The alarm monitoring services market has been forecast to reach a value of US$44.9 billion by 2018, driven primarily by the rising concerns regarding crime in society, recovering macroeconomic conditions, and the development of technologically advanced systems.
Over the years, the alarm monitoring services industry has been garnering considerable business, driven predominantly by rising concerns regarding crime in society. Security systems are currently a vital component in the safety & security plans of homeowners and organisations across the globe.
Alarm monitoring, recognised as one of oldest segments in the security market, offers assurance to residential and commercial consumers that their assets are being monitored continuously to prevent any untoward incidents such as intrusions or fire.
Incremental technology development and increasing product sophistication coupled with fall in prices have assisted in a rise in demand for alarm monitoring products.
The market has largely benefited from the growing frequency of terrorist attacks, and the resulting increases in government expenditures on public safety. With businesses prioritising safety and security of physical assets, there are opportunities galore in the market throughout the coming years.
The growing realisation of the fact that alarm monitoring system/services have a relatively faster and higher return on investment than employing manned guards also bodes well for the market.
Despite the popular perception that ever-present safety & security needs and rising crime rates, which interestingly tend to escalate during periods of economic downturn, make security and safety services recession proof, the global market nevertheless registered a negative growth rate in sales and momentum over 2008-2009.
The decline was largely the result of the collapse of the construction industry, especially the fall in construction starts. And since alarm systems are predominantly installed in new residential and commercial constructions, the lull in construction activity dampened the alarm monitoring systems market.
Alarm monitoring services are expected to experience healthy growth in the upcoming years as is already evident by the resurgence in growth in 2010 for the majority of markets across the globe. Expected recovery in the construction space by 2012 is expected to put the growth momentum back on track.
Additionally, government support in the form of sponsored economic stimulus packages for the construction industry, and Federal Reserve's monetary easing program is also helping indirectly support demand for alarm monitoring solutions.
For more information on the alarm monitoring services market, see the latest research: Alarm Monitoring Services Market
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