ALARM monitoring globally is currently valued at $45.7 billion and likely to reach $59.8 billion by 2023, growing at 5.5 per cent annually, according to a market report from Research and Markets.
According to the report, major factors driving the growth of the alarm monitoring market include attractive insurance policy discounts for installing security systems and increasing popularity of smart homes and home automation systems. False alarms are still impacting on the growth of the sector.
In 2017, building alarm monitoring held the largest share of the overall market. Residential structures form a major segment of the market for building alarm monitoring; a significant portion of the overall revenue in this segment is generated through monthly recurring charges, which are obtained for monitoring services.
Alarm monitoring in the developing economies of Asia-Pacific (APAC) is considered a vast emerging market and is expected to grow at the highest CAGR between 2018 and 2023. The higher growth rate of the APAC market can be attributed to the fast-growing urban centres, increasing population and an increase in security spending owing to changing threat landscapes.