According to a new report from The Freedonia Group, global alarm monitoring service revenues are expected to grow 3.8% annually over the next several years, reaching $63.1 billion in 2024.
The “Global Security Services” report projects that revenue growth will be driven by increased penetration of high-value services, particularly in the commercial market. The research firm said the service that offers the greatest potential to boost demand is video monitoring given its ability to aid alarm verification and law enforcement response.
While data transmission and storage costs have traditionally relegated video monitoring to an on-site security service, alarm monitoring providers are now increasingly providing it as a value-added offering as these costs have fallen.
In addition, the research firm said that greater penetration of household monitoring equipment associated with the Internet of Things (IoT) 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.
For more information or to download a full copy of the report, click here.
