July 19, 2024

Rising Cyber Threats To Fuel Growth Of The Mass Notification Systems Market

Market Overview:

Mass notification systems are emergency communication solutions used to deliver time-sensitive information and instructions to people during an emergency. These systems consist of software, hardware, and services that help disseminate alerts and notifications relating to security threats, weather emergencies, mass communication events, and other hazards. Mass notification systems allow organizations to reach out to multiple people through various communication channels such as smartphones, desktops, tablets, digital signage, SMS, email, landline phones, and more. They help ensure safety by delivering crucial safety information to all stakeholders in a timely manner during different emergency scenarios.

Market key trends:

One of the key trends in the mass notification systems market is the rising focus on cyber security. With increasing instances of data breaches and cyber threats, organizations are investing heavily in cyber security solutions to protect critical infrastructure and sensitive data. Mass notification systems play a pivotal role in responding to cyber attacks by quickly disseminating alerts to employees, executing emergency response plans, and facilitating communication during security incidents. The rising need for enhanced cyber security across various industry verticals is expected to drive the demand for advanced mass notification capabilities over the forecast period.

Porter’s Analysis

Threat of new entrants: The mass notification systems market requires high initial investments and there are stringent regulations that new players must adhere to, making the threat of new entrants moderate.

Bargaining power of buyers: The bargaining power of buyers is moderate as mass notification systems have applications across various industries like commercial, education, utilities etc. However, buyers can choose from multiple available vendors.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are multiple component manufacturers for systems. Switching costs are also low for buyers.

Threat of new substitutes: Though social media and cellular broadcasting offer alternatives, they do not provide the centralized control and detailed alerts that mass notification systems provide. Hence the threat of substitutes is low.

Competitive rivalry: The mass notification systems market is moderately competitive with presence of global as well as regional players. Competition is based on product innovations, reliability and pricing.

Key Takeaways

The Global Mass Notification Systems Market Demand is expected to witness high growth, exhibiting CAGR of 9.8% over the forecast period, due to increasing demand for advanced emergency communication systems and regulatory mandates for public warning systems.

Regional analysis: North America dominates the mass notification systems market currently due to stringent safety regulations and continual threats of natural disasters and mass shootings in the region. The Asia Pacific region is anticipated to exhibit the fastest growth over the forecast period supported by rapid urbanization and growing investments in smart city initiatives across China, India and other Asian countries.

Key players operating in the mass notification systems market are AtHoc, Inc.€“(BlackBerry Limited), F24 AG, Eaton Corporation plc, xMatters, Inc., Honeywell International, Inc., Omnilert, LLC ̧ IBM Corporation, Mir3, Inc., Siemens AG, Metis Secure Solutions, LLC, and Everbridge, Inc. Major players are focused on introducing innovative products with advanced features and expanding to untapped markets to gain higher shares.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it