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Alarm Management System Global Market Report Competitive And Growth Analysis 2033
Alarm Management System Global Market Report 2024
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Alarm Management System Market 2024 Key Insights:
• 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 Impact Of IoT-Enabled Systems On Alarm Management Market Growth
• Innovative Wireless Fire Alarm Systems Revolutionizing Fire Safety
• North America was the largest region in the alarm management system market in 2023
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