The overall alarm monitoring market was valued at USD 42.88 Billion in 2017 and is expected to reach USD 59.83 Billion by 2023, at a CAGR of 5.5% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023.
Software, services, and solutions held a major share
of the overall alarm monitoring market in 2017. The software, services, and
solutions segment dominates the 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.
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Attractive insurance policy discounts for installing
security systems
Several insurance companies offer a discount in the
insurance amount for installing and maintaining an alarm system with some form
of central monitoring. Insurance companies offer maximum discounts in cases
where the alarm system is connected to a central monitoring station. These
monitoring stations alert the emergency services in case of an alarm.
It has been observed that several residential
customers purchase security systems to benefit from the lower insurance premium
rates that are offered to the house owners who have installed security systems.
Besides, certain other insurance policies make the installation of security
systems at homes mandatory to avail coverage of the policies. Insurance
companies offer discounts on the purchase of home security systems, especially
to those connected to the fire and local police departments. Insurance
companies give discounts in the range between 5% and 20% for different security
measures installed in houses on the basis of the home owners’ policy. The
discount varies from 15% to 20% for homes that are equipped with burglar and
fire alarm systems. These discounts are mainly offered as it is believed that
houses equipped with security systems are 60% lesser prone to burglary attacks
than the houses without security systems. Hence, this factor boosts the demand
for security systems.
False alarms triggered due to variations in outdoor
physical environment
False alarm is a major restraining factor in the adoption
of alarm monitoring systems. Alarm systems are influenced by outdoor physical
environment, such as variation in temperature and humidity. For instance, in
summers, glasses get shattered because of the overwhelming heat, and this
results in the triggering of alarm systems—which is a false alarm. The frequent
causes of false alarms include prank calls, incorrect key pad codes, lack of
training to authorized users. Frequent false alarms increase risks to public
safety. For example, in St. Petersburg, Florida, US, the Police Department
responds to over 11,000 false alarms each year. In case of an alarm, two law
enforcement units are dispatched.
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