The global alarm monitoring (central stations) software market was valued over US$ 9.1 Bn in 2019 and expected to expand at a CAGR of ~7% from 2020 to 2030, to cross US$ 18.5 Bn by the end of the forecast period. According to the report, the global alarm monitoring (central stations) software market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of the global demand, with the alarm monitoring (central stations) software market in the region expected to grow at a high rate during the forecast period. All hardware- and software-based security businesses are affected by the increasing lockdown situation due to COVID-19. Hence, the demand for commercial alarm monitoring (central stations) software solutions is likely to decrease with the high adoption of work-from-home models across all technical companies.
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Increasing Adoption of Security Systems for Insurance Policy Discounts and Benefits Driving Global Market
The increasing adoption of security systems for commercial and residential sectors helps to obtain more discount on insurance policies. Insurance companies are offering special discounts to companies that install and maintain security with video monitoring and alarm monitoring, which is connected to the central station.
Several residential customers are adopting security systems to obtain the benefit of lower insurance premium rates. These security monitoring systems are connected to fire and police stations for emergency services in case of a critical situation. Houses and commercial apartments equipped with security systems are safer from criminal activity and burglary attacks, and so insurance companies offer a discount between 5% to 20% on different security measures. Thus, increasing adoption of security systems for insurance policy discounts and benefits is expected to drive the demand for alarm monitoring software during the forecast period.
Alarm Monitoring (Central Stations) Software Market: Competitive Dynamics
The global alarm monitoring (central stations) software market comprises large as well as mid-sized companies. Vendors in the alarm monitoring (central stations) software market are currently focusing on introducing advanced software and integrating new capabilities within the software to enable alarm monitoring (central stations) software across company boundaries, and meet the need to manage alarm monitoring, and enterprise and residential security. Moreover, solution providers are adopting partnerships and acquisition strategies to proficiently compete in the regional market.
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Some of the significant players in the global alarm monitoring (central stations) software market include ABB Ltd., ADT Commercial LLC, Alarm Relay, Inc., Alarm.com, AlarmFront, Azur Soft, Bay Alarm Company, Bold Technologies Ltd., Bosch Sicherheitssysteme GmbH, DICE Corporation, Johnson Controls, Inc., Micro Key Solutions, Patriot Systems Ltd, Peak Alarm Company, Inc., Per Mar Security Services, Securenett Security Systems Limited, SimpliSafe, Inc., SureView Systems, Inc., Umbo Computer Vision Inc., and Vivint, Inc.