The number of professionally monitored alarm systems in Europe is forecast to grow at a compound annual growth rate (CAGR) of 3,9% from 16,5-million in 2019 to 20-million in 2024.
In North America, the number of monitored alarm systems is forecasted to grow at a CAGR of 2,7% from 31,17-million in 2019 to 36,2-million in 2024, according to Berg Insight.
Security systems for small businesses and private homes can be divided into three main categories – local, self-monitored and professionally monitored security systems.
When activated, a local security system emits an alarm sound to alert the surroundings and scare off intruders. Such systems are not monitored and cannot be accessed from remote.
A self-monitored security system is connected and informs the owner of the premises upon activation by sending a text message, email or push notification.
A professionally monitored security system is connected to an Alarm Receiving Centre (ARC). When the system is activated, the ARC can dispatch a security patrol and contact emergency services.
“The shift towards interactive security systems, where users are able to access and control the security system from remote using their smartphone, has been an ongoing industry trend during the last decade,” says Martin Backman, senior analyst at Berg Insight.
Interactive services are now increasingly complemented by smart home services and live video monitoring solutions featuring advanced video analytics. “Modern home security systems provide a much richer set of features and capabilities, which adds value for customers and at the same time allows home security system vendors to generate additional sales,” concludes Backman.