According to a report by SEN, Alarm Monitoring revenue is set to reach nearly 60 billion by 2023, the global growth average is 5.5%, in contrast the APAC market is expected to grow at a much faster rate on the back of fast-growing urban centres and an increase in population growth.
The main drivers for Alarm Monitoring were:
- Insurance Policy discounts.
- A growth in “Smart Home” technology.
- New Smartphone Technology.
- Changes in copper phone line technology (IE the NBN).
The report also makes the point that with criminals becoming more sophisticated in their approach to home & business break-ins, was there any value in having a non-monitored alarm in the first place.
Interestingly a unique driver to Australia was a concern for pets, where owners of pets had concerns over their well-being if a siren was to go off for a few hours.