Global Alarm Monitoring Service Revenues to Exceed $63 Billion in 2024
CLEVELAND, July 29, 2020 /PRNewswire/ -- According to the new study Global Security Services, global alarm monitoring service revenues are forecast to rise 3.8% 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 will 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:
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