Technology
Voice Evacuation Systems Market to Grow by USD 1.1 Billion (2024-2028), Real Estate and Construction Boosts Growth, AI Impact on Trends – Technavio
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NEW YORK, Nov. 26, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global voice evacuation systems market size is estimated to grow by USD 1.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 16.84% during the forecast period. Growth of real estate and construction industry is driving market growth, with a trend towards adoption of lot in building control systems. However, high initial cost of installation of voice sounder and loudspeakers poses a challenge. Key market players include 4EVAC Hacousto Holland BV, ABB Ltd., Ambient System SP ZOO, ATEIS International SA, Audico Systems Oy, Baldwin Boxall Communications Ltd., Cofem SA, Eaton Corp. Plc, Hochiki America Corp., Honeywell International Inc., Johnson Controls International Plc, Mircom Group of Companies, NAFFCO FZCO, OPTIMUS SA, ORR Protection Systems Inc., Protec Fire and Security Group Ltd., Robert Bosch GmbH, Siemens AG, TOA Corp., and Zeta Alarms Ltd..
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Voice Evacuation Systems Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 16.84%
Market growth 2024-2028
USD 1100 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
16.05
Regional analysis
APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution
APAC at 40%
Key countries
US, China, India, Germany, and Russia
Key companies profiled
4EVAC Hacousto Holland BV, ABB Ltd., Ambient System SP ZOO, ATEIS International SA, Audico Systems Oy, Baldwin Boxall Communications Ltd., Cofem SA, Eaton Corp. Plc, Hochiki America Corp., Honeywell International Inc., Johnson Controls International Plc, Mircom Group of Companies, NAFFCO FZCO, OPTIMUS SA, ORR Protection Systems Inc., Protec Fire and Security Group Ltd., Robert Bosch GmbH, Siemens AG, TOA Corp., and Zeta Alarms Ltd.
Market Driver
Voice evacuation systems, also known as voice alarm systems, are becoming increasingly popular for emergency communication in public facilities, commercial buildings, industrial sites, educational institutions, and healthcare facilities. These systems use spoken messages to alert individuals of potential risks, such as fire breakouts, in a calm and clear manner. This trend is driven by the need for safe evacuation during unprecedented events, ensuring the safety and awareness of individuals in secure environments. Traditional fire alarm systems have limitations, such as the use of horns or chimes which can cause panic. Voice evacuation systems offer a more effective solution by providing customized messages and clear instructions. The initial financial investment for voice evacuation systems can be higher than traditional systems due to necessary equipment, customization, and professional installation services. However, the long-term benefits, including cost savings from retrofitting existing buildings and seamless communication with building automation systems, make it a worthwhile investment. The decision-making process for potential clients includes considering the building size, complex zoning, and existing building technologies. Voice evacuation systems offer interoperability with smart building technologies, elevators, and real-time monitoring, making them a converging solution for safety and security. With the industry shift towards innovative technologies, compatibility challenges with existing building technologies and communication protocols are being addressed. Safety and wellbeing are top priorities for private buildings, residential areas, public sector undertakings, industrial units, governments, and corporations. Voice evacuation systems are an essential part of safety solutions, ensuring social consideration for individuals with disabilities, impairments, and an ageing population. These systems offer a critical infrastructure for emergency communication, providing effective solution for evacuation during fire incidents.
The Internet of Things (IoT) has revolutionized building systems and safety equipment by enabling interconnected devices to exchange data over a network. Traditionally, voice evacuation systems operated independently. However, integrating IoT technology has significantly improved their functionality. This integration enhances data and control management, ensuring quick response and notification without human intervention. The development of mesh networks further supports connectivity, allowing every device to function as a node to a central location. This advancement in technology not only increases reliability but also eliminates redundancy, making voice evacuation systems more efficient and effective.
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Market Challenges
Voice evacuation systems are essential safety solutions for public facilities, commercial buildings, industrial facilities, educational institutions, and healthcare facilities. These systems deliver spoken messages during emergencies like fire breakouts, unprecedented events, or fire incidents. Traditional alarm systems using horns or chimes can cause panic and confusion. Voice evacuation systems provide clear instructions for safe evacuation, enhancing safety, awareness, and security. However, adopting voice evacuation systems comes with challenges. Cost is a significant factor, influenced by building size, necessary equipment, and professional installation services. Complex zoning, customization, and hardware costs add to the initial financial investment. Custom content and audio quality are essential considerations. Retrofitting existing buildings with voice evacuation systems can be complex due to interoperability issues with existing building technologies, communication protocols, and compatibility challenges. Critical infrastructure like airports, stadiums, and other public spaces require evacuation systems to ensure safety and wellbeing. Safety and social considerations, such as an ageing population, disabilities, and impairments, necessitate innovative technologies and assistance in understanding risks. The convergence of voice evacuation systems with smart building technologies, building management, real-time monitoring, and building automation systems offers seamless communication and evacuation processes. The industry shift towards voice evacuation systems underscores the importance of professional skills in installation and design, as well as the need for preloaded messages and custom content. The decision-making process for potential clients includes considering the potential risks, necessary equipment, and the benefits of voice evacuation systems over traditional alarm systems.Voice evacuation systems are essential safety features in residential, commercial, and industrial sectors. In small and mid-size buildings, the cost of deploying these systems includes hardware installation, which is the largest expense, and minimal service and maintenance costs. However, in large buildings and high-rise residential complexes, regulations mandate the installation of automated emergency alarms and voice evacuation systems, leading to higher procurement and setup costs. In the commercial sector, especially healthcare facilities, educational institutions, and hotels, the expense of installing multiple systems, including emergency alarm control systems, is significant. Overall, the cost of voice evacuation systems varies depending on the size and complexity of the building or facility.
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Segment Overview
This voice evacuation systems market report extensively covers market segmentation by
End-user 1.1 Commercial sector1.2 Industrial sector1.3 Residential sectorType 2.1 Voice sounders2.2 Loudspeakers2.3 Emergency microphones2.4 Networked and wireless systemGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America
1.1 Commercial sector- The commercial sector is experiencing significant growth in the voice evacuation systems market due to increased regulations and safety awareness. This trend is driven by stringent government requirements and user education in various countries. The global market is also benefiting from rising foreign direct investment and construction activity in emerging economies. A major technological advancement is the integration of voice evacuation systems with fire alarms and security control systems. However, compatibility and interoperability challenges persist when integrating these systems with existing infrastructure. Mature markets like the US, Canada, and parts of Europe will primarily focus on replacement activities and software upgrades. In contrast, the Middle East and Africa (MEA) region, particularly Dammam in Saudi Arabia, is poised for substantial growth due to commercial hub development and expanding retail sectors. Key projects like the Al-Rehab project in Dammam are expected to boost market expansion during the forecast period.
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Research Analysis
Voice evacuation systems, also known as voice alarm systems, are essential components of modern public address (PA) systems designed to ensure safety and order during emergency situations. These systems use spoken messages to alert and guide people in buildings during unprecedented events such as fire breakouts. They are installed in various public facilities, including private buildings, residential areas, public sector undertakings, industrial units, government establishments, and new age constructions. The voice evacuation system is a crucial part of a building’s ecosystem, prioritizing safety and wellbeing, and is a matter of corporate social responsibility and strict safety laws. The system’s detectors trigger a preloaded message, which may include instructions on the nature of the emergency and the safest evacuation routes. The message can be delivered through a voice alarm or a combination of voice and horn or chime. The effective implementation of voice evacuation systems requires professional skills and adherence to industry standards.
Market Research Overview
Voice evacuation systems, also known as voice alarm systems, are essential safety solutions designed to ensure safe evacuation of individuals in public facilities and buildings during fire breakouts or unprecedented events. These systems use spoken messages instead of traditional alarm systems with horns or chimes to provide clear instructions and reduce panic. Public facilities, commercial buildings, industrial facilities, educational institutions, and healthcare facilities all benefit from voice evacuation systems, prioritizing safety, awareness, security, and the wellbeing of individuals. The adoption of voice evacuation systems is driven by potential risks such as fire incidents and the need for evacuation systems to protect assets. Traditional alarm systems may not provide adequate communication during emergencies, making voice evacuation systems a cost-effective and necessary investment for buildings of all sizes. Customization is a crucial factor, with prefabricated messages and custom content available to cater to specific building needs. Audio quality, initial financial investment, and necessary equipment are essential considerations in the decision-making process. Professional installation services ensure seamless communication and interoperability with existing building technologies, including building management systems, elevators, and smart building technologies. Voice evacuation systems are increasingly important in private buildings, residential areas, public sector undertakings, industrial units, government establishments, and new age buildings. The safety and wellbeing of individuals, corporate social responsibility, and strict safety laws are driving the industry shift towards voice evacuation systems. Existing buildings may require retrofitting with voice evacuation systems, posing challenges related to existing building technologies, communication protocols, and compatibility with proprietary technologies. Critical infrastructure and converging technologies, such as building automation systems, elevators, and real-time monitoring, are essential considerations in the adoption of voice evacuation systems. The voice evacuation system market is continually evolving, with innovative technologies addressing consumer requirements and addressing the unique needs of various sectors. Detectors, preloaded messages, and modern designs are essential components of voice evacuation systems, ensuring effective and efficient evacuation during emergencies. The understanding of risks, social considerations, and the ageing population, disabilities, and impairments are crucial factors in the design and implementation of voice evacuation systems.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-userCommercial SectorIndustrial SectorResidential SectorTypeVoice SoundersLoudspeakersEmergency MicrophonesNetworked And Wireless SystemGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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A Report shows that stablecoins will be crucial for advancing Hong Kong’s position as a leading Web3 hub. Regulations are the key to mass adoption.
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HONG KONG, Nov. 27, 2024 /PRNewswire/ — Quinlan & Associates and IDA Finance Hong Kong Limited (“IDA”) have co-published a thought leadership report that explores the potential for regulated stablecoins to evolve into trusted legal tender, gaining widespread acceptance for real-world applications, especially local and cross-border payments.
Report link: https://www.quinlanandassociates.com/from-digital-currency-to-legal-tender/
The report, titled, From Digital Currency to Legal Tender: The Role of Regulated Stablecoins in Driving Real-world Payments, examines the current stablecoin landscape, where usage remains largely within the Web3 ecosystem. The report also presents a forward-looking vision for a model stablecoin to be widely adopted in everyday real-world applications. A regulated and non-captive stablecoin is expected to offer robust user protection and foster trust, moving beyond the confines of the Web3 space into mainstream financial systems.
In today’s digital asset environment, stablecoins have gained immense popularity for their ability to maintain a stable representation of fiat currency values. “Paired with blockchain-enabled favourable features such as programmability, stablecoins can offer cost efficiency, enhanced transparency, 24/7 availability, and faster processing that traditional financial systems simply can’t match,” said Lawrence Chu, Co-Founder and CEO of IDA. “Due to these features, we see tremendous potential for stablecoins to play a pivotal role in the real-world financial economy.”
To capitalise on this potential, an increasing number of non-Web3 companies have begun issuing their own stablecoins. PayPal, a leading global online payment provider, has launched PYUSD, while Sony Bank is preparing to release a yen-backed stablecoin on the Polygon blockchain. Despite the growing supply, widespread adoption among merchants and consumers in the real economy remains limited.
“Although paying for goods online with digital currencies can be cheaper than using typical payment methods like e-wallets or credit cards, many users hesitate,” explained Benjamin Quinlan, CEO and Managing Partner of Quinlan & Associates. “This reluctance is largely driven by regulatory uncertainty, with 81% of merchants citing it as the primary barrier to accepting digital assets like stablecoin as a mainstream payment option.”
As a result, real-world applications of stablecoins exhibit limited utility.
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The report states the case for a trusted regulated, non-captive stablecoin to unlock wider real-world applications, starting from payments. The introduction of stablecoins has the potential to revolutionise Hong Kong’s domestic payment landscape, which currently faces high fees, inflexible options for users, and slow settlement times for merchants.
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“We see a significant opportunity for a non-USD pegged stablecoin, as 83% of countries worldwide do not use the USD as their official or secondary currency for transactions. This means residents and visiting tourists primarily transact in their local currencies,” Mr. Lee added, “An HKD-based stablecoin could provide practical utility for a wide array of applications across various sectors, including retail and commercial payments, and contribute to an increasingly interconnected global economy.”
About Quinlan & Associates
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For more information, please visit www.quinlanandassociates.com.
About IDA
IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.
IDA will launch a stablecoin product which is designed to drive enhanced connectivity of digital currency for seamless commerce and payments between Hong Kong and global markets, 24/7/365. To maintain the highest level of security and stability, all circulating stablecoins will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.
To maximize the network effect of the stablecoin project for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of stablecoins as a payment and settlement digital currency.
For more information, please visit www.idafi.xyz.
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Digital Quantum, renowned for its expertise in technology integration and digital transformation, enables organizations to adopt innovative, experience-led solutions for enhanced operational efficiency and growth. Through this partnership, AeroMegh GeoAI, a comprehensive platform for drone operations, data processing, and analytics will leverage Digital Quantum’s customer-centric design and advanced digital solutions. Together, they aim to streamline drone operations and data analytics across diverse industries such as agriculture, infrastructure, mining and more.
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Science Meets Romance: Chemical Engineer Caryn Davis is Flipping the Script and Helping People Find Their Ultimate Chemistry
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HOUSTON, Nov. 26, 2024 /PRNewswire/ — In a world where the complexities of love often rival the intricacies of science, one woman is bringing precision and expertise to the realm of relationships. Caryn Davis, a chemical engineer turned Certified Science-Based Dating Coach and Matchmaker, is using her personal experiences to redefine modern dating.
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Beyond the personal impact of her work, Davis is committed to helping BUSY professionals build meaningful relationships. Her approach focuses on addressing the unique challenges they face in dating, ensuring they find partners who complement their goals and values. Davis emphasizes that dating is an opportunity for individuals to grow, connect, and build a foundation for lasting happiness. She acknowledges that while BUSY professionals often excel in their careers, they may struggle to prioritize love, and she helps them bridge that gap with tailored strategies and guidance.
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