The alarm management system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Alarm Management System Market, 2024 report by The Business Research Company
offers comprehensive insights into the current state of the market and
highlights future growth opportunities.
Market Size -
The alarm management system market size has grown strongly in recent years. It
will grow from $7.17 billion in 2023 to $7.65 billion in 2024 at a compound
annual growth rate (CAGR) of 6.7%. The growth in the historic period can be
attributed to safety regulations, high incident rates, complex systems,
operator overload, human factors, cost reduction and efficiency improvement.
The alarm management system market size is expected to see strong growth in the
next few years. It will grow to $10.05 billion in 2028 at a compound annual
growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed
to industry 4.0 and digital transformation, cybersecurity concerns,
cybersecurity concerns, regulatory requirements, human-machine interaction and
Predictive maintenance. Major trends in the forecast period include AI and
machine learning integration, context-aware alarm prioritization, cyber-resilient
alarm systems, compliance with industry standards and integration with IoT
ecosystems.
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Scope Of Alarm Management System Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Alarm Management System Market Overview
Market Drivers -
The rise in the adoption of IoT-enabled systems is expected to propel the
growth of the alarm management market going forward. IoT-enabled systems refer
to systems equipped with Internet of Things (IoT) technology, allowing them to
connect to the Internet and perform various functions remotely. The adoption of
IoT-enabled systems is rising due to technological advancements, evolving
business needs, and societal trends. The IoT-enabled systems enhance alarm
management capabilities by providing real-time monitoring, remote access,
predictive maintenance, and data-driven insights, improving overall safety and
security measures. For instance, in August 2022, according to the IEEE, a
US-based professional organization, the number of Internet of Things
(IoT)-enabled systems is expected to surpass 23 billion by 2025, up from 15.1
billion in 2021. Therefore, the rise in the adoption of IoT-enabled systems is
driving the growth of the alarm management system market.
Market Trends -
Major companies operating in the alarm management system market are developing
innovative products, such as SmartNet-100, to enhance fire safety and security
by providing a more flexible, efficient, and reliable solution. SmartNet-100 is
a modern fire detection and alarm system that utilizes wireless communication
technology to transmit signals between various components without needing
physical wiring. For instance, in October 2023, Cygnus Systems Inc., a UK-based
constellation company, introduced SmartNet-100, a fully wireless fire alarm
system, to improve the detection and response to fires in various environments.
This innovative technology offers a comprehensive solution for alarm
management, utilizing advanced wireless technology for flexible installation,
scalable expansion, and reliable communication between devices. The system
operates on ten frequency channels from 865-868 MHz, and the control panel uses
mains power. It is versatile, compatible with various building types, and
encompasses radio bases with or without speakers, visual indicator detectors,
and detector heads.
The alarm management system market covered in this report is segmented –
1) By Type: Hardware, Software, Services
2) By Deployment: On-Premise, Cloud-Based
3) By Application: Industrial, Commercial, Residential, Other Applications
4) By Industry: Oil And Gas, Chemical, Automotive, Agriculture, Research And
Development
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Regional Insights -
North America was the largest region in the alarm management system market in
2023. Asia-Pacific is expected to be the fastest-growing region in the forecast
period. The regions covered in the alarm management system market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa.
Key Companies -
Major companies operating in the alarm management system market are Robert
Bosch GmbH, Siemens AG, Raytheon Technologies Corporation, General Electric
Company, Mitsubishi Electric Corporation, Schneider Electric, Honeywell
International Inc., ABB Ltd., BAE Systems plc, Emerson Electric Co., Securitas
AB, Rockwell Automation Inc., Omron Corporation, Yokogawa Electric Corporation,
Gentex Corporation, Axis Communications AB, MSA Safety Incorporated, HIMA Paul
Hildebrandt GmbH, Engineering Systems Inc., Det-Tronics's, exida LLC, PAS
Global LLC, Kentec Electronics Ltd., ProSys Engineering, Mangan Software
Solutions
Table of Contents
1. Executive Summary
2. Alarm Management System Market Report Structure
3. Alarm Management System Market Trends And Strategies
4. Alarm Management System Market – Macro Economic Scenario
5. Alarm Management System Market Size And Growth
…..
27. Alarm Management System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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