Mass Notification System Market Expected to Grow $20 Billion by 2027
A new report predicts the mass notification system market will reach $20 billion by 2027, growing at a compound annual growth rate (CAGR) of 20%.
In recent years, the market has flourished due to digitalization, says the report from Market Research Future (MRFR). The increasing use of digital signage during emergency communication, particularly in schools, is expected to contribute significantly to the growth.
Another driving factor is the increased awareness and implementation of solutions to provide cybersecurity and privacy. The COVID-19 pandemic is also a significant driving force behind the predicted growth as it has led to an increase in cyber attacks. The pandemic has also forced many businesses and campuses to use the technology to inform people if someone they came into contact with has tested positive.
“The rising awareness for public security, cyber-attacks in developing and developed countries is the main reason for the growth of mass notification system market,” says the report. “Also, the increasing demand for a vital system to give required information timely and providing safety to the people are pushing the market to grow.”
The report also predicts the use of mass notification will increase due to natural disasters.
“Natural calamities and other disasters can cause a loss in terms of money and life. Disasters like an earthquake, rig fires, tornadoes, tsunamis, etc. can cause huge loss,” the report continues. “So, to prevent the loss to a certain extent, the usage of MNS will act as a safety precaution and management. The MNS plays a crucial role to protect the dams, reservoirs, power plants, etc. So it has a great opportunity to grow in the future.”
As for the healthcare market, the “high adoption of mass notification system in medical facilities and hospitals may offer robust opportunities for the market over the forecast period.”