MarketsandMarkets forecasts the Mass Notification Systems (MNS) market to grow from USD 7.3 billion in 2019 to USD 17.3 billion by 2024, at a CAGR of 18.8% during the forecast period. The growing concern for public safety and security and the increasing implementation of Internet Protocol (IP)-based notification devices are the major factors driving the market growth. The challenges faced by the market include lack of awareness about MNS and hardware infrastructure prone to single-point failures.
Mass Notification Systems are becoming crucial due to the increasing number of disasters and emergencies. These incidents can be in the form of severe disastrous events, such as natural calamities (earthquakes, floods, hurricanes, wildfires, and tornados) or other threats (terrorist activities, public shootings, bombings, and cyberattacks). MNS are a subset of the emergency communication systems and a vital means of communications used to alert the masses before, during, or after an emergency or any incident which can relatively help in rescue and relief operations. These systems act as a key bridging component in reaching out to panicked masses.
In terms of region, the global MNS market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. APAC is expected to witness strong growth, due to the increased awareness among governments and enterprises related to operational safety and regulatory compliance in the region. The region includes major economies, such as Japan, South Korea, and India, which are making consistent enhancements in MNS.
The MNS market has 6 segments, component, solution, deployment type, organization size, vertical, and region.
In the Mass Notification Systems Market by component, the software and services component is expected to grow at a higher CAGR during the forecast period. Enterprises are getting aware of mishaps; they tend to implement robust emergency and disaster management plans. Hence, most of the organizations are inclined to migrate toward software and services of MNS as they are not prone to hardware failures.
In the MNS market by solution, the distributed recipient solutions segment is expected to grow at the highest CAGR of during the forecast period. This type of solutions is mainly used for business operations and emergency management. Shifting trends of organizations toward cloud deployment and mobility devices and increasing need to deploy target-based notification services are the major factors for the adoption of distributed recipient mass notification solutions.
In the MNS market by deployment type, the cloud segment is expected to grow at a higher CAGR of during the forecast period. Cloud-based mass notification solutions enable business operations to improve employee productivity and business performance. Hence, the deployment of cloud-based MNS is gaining traction.
In the MNS market by organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Emergency notification systems in SMEs are integrated with mass notification gadgets, such as fire alarms, private branch exchanges, giant voices, and physical security sensors, to alert personnel related to business notifications. However, SMEs have limited IT budgets and resources, thus they deploy in-building MNS to enable faster alert mechanism.
The extensive demand in the energy and utilities vertical and the growth in the cloud-based MNS deployment are major opportunity areas for the MNS providers. By providing a unique system as per demand and market trend, MNS providers can tap these opportunities.
