The overall alarm monitoring market was valued at USD 42.88 Billion in 2017 and is expected to reach USD 59.83 Billion by 2023, at a CAGR of 5.5% during the forecast period.
Attractive insurance policy discounts for installing security systems
Several insurance companies offer a discount in the insurance amount for installing and maintaining an alarm system with some form of central monitoring. Insurance companies offer maximum discounts in cases where the alarm system is connected to a central monitoring station. These monitoring stations alert the emergency services in case of an alarm.
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It has been observed that several residential customers purchase security systems to benefit from the lower insurance premium rates that are offered to the house owners who have installed security systems. Besides, certain other insurance policies make the installation of security systems at homes mandatory to avail coverage of the policies. Insurance companies offer discounts on the purchase of home security systems, especially to those connected to the fire and local police departments. Insurance companies give discounts in the range between 5% and 20% for different security measures installed in houses on the basis of the home owners’ policy. The discount varies from 15% to 20% for homes that are equipped with burglar and fire alarm systems. These discounts are mainly offered as it is believed that houses equipped with security systems are 60% lesser prone to burglary attacks than the houses without security systems. Hence, this factor boosts the demand for security systems.
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False alarms triggered due to variations in outdoor physical environment
False alarm is a major restraining factor in the adoption of alarm monitoring systems. Alarm systems are influenced by outdoor physical environment, such as variation in temperature and humidity. For instance, in summers, glasses get shattered because of the overwhelming heat, and this results in the triggering of alarm systems—which is a false alarm. The frequent causes of false alarms include prank calls, incorrect key pad codes, lack of training to authorized users. Frequent false alarms increase risks to public safety. For example, in St. Petersburg, Florida, US, the Police Department responds to over 11,000 false alarms each year. In case of an alarm, two law enforcement units are dispatched.
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