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.
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Technavio has released a new market research report on the global smart doorbell market from 2019-2023. (Graphic: Business Wire)
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.
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Five Forces Analysis
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