Alarm management system market revenues are expected to reach $2 billion by 2032. Due to increased need to handle alarm overload in manufacturing plants, sales in the market are expected to develop at an 11-13% CAGR over the forecast period.
Advanced alarm management systems are being utilised in Supervisory Control and Data Acquisition (SCADA) for alert classification, prioritisation, and event notification. This is expected to improve alarm management system sales over the forecast period.
The need for efficient and accurate tools to handle SCADA is driven by the growing use of technologically advanced equipment, Big Data, and mHealth tools in the healthcare industry.
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Global Alarm Management System Market: Dynamics
Alarm management systems reduce alarm flooding through near real time alerts, which is one of the major factors driving the growth of the market during. That apart, these systems help to keep processes safe and profitable through a DCS (Distributed Control System) which maintains and creates a master alarm database. Thus, this factor will also propel the growth of the alarm management system market over the projected period. Furthermore, these systems improve decision support, operator effectiveness and situation awareness.
This is another factor that will also contribute towards the growth of the alarm management system market during the forecast period. Increasing need to conform with current industry standards and best practices, such as EEMUA 191, ISA 18.2 and IEC 62682, will also create demand space for alarm management systems during the forecast period. However, some implementation and technical challenges, such as configuration issues, redefining KPIs (Key Performance Indicators) and alarm philosophy development, are expected to restrain the growth of the alarm management system market during the forecast period.
Some other factors, such as implementation of dynamic alarming, need to keep alarm rationalization up to date, etc. are also likely to hinder the growth of the alarm management system market during the forecast period.
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Market Competition
Major players operating in the global alarm management system market include
- Vocera Communications,
- Masimo Corporation,
- PAS Global LLC,
- exida.com LLC,
- Honeywell International Inc.,
- Ascom Holdings,
- Yokogawa India Ltd.,
- KLAS Research,
- GE Healthcare,
- Spok Inc., and
- Koninklijke Philips, among others.
Key players are improving their global presence by advancing their software and service and expanding their product portfolios. Furthermore, they are also entering into business agreements such as joint ventures and collaborations to improve their supply chain.
Global Alarm Management System Market: Regional Outlook
Geographically, the alarm management system market can be segmented into North America, Western Europe, Latin America, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East and Africa (MEA) and Japan.
North America is anticipated to be the major revenue generating region in the global alarm management market owing to the increasing usage of alarm management systems for clinical purposes. Moreover, increasing demand for integrated healthcare IT systems to ensure reliability and various initiatives being taken by government bodies to reduce alarm fatigue are other important factors driving the growth of the alarm management system market in this region.
The alarm management system market in Asia Pacific is anticipated to grow at a significant rate owing to the growing usage of alarm management systems in manufacturing industries in this region. Countries, such as China, Japan and India, are expected to drive the growth of the market in this region.
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Key Segments Profiled in the Alarm Management System Market
Component:
- Services
- Software
Industry:
- Oil and Gas
- Chemical
- Automotive
- Agriculture
- Research and Development
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa
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