Press release
Mass Notification System Market Share Growing at 20.3% CAGR Reach USD 35.23 Billion by 2026
Increase in need for automate building solutions and supportive industry standards and regulations have boosted the growth of the global mass notification system market. However, high installation and maintenance costs impede the market growth. Moreover, increase in adoption of smart cities across developing nations is expected to create lucrative opportunities in the near future.
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The global mass notification system market size was valued at USD 8.05 billion in 2018 and is projected to reach USD 35.23 billion by 2026, growing at a CAGR of 20.30% from 2019 to 2026.
The global mass notification system market is segmented on the basis of component, deployment mode, organization size, type, industry vertical, and region. In terms of component, it is bifurcated into software and services. In terms of deployment mode, the market is divided into on-premise and cloud. As per organization size, it is bifurcated into large enterprises and small & medium enterprises. In terms of type, the market is categorized into strategic in-building solutions, wide-area solutions, and distributed recipient solutions. Based on industry vertical, it is classified into BFSI, energy & utilities, education, healthcare, government & defense, transportation & logistics and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on component, the service segment is expected to manifest the highest CAGR of 22.8% during the forecast period, owing to rise in need of various different services such as managed service and professional services. However, the solution segment held the largest share in 2018, accounting for around three-fourths of the global mass notification system market. The mass notification solutions are cheaper and are faster to deploy, which drives the growth of this segment.
Based on deployment, the cloud segment dominated the global mass notification system market in 2018, contributing to nearly three-fifths of the market, owing to the different services provided by the cloud. On the other hand, the on-premise segment is projected to portray the highest CAGR of 22.4% during the forecast period, owing to the increase in the adoption of these systems due to enhanced security features provided by the on-premise model.
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Based on geography, the market across North America held the largest share in 2018, accounting for more than one-third of the total revenue, and is expected to continue its dominance throughout the forecast period. This is due to rise in investment in the emergency preparedness along with technological advancement in infrastructure technologies. On the other hand, the Asia-Pacific region is anticipated to register the fastest CAGR of 22.80% during the study period, due to continuous rise in the number of terrorist attacks and natural calamities in this region. The report also analyzes regions across Europe, and LAMEA.
The key players profiled in the mass notification system market analysis are IBM Corporation, Honeywell International Inc., Siemens AG, Johnson Controls, Eaton Corporation, OnSolve (Ecn+ Mir3+ Sendwordnow), NetApp Inc, Everbridge Inc., Metis Secure Solutions and xMatters Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Key Benefits for Stakeholders:
● The study provides an in-depth analysis of the global mass notification system market along with the current & future trends to elucidate the imminent investment pockets.
● Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
● Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
● The quantitative analysis of the global mass notification system market from 2019 to 2026 is provided to determine the market potential.
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