LONDON--(BUSINESS WIRE)--According to the latest market research report by Technavio, the global smart doorbell market is expected to post a CAGR close to 46%. However, the market is expected to decelerate as there is a decline in the year-on-year growth during the period 2019-2023.
A key factor driving the growth of the market is the increasing demand for smart locks. The market is witnessing an increase in customer interest toward smart locks owing to factors such as flexibility with high security, easy installation, remote locking and unlocking, and instant alerts to the homeowner in case of burglary. The entry of new players in the global smart lock market has led to the availability of new products at low prices. As a result, there has been an increase in the demand for smart locks. However, it has been observed that most people prefer to install smart locks along with smart doorbells. This offers a higher level of security. Thus, vendors are offering smart locks that are highly compatible with specific smart doorbells. Therefore, it is expected that the increasing preference for smart locks will inadvertently create a demand for smart doorbells, which, in turn, will drive the growth of the market during the forecast period.
As per Technavio, the development of technologically advanced products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global smart doorbell market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Smart Doorbell Market: Development of Technologically Advanced Products
At present, several vendors in the market are working towards the integration of advanced technologies in home automation products that offer high security and reliability. For instance, in November 2018, Xiaomi Corp. (Xiaomi) announced the launch of its new Zero Smart Video Doorbell. The device used Xiaomi's XiaoAi face recognition technology to accurately identify visitors. It is also expected that facial recognition technology in smart doorbells will become a game changer for vendors during the forecast period. Thus, the emergence of such technologies will offer customers with high flexibility and increased system security. This is expected to increase the demand for smart doorbells, leading to the growth of the market during the forecast period.
“Apart from the development of technologically advanced products, the use of smart doorbells for video surveillance and the emergence of battery-powered wireless smart doorbells are two other factors that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global smart doorbell market: Segmentation analysis
This market research report segments the global smart doorbell market by product (stand-alone smart doorbell and integrated smart doorbell) and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the growing investments in developing a robust communication network infrastructure in the region. Improvements in the telecommunication network will lead to the growth of the smart doorbell market over the forecast period.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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 10,000 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.
If you are interested in more information, please contact our media team at email@example.com.