According to a new market research report published by Credence Research “Global Mass Notification Systems Market (Type (In-building Solutions, Wide-area Solutions, Distributed Recipient Solutions) Component (Solutions, and Software); Deployment Model (On-premise, Cloud); Industry Verticals (Commercial and Industrial, Education, Energy and Utilities, Healthcare and Life Sciences , Defense and Military, Transportation and Logistics, Government)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall mass notification systems market worldwide was valued at US$ 6.50 Bn in 2018 and is set to grow with a CAGR of 19.2% during the forecast period.
The global mass notification systems market is highly driven by increasing concerns regarding public safety and security across the globe. Governments and other private organizations across various developed and developing countries are looking towards improving their response times in order to provide effective services whenever required. Prompt responses enable the businesses and organizations to maintain their status and customer loyalty. Thus, the adoption of mass notification systems is high in various business sectors to receive real-time alerts and provide accurate responses in crisis situations.
Furthermore, factors such as growing need to maintain commercial steadiness, awareness and adoption of advanced emergency systems and growing demand for rapid notification or reporting systems are also driving the growth of this market. Moreover, mass notification systems can be available in various formats such as email, SMS, web, and social media which provides various opportunities for the players to improvise their solutions. However, lack of regulatory policies in various industries, limited awareness, and inadequate hardware infrastructure are expected to restrain the growth of this market during the forecast period.
Based on deployment model, the mass notification systems market was segmented into on-premise and cloud based models. The on-premise model dominated the market by holding a market share of over 60%, however based on technological advancements and advantages associated with cloud computing, the cloud based models are likely to experience an exponential growth. Based on geography, North America accounted the largest market share due to increasing adoption of cloud based solutions and growing advancements in emergency response systems. In North America, US is the prominent market share holder and is projected to witness a significant growth of over 20.0% during the forecast period.
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