The global market for Alarm Monitoring Services is forecast to reach US$73 billion by 2024, driven by worldwide recovery in construction activity; rising adoption of home automation systems supported by product innovation and stricter enforcement of building codes; surge in crime rates and heightening awareness of safety and security; urbanization, burgeoning middle class population and aging demographic stats.
Alarm monitoring, one of the key segments of the security market, offers intrusions or fire monitoring assurance of assets to residential and commercial consumers. The need to secure life and property against both natural and man-made disasters are especially driving property owners to invest significantly on new-age safety and security equipment and services. Incremental technology development induced rise in product sophistication, and fall in prices have additionally helped expand demand in the market. The market has also benefited from the rising frequency of terrorist attacks, and the resultant increases in government expenditures on public safety. With businesses prioritizing safety and security of physical assets, it's opportunities galore in the market in the coming years. The growing realization of the fact that alarm monitoring systems/services have a relatively faster and higher return on investment than employing manned guards also bodes well for the market. A key trend in the making is the growing popularity of virtual alarm monitoring services wherein monitoring is carried out through the web/broadband Internet, and alarms dispatched over both Internet or cellular networks accessible through a wide range of communication devices. Alarm systems are being introduced into segments such as remote control solutions, outdoor perimeter protection, wireless, emergency response systems, home automation, and home solutions.
Alarm transmission technologies have evolved in recent years, with mobile data and IP networks changing the way alarms are transmitted and also reducing costs. The industry is witnessing a spurt in wireless alarm monitoring technology led by the advantages offered over traditional wired alarm system. Traditional alarm systems are expensive as they require maintenance of the fixed telephone line infrastructure and payment for phone calls. The wireless security solutions however transmit the alarms over a dedicated wireless network, and involve a fixed running cost and no upfront fee. Alarm monitoring service companies today offer several services, ranging from basic monitoring to interactive service plans that allow the user to remotely control and monitor the system from smart phones and other handheld devices.
The United States represents the largest market worldwide. Demand growth for alarm monitoring services in the country is driven primarily by the resurgence in construction activity, as consumer tendency is typically inclined towards purchasing new contracts only for new constructions or in the event of massive renovation work. Asia-Pacific is the fastest growing region exhibiting a CAGR of 9.9% over the analysis period. Steady rise in residential construction, thanks to burgeoning middle-class segment, rapid urbanization and subsequent need for residential housing augurs well for Asian residential alarm monitoring services market.
Major players in the market include Ademco (Far East) Pte Ltd., ADT LLC, Bosch Security Systems, G4S PLC, Global Security Solutions, Guardian Protection Services, Inc., Honeywell International, Inc., Honeywell Access, ISONAS, Johnson Controls International Plc, MONI Smart Security, Prosegur compania de Seguridad, Secom Co., Ltd., Securitas AB, Slomin's, Inc., Sohgo Security Services Company Ltd., Stanley Convergent Security Solutions, Inc., Swann Communications Pty. Ltd., UTC Climate, Controls & Security, Chubb Fire & Security Ltd., Chubb Community Care, Vector Security, Inc., Verisure Holding AB, and Vivint, Inc., among others.