Global Alarm Management System Market: Overview
Alarm management refers to the effective maintenance, operation, implementation, and design of industrial process/ manufacturing plant alarms. It is essential that alarm management is installed in a process plant whose environment is controlled by an operator making use of various control systems, such as programmable logic controller (PLC) or direct control system (DCS). With the main objective of minimizing or preventing economic or human or physical loss through intervention of the operator in response to cause or condition for which the alarm was raised. Growing importance of the system is likely to bolster growth of the global alarm management system market in the years to come.
Alarm management assists in the maintenance, monitoring, designing, documentation, and determination of alarm messages from safety and process automation systems.
Component, industry, and region are the three important parameters based on which the global alarm management system market has been classified.
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Global Alarm Management System Market: Notable Developments
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global alarm management system market is mentioned as below:
- In August 2018, Swiss Telecommunications Company, Ascom Holding AG, and Drägerwerk AG, German manufacturer of safety and medical technology products, together launched solutions of integrated clinical alarm management in North America. This system is expected to better patient care in the region. Complete integration of Dräger Infinity patient monitoring systems with Ascom Unite Connect for clinical systems will give waveform images, customized alarm filtering, and alert notifications on mobile.
Some of the prominent organizations in the global alarm management system market comprise the below-mentioned:
- Koninklijke Philips N.V.
- Honeywell International Inc.
- PAS Global, LLC
- Masimo Corporation
- Yokogawa India Ltd.
- Ascom Holding AG
Global Alarm Management System Market: Key Trends
The global alarm management system market is characterized by the presence of the following restraints, drivers, and opportunities.
Technological Advancement and Increased Awareness to Support High Demand
Alarm management systems help in diminishing the alarm flooding via near real time alerts thereby generating augmented demand for alarm management systems. These systems also assist in keeping the processes profitable and safe through distributed control system (DCS), which creates and maintains a master alarm database. This factor is likely to encourage growth of the global alarm management system market over the timeframe of analysis, from 2020 to 2030.
In addition to that, several improvements have been made in the system, in the effectiveness of the operator, and awareness about the situation, which is likely to augur well for the global alarm management system market over the timeframe of analysis. With the rising need to adhere to the best practices and existing industry standards, such as IEC 62682, ISA 18.2, and EEMUA 191 are estimated to drive the demand for alarm management system in the years to come.
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Global Alarm Management System Market: Geographical Analysis
North America is likely to dominate the global alarm management system market over the timeframe of analysis, from 2020 to 2030. In addition, rising demand for integrated healthcare IT systems so as to guarantee reliability and increasing initiatives by the government agencies to diminish alarm fatigue is expected to important role in the growth of the alarm management system market in North America.
Asia Pacific is likely to emerge as another rapidly growing region in the global alarm management system market over the timeframe of analysis. The Asia Pacific market is expected to witness growth at an accelerated rate, thanks to the increasing demand and use of the alarm management system in countries like India, Japan, and China.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.