Global Door Phone Market on Pace to Grow Nearly 3% Annually, Report Says
Surging residential construction in the United States is seen as a key growth driver for video door phones, according to research firm Technavio.
The gradual adoption of advanced technology like multi-megapixel cameras, LED lights and larger screen sizes, along with supporting trends like integration with home automation and an increase in the use of network systems, will boost the market for video door phones in the future, according to Technavio.
ELMHURST, Ill. -The global video door phone market is forecast to advance at a compound annual growth rate (CAGR) of close to 3% from 2016 to 2020, according to a new research report by Technavio.
New technologies driven by the Internet of Things (IoT), smart home, home automation and mobile industries from a variety of traditional and non-traditional providers are among primary factors driving the market’s growth.
The gradual adoption of advanced technology like multi-megapixel cameras, LED lights and larger screen sizes, along with supporting trends like integration with home automation and an increase in the use of network systems, will boost the market for video door phones in the future, according to Technavio.
Moreover, the growth of the home automation market will also affect the door phone market positively as consumers expect products to be integrated into one system, which can be controlled using a single smart device. This will, in turn, bolster the sales of door phones over the coming years.
One of the latest trends gaining traction in the market is the surge in residential construction in the United States during the last few years. This factor is anticipated to boost the demand for the installation of door phones for security purposes in the privately-owned residences during the next four years.
Competitive Landscape and Key Vendors
The global door phone market is highly fragmented, owing to the presence of more than 300 vendors operating and selling door phones across the world. The market leaders prioritize product innovation by focusing on R&D facilities and investments. Several new entrants also have a presence in the global door phone market.
While the leading vendors have larger resources and diversified distribution networks, smaller companies are entering into partnerships with global distributors. The majority of smaller vendors lack strong retail presence, which limits them mostly to online selling. In contrast, larger global players have a comparative advantage in terms of global presence and brand recognition.
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