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Alarm Management System Market to Witness Robust Expansion throughout the Forecast 2018-2028

VALLEY COTTAGE, N.Y. – Global Alarm Management System Market: Introduction

Nowadays, alarm overload has become a common issue in most manufacturing plants. The reason behind this overload is formerly integrated independent systems for effective operations with fewer operators. Thus, each operator has to deal with more alarms by monitoring a wider area. Alarm management systems help customers by rationalizing these alarms in manufacturing plants. Alarm management systems help to overcome the situation of inaccurate alarms, disabled alarms and alarm floods. Hence, alarm management systems help to increase situation awareness, which further positively impacts plant production and safety. Alarm management systems are generally used for grouping, classifying alerts, prioritizing and enabling event notifications used in SCADA (Supervisory Control And Data Acquisition). Alarm management systems function in a similar manner in other applications as well, such as in medical care and IT. Alarm management systems reduce fatigue and improve focus and readability for the individuals monitoring SCADA. In complex industrial and power generation systems that use SCADA, alarm management systems reduce the use of alarms for events. These systems also prioritize events and alarms and then route them towards those in need of a response.

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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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Global Alarm Management System Market: Segmentation

The global Alarm Management System market can be segmented on the basis of component, industry and region.

Alarm Management System market, by component

  • Software
  • Services

Alarm Management System market, by industry

  • Manufacturing
  • Healthcare
  • Information and Technology
  • Others

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Global Alarm Management System Market: Competition Landscape

Key Vendors

Some of the key vendors in the alarm management system market are PAS Global, LLC, LLC, Honeywell International Inc., KLAS Research, Yokogawa India Ltd., Vocera Communications, Ascom Holdings, GE Healthcare, Masimo Corporation, Koninklijke Philips and Spok, Inc.

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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Last Updated: 19-Feb-2020