Global Voice Evacuation Systems Market 2019-2023
About this market
Introduction of wireless communication to drive growth in the market. Wireless communication in emergency alarms is an upcoming trend in the market. This allows the integration of existing control system with voice alarms, resulting in easy handling, increased efficiency, and low maintenance. Technavio’s analysts have predicted that the voice evacuation systems market will register a CAGR of more than 11% by 2023.
Growing trend of smart cities
The upcoming initiatives and projects are expected to boost the growth of the voice evacuation systems market during the forecast period.
High initial cost of installation
In small and medium-sized buildings, mainly emergency alarm and evacuation systems are quite expensive to install. Hence these poses as major challenge to the market.
For the detailed list of factors that will drive and challenge the growth of the voice evacuation systems market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Robert Bosch and Siemens the competitive environment is quite intense. Factors such as the rising trend of smart cities and the introduction of wireless communication, will provide considerable growth opportunities to voice evacuation systems manufactures. Eaton, Honeywell International, Johnson Controls, Robert Bosch, and Siemens are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Voice Evacuation Systems Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the introduction of wireless communication.”
According to the report, one of the major drivers for this market is the increasing trend of smart cities.
Further, the report states that one of the major factors hindering the growth of this market is the high initial cost of installation.
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