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Software, services, and solutions held a major share of the overall alarm monitoring market in 2017. The software, services, and solutions segment dominates the alarm monitoring market as most players in this market generate revenues through monitoring and installation fees, which they obtain as monthly recurring charges. Many players in this market offer free equipment and installation to expand their customer base.
The overall alarm monitoring market is expected to be valued at USD 45.70 Billion in 2018 and is likely to reach USD 59.83 Billion by 2023, at a CAGR 5.5% between 2018 and 2023. The 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.
Among all end-use applications, building alarm monitoring held the largest share of the overall alarm monitoring market in 2017. Alarm monitoring systems installed in buildings are designed to detect emergency situations such as fire, smoke, intrusion, and flood. Residential buildings form a major segment of the alarm monitoring market for building alarm monitoring; a major part of the overall revenue in this segment is generated through monthly recurring charges, which alarm monitoring companies obtain in lieu of monitoring services. Most companies catering to residential customers do not charge for the equipment or installation costs; however; they charge a monthly fee for monitoring.
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