Increase in the need for automate building solutions and supportive industry standards and regulations have boosted the growth of the global mass notification system market. However, high installation and maintenance costs impede market growth. Moreover, an increase in the adoption of smart cities across developing nations is expected to create lucrative opportunities in the near future.
Based on geography, the market across North America held the largest share in 2018, accounting for more than one-third of the total revenue, and is expected to continue its dominance throughout the forecast period. This is due to a rise in investment in emergency preparedness along with technological advancement in infrastructure technologies. On the other hand, the Asia-Pacific region is anticipated to register the fastest CAGR of 22.80% during the study period, due to the continuous rise in the number of terrorist attacks and natural calamities in this region. The report also analyzes regions across Europe and LAMEA.
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Based on deployment, the cloud segment dominated the global mass notification system market in 2018, contributing to nearly three-fifths of the market, owing to the different services provided by the cloud. On the other hand, the on-premise segment is projected to portray the highest CAGR of 22.4% during the forecast period, owing to the increase in the adoption of these systems due to enhanced security features provided by the on-premise model.
The global mass notification system market accounted for $8.05 billion in 2018, and is expected to reach $35.23 billion by 2026, growing at a CAGR of 20.3% from 2019 to 2026.
Based on component, the service segment is expected to manifest the highest CAGR of 22.8% during the forecast period, owing to rise in need of various different services such as managed service and professional services. However, the solution segment held the largest share in 2018, accounting for around three-fourths of the global mass notification system market. The mass notification solutions are cheaper and are faster to deploy, which drives the growth of this segment.
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Major market players – IBM Corporation, Oracle Corporation, SAS institute, Tibco Software, Hitachi Vantara, Teradata Corporation, Alteryx, Impetus, Trifacta Software Inc., and Paxata Inc.
Latest news and industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures and collaborations, product launches, market expansions etc. are included in the report.
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