According to a recent report published by Allied Market Research, titled, "Mass Notification System Market by Component, Deployment Model, Organization Size, Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global market was valued at $8.05 billion in 2018, and the mass notification system market forecast is projected to reach $35.23 billion by 2026, growing at a CAGR of 20.30% from 2019 to 2026.
Mass notification system is a platform that delivers the notifications to an individual or group of people using their locations and visual intelligence. The primary goal of mass notification systems is to identify emergency and non-emergency situations in an organization for improving safety and security of the company. Numerous benefits, such as faster incident resolution and recovery by allowing the initiator to send messages to thousands of people in minimal time are some of the factors that boost the growth of the market. Many organizations are adopting this solution for various benefits such as better compliance tracking, improving employee safety and increase in customer satisfaction, which provides lucrative opportunity for the market growth.
The in-building solutions segment dominated the mass notification system industry in 2018 and is projected to maintain its dominance during the forecast period, owing to increase in adoption of in-building solution in residential and commercial centers. Furthermore, the wide area solution segment is expected to grow at a significant CAGR during the forecast period, owing to its numerous benefits such as providing high speed of data transmission, cheap installation, and maintenance cost.
The government & public sector dominated the mass notification system market in 2018 and is projected to maintain its dominance during the forecast period, owing to the adoption of mass notification system technology among various governments across the globe for public safety and protection of large segment of population. Furthermore, the transport & logistics sector is expected to grow at a significant CAGR during the forecast period, owing to the adoption of mass notification system technology among the transportation & logistics industry for reducing the number of accidents on road.
By region, the global mass notification system market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region include increase in implementation of cloud, AI and machine learning solutions among the enterprises, and rise in internet users in the U.S. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to technological advancements across different industry verticals and numerous government initiatives for public safety and security.
Key Findings of the Study:
- By component, the solution segment led the mass notification system market size in terms of revenue in 2018.
- By deployment model, the cloud segment accounted for the highest mass notification system market share in 2018.
- By industry vertical, the transportation segment accounted for the highest mass notification system market share in 2018.
- By region, North America generated the highest revenue in 2018.
The report analyses the profiles of key players operating in the market IBM Corporation, Oracle Corporation, SAS institute, Tibco Software, Hitachi Vantara, Teradata Corporation, Alteryx, Impetus, Trifacta Software Inc., and Paxata Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.