The alarm management system market size is expected to see strong growth in the next few years. It will grow to $10.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to industry 4.0 and digital transformation, cybersecurity concerns, cybersecurity concerns, regulatory requirements, human-machine interaction and Predictive maintenance. Major trends in the forecast period include AI and machine learning integration, context-aware alarm prioritization, cyber-resilient alarm systems, compliance with industry standards and integration with IoT ecosystems.
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Segmentation & Regional Insights
The alarm management system market covered in this report is segmented –
1) By Type: Hardware, Software, Services
2) By Deployment: On-Premise, Cloud-Based
3) By Application: Industrial, Commercial, Residential, Other Applications
4) By Industry: Oil And Gas, Chemical, Automotive, Agriculture, Research And Development
North America was the largest region in the alarm management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the alarm management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the adoption of IoT-enabled systems is expected to propel the growth of the alarm management market going forward. IoT-enabled systems refer to systems equipped with Internet of Things (IoT) technology, allowing them to connect to the Internet and perform various functions remotely. The adoption of IoT-enabled systems is rising due to technological advancements, evolving business needs, and societal trends. The IoT-enabled systems enhance alarm management capabilities by providing real-time monitoring, remote access, predictive maintenance, and data-driven insights, improving overall safety and security measures. For instance, in August 2022, according to the IEEE, a US-based professional organization, the number of Internet of Things (IoT)-enabled systems is expected to surpass 23 billion by 2025, up from 15.1 billion in 2021. Therefore, the rise in the adoption of IoT-enabled systems is driving the growth of the alarm management system market.
Key Industry Players
Major companies operating in the alarm management system market are Robert Bosch GmbH, Siemens AG, Raytheon Technologies Corporation, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric, Honeywell International Inc., ABB Ltd., BAE Systems plc, Emerson Electric Co., Securitas AB, Rockwell Automation Inc., Omron Corporation, Yokogawa Electric Corporation, Gentex Corporation, Axis Communications AB, MSA Safety Incorporated, HIMA Paul Hildebrandt GmbH, Engineering Systems Inc., Det-Tronics’s, exida LLC, PAS Global LLC, Kentec Electronics Ltd., ProSys Engineering, Mangan Software Solutions
The alarm management system market report table of contents includes:
1. Executive Summary
2. Alarm Management System Market Characteristics
3. Alarm Management System Market Trends And Strategies
4. Alarm Management System Market – Macro Economic Scenario
5. Global Alarm Management System Market Size and Growth
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31. Alarm Management System Market Other Major And Innovative Companies
32. Global Alarm Management System Market Competitive Benchmarking
33. Global Alarm Management System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Alarm Management System Market
35. Alarm Management System Market Future Outlook and Potential Analysis
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