According to the new study by the Freedonia Group, ‘Global Security Services,’ global alarm monitoring service revenues are forecast to rise 3.8 percent per year to $63.1 billion in 2024. Alarm monitoring tends to hold above average market share and growth potential in high-income nations, as investment in technological solutions is common and high labor costs favor remote monitoring over on-site guarding.
Revenue growth could be fueled by increased penetration of high-value services, particularly in the commercial market. The service offering the greatest potential boost to demand is video monitoring, which significantly speeds up alarm verification, resulting in quicker (and thus more effective) law enforcement response:
The Freedonia Group also predicts that greater penetration of household monitoring equipment associated with the Internet of Things will boost revenues in the residential market. To an extent, emerging household monitoring systems will compete with outside alarm monitoring services, as the rising prevalence of smartphones and tablet computers is making self-monitoring more viable.