LONDON--(BUSINESS WIRE)--The smart doorbell market is expected to grow by USD 1.19 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Easy installation, remote locking and unlocking, and instant alerts are among some of the prominent features of smart locks which has attracted increased customer interest in the product. In addition, the entry of new players in the global smart lock market has led to the availability of new products at lower prices, which has further added to the demand. However, it has been observed that customers prefer to install smart locks along with smart doorbells. This offers a higher level of security. Consequently, vendors are offering smart locks that are highly compatible with specific smart doorbells. It is expected that the increasing preference for smart locks will inadvertently boost the demand for smart doorbells, which in turn, will drive the growth of the market during the forecast period.
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As per Technavio, the integration of advanced technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Doorbell Market: Integration of Advanced Technologies
Several vendors in the market are working towards the integration of advanced technologies in home automation products that offer greater security and reliability. For instance, in November 2018, Xiaomi Corp. (Xiaomi) announced the launch of its new Zero Smart Video Doorbell. The device uses 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.
“Factors such as the use of smart doorbells for video surveillance, and emergence of battery-powered wireless smart doorbells will have a positive impact on the growth of the smart doorbell market value during the forecast period,” says a senior analyst at Technavio
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Smart Doorbell Market: Segmentation Analysis
This market research report segments the smart doorbell market by product (stand-alone smart doorbell and integrated smart doorbell) and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the smart doorbell market in 2019, followed by Europe, APAC, MEA and South America. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the presence of large crowdfunding platforms, and the increasing adoption of advanced technologies.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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