Mass Notification Systems Market - Key Growth Factors and Industry Analysis 2017-2027
Inconsistent policies on disclosure of threats across various organizations and growing industrialization across the globe are major factors driving growth of the global mass notification systems market. Rapid growth of various industries across the globe, especially developing countries such as India, and China, is expected to increase number of various manufacturing plants. Several companies are focusing on deploying certain systems to protect employees and the general public from unanticipated disasters and also improve business processes. This in turn, is anticipated to drive demand for such systems across various industries.
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Various industries such as retail, financial services, transportation, food, energy & utilities, manufacturing and healthcare are focusing on implementing risk and emergency management in order to ensure uninterrupted business process flow. In this regard, mass notification systems can offer various benefits in terms of productivity gain. This in turn is expected to increase the adoption of mass notification systems across these industries. However security concerns and lack of standardization is restraining the market growth of Mass notification systems market.
According to the report mass notification systems market published by FMI, the revenue generated by global mass notification systems market was estimated to reach a valuation more than US$ 11 Bn Mn by 2027.
Global mass notification systems market is categorized on the basis of solution, application, verticals, product and region. On the basis of solution, the market is segmented as in-building solution, wide-area solution and distributed recipient solutions. The revenue contribution from the wide-area solution segment is anticipated to expand at a CAGR of 11.6% during the forecast period.
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The in-building segment is expected to reflect high market share in the global mass notification system market throughout the forecast period
On the basis of solution, the global market is segmented into in-building segment, wide area segment and distributed recipient segment. The in-building segment is anticipated to lead the global market from a high market share and value perspective. In 2017, this segment reflected a valuation of more than US$ 2 Bn and is likely to continue with this trend in the coming years, by the end of the year of assessment, the in-building segment is estimated to touch a value of around US$ 6300 Mn growing at a significant CAGR of 10.5% throughout the period of forecast (2017-2027).
Wide area segment to show high growth potential in the years to follow
The wide area segment in the solution category is anticipated to be the second largest segment. The wide area segment is valued at around US$ 1100 Mn in 2017 and is anticipated to reach a valuation higher than US$ 3300 Mn by the end of the assessment year. This segment also shows higher speed than the in-building segment and is projected to register a CAGR of 11.6% throughout the period of assessment. The wide area segment radiates high growth potential thus significantly contributing to the growth of the global market for mass notification systems.
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