Intelligent Evacuation System Market an integrated hardware and software solution developed to facilitate the safety protocol of individuals in case of emergencies. This system establishes a notification and alerting medium that supports smooth and hassle-free evacuation procedure during variety of changing event circumstances such as fire situation, toxic incident, extreme weather condition, violence, and others.
The intelligent evacuation system market is influenced by the rise in demand for technologically advanced products, increase in need for quick response management for emergency incidences, and supportive regulatory structure.
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The global intelligent evacuation system market is segmented based on type, end user, and geography. By type, the market is divided into voice evacuation system, mass notification system, and emergency lighting.
On the basis of end user, it is classified into commercial, industrial, and residential. Based on geography, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global intelligent evacuation system market was valued at $504 million in 2016, and is projected to reach $775 million by 2023, growing at a CAGR of 6.7% from 2017 to 2023. The major factors that drive the intelligent evacuation system market growth are technological innovation in product offerings, rise in adoption for building automation and control systems, increase in application areas among end users, and heavy venture capital investments in R&D activities to develop solutions with enhanced capabilities.
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The Europe intelligent evacuation system market generated the highest revenue in 2016, attributed to rise in demand for advanced products and government regulations related to safety measures is expected to stimulate end users to enhance their safety needs for infrastructure development. The Asia-Pacific intelligent evacuation system market is expected to grow at the highest CAGR, owing to the presence of untapped demands and surge in need for better evacuation solutions.
The key players operating in the global intelligent evacuation system industry include Robert Bosch GmbH, HOCHIKI Corporation, Honeywell International, Johnson Controls International Plc, Siemens AG, Legrand, ABB Group, Automated Logic, Beckhoff Automation GmbH & Co. KG, Eaton Corporation Plc, and others.
These players have expanded their market presence by adopting various business strategies, such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
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