protocol input signal is expected to grow at the highest CAGR during the forecast period.

The alarm monitoring market by cellular wireless network communication technology to grow at the highest rate during forecast period.

Among all the communications technology of alarm monitoring market, cellular wireless network expected to grow with the highest CAGR during forecast period. Cellular wireless network is increasingly being used for connectivity between control panels and alarm monitoring centers. It is mostly used as a backup system for connectivity incase primary lines go down. With the increasing reliability of cellular networks, the market for cellular wireless network-based alarm monitoring is expected to grow.

North America to hold a major share of the alarm monitoring market in 2016

North America is expected to dominate the alarm monitoring market during the forecast period. 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.

Alarm Monitoring Market

ADT (US), Moni (US), Honeywell (US), Securitas (Sweden), UTC (US), Schneider (France), Johnson Controls (US), Vivint (US), Vector Security (US), and Bosch (Germany) are some of the major companies dominating the alarm monitoring market.

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Alarm Monitoring Market estimated to be worth $59.83 Billion by 2023 with a growing CAGR of 5.5%