Surge in adoption of smart cities across developing nations is projected to create lucrative opportunities in the industry. The rise in need for automate building solutions and supportive industry standards ®ulations drive the growth of the global mass notification system market.
Key market players such as Honeywell International Inc., Siemens AG, Eaton Corporation, OnSolve (Ecn+ Mir3+ Sendwordnow), xMatters Inc. IBM Corporation, NetApp Inc, Everbridge Inc., Johnson Controls, and Metis Secure Solutions.
The mass notification system market was estimated at $8.05 billion in 2018 and is expected to hit $35.23 billion by 2026, registering a CAGR of 20.30% from 2019 to 2026.
The global mass notification system market is analyzed across component, deployment mode, organization size, type, industry vertical, and region. By component, the solution segment contributed to around three-fourths of the total market share in 2018 and is expected to dominate by 2026. The service segment, on the other hand, is projected to grow at the fastest CAGR of 22.8% throughout the forecast period.
By geography, the market across North America generated more than one-third of the total market revenue in 2018, and is anticipated to retain its dominance by the end of 2026. At the same time, the Asia-Pacific region is projected to cite the fastest CAGR of 22.80% during the forecast period. The other regions studied in the report include Europe and LAMEA.
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By deployment mode, the cloud segment garnered the highest share in 2018, hold nearly three-fifths of the global market. Simultaneously, the on-premise segment is anticipated to exhibit the fastest CAGR of 22.4% from 2019 to 2026.
- The outbreak of COVID-19 led to increase in demand for cloud-based mass notifications systems across different industry verticals, thereby boosting the growth of the mass notification system market.
- This drift is likely to continue post-pandemic as well, as it involves staff protection, extensive threat response, regulatory compliance, and low response time.
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