The Global Market for Alarm Monitoring Services is Projected to Reach US$58.3 Billion by 2020
Rising Security Issues & Focus on Vulnerability
Management Drives the Alarm Monitoring Services Market, According to a New
Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Alarm Monitoring Services. The
global market for Alarm Monitoring Services is projected to reach US$58.3
billion by 2020, driven by rising security threats and the ensuing need for
vulnerability management solutions.
Alarm monitoring involves
continuous communication between a central monitoring station and a local on
premise security system installed in residential and commercial buildings to
prevent occurrences such as unauthorized intrusions and/or fire. Over the
years, the global alarm monitoring services market has been gathering significant
growth traction encouraged by rising crime rates in the society. Incremental
technology developments and product sophistication have encouraged growth and
adoption of alarm monitoring products. The market is also poised to benefit
from the growing government expenditure on security and public safety in the
wake of the growing threat of terrorism. Commercial businesses are also prioritizing
safety and security of physical assets to prevent losses caused by theft,
misappropriation of assets, and fire breakout at the workplace.
The recovery of
the housing sector and growing awareness among homeowners over the importance
of home security are driving sales of efficient and cost-effective security
systems. Emerging technologies which enable remote monitoring of buildings are
becoming a standard feature in ‘smart home’ offerings. Developments in remote
monitoring capabilities are critical in encouraging the reach of security
services. The global alarm monitoring market is characterized by intense
competition and a high degree of fragmentation. The business opportunities
offered by the rising sales of smart home devices are encouraging companies to
expand their product and service portfolios. Telecom and IT companies are
additionally foraying into the market, offering stiff cost competition to conventional
alarm monitoring companies. Residential intrusion and fire monitoring services represents
the largest market segment with growth supported by improving economy, increase
in home ownership rates and rise in new home construction.
As stated by the
new market research report on Alarm Monitoring Services, Europe and North
America represent the largest markets worldwide. Developing countries in Asia-Pacific
and Latin America and the Middle East are forecast to fuel future growth in the
market, led by the widening wealth gap and the resulting rise in crime rates.
Other factors driving growth in these regions include rapid urbanization,
expanding base of middle class population preferring well provisioned houses, increase
in foreign investments, and rise in business activities.
Major players covered
in the report include Ademco (Far East) Pte Ltd., ADT Security Services, Inc.,
Canadian Corps of Commissionaires, Central Security Patrols Co., Ltd., Chubb
Fire & Security Ltd., G4S PLC, Global Security Solutions, Guardian
Protection Services, Inc., Honeywell Security Products Americas, Monitronics
International, Inc., Prosegur compania de Seguridad, Protection 1 Inc.,
Reliance Protectron Inc., Secom Co., Ltd., Securitas AB, Siemens AG, Slomin's,
Inc., Sohgo Security Services Company Ltd., Stanley Convergent Security
Solutions, Inc., Tyco, United Technologies Building & Industrial Systems,
Vector Security, Inc., and Verisure Holding AB, Vivint, Inc., among others.
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