Europe and Latin America alarm monitoring Market Expected to Reach $21.66 billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Europe and Latin America Alarm Monitoring Market by offering, Technology, Input Signal, Component, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The Europe and Latin America alarm monitoring market size was valued at $7.33 billion in 2020, and is projected to reach $21.66 billion by 2030, registering a CAGR of 11.5% from 2021 to 2030.

Europe and Latin America Alarm Monitoring Market Outlook - 2030

Alarm monitoring system is a wireless or wired security solution that is designed to offer real-time communication between home or building security systems and the central station of the user’s security providers or digital application. Wireless alarms such as smoke detectors and motion detectors enable users to identify and monitor inventories and assets automatically and uniquely. Rise in use of the Internet of Things (IoT)-based smart applications in the residential, commercial, and industrial sectors is a major factor propelling the need for monitored alarm system during the forecast period.

The growth of this market is majorly driven by increase in popularity of smart homes and home automation systems paired with attractive insurance policy discounts for installing security systems. Furthermore, surge in utilization of smartphones and handheld-based security system is anticipated to drive the growth of market. However, surge in incidence of false alarm is acting as a prime restraint of the market. On the contrary, increase in use of DIY home security systems is anticipated to provide lucrative opportunities for the expansion of the Europe and Latin America alarm monitoring industry during the forecast period.

According to Europe and Latin America alarm monitoring market research, the system & hardware segment was the highest contributor to the market in 2020. Surge in adoption of home automation solution across emerging economies in Europe and Latin America has led the growth of the system and hardware segment. The analog signal and protocol signal segments collectively accounted for around 72.1% market share in 2020.

The outbreak of the COVID-19 has significantly impacted the growth of the alarm monitoring market across Europe and Latin America. Rise in demand for home automation solution across residential sector has significantly propelled the demand for alarm monitoring-based digital applications during the pandemic. However, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments across the globe restrained the growth of this market during a pandemic. Moreover, the residential sector in Europe and Latin America started to deploy alarm monitoring-powered smart monitoring solutions, and thus is expected to drive the Europe and Latin America alarm monitoring market growth post pandemic.

On the basis of application, the building alarm monitoring segment dominated the Europe and Latin America alarm monitoring market share in 2020, and is expected to maintain its dominance in the upcoming years, owing to rise in demand for automation and control solution across the commercial sector. However, the vehicle alarm monitoring segment is expected to witness highest growth rate in the upcoming years, owing to surge in adoption of the digital monitoring solution across the automotive sector. Region wise, Brazil holds a significant share in the Europe and Latin America alarm monitoring market, owing to the presence of prime players.

Key Findings of The Study

• In 2020, the system & hardware system segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 10.3% during the forecast period.
• The analog signal and protocol signal segments together accounted for around 72.1% of the Europe and Latin America alarm monitoring market analysis in 2020.
• The IP-Network segment is projected to growth at a CAGR of 13.9% during the forecast period.
• Brazil contributed for the major share in the Europe and Latin America alarm monitoring market, accounting for more than 14.3% share in 2020.

The key players profiled in the report include ABB Ltd., Siemens AG, Diebold Inc., Schneider Electric SE, Honeywell International, Vivint Inc., Johnson Controls, Bosch Rexroth AG, ADT Corporation, and Vector Security. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the Europe and Latin America alarm monitoring market.