Future Market Insights has announced the addition of the “Video Intercom Device Market: Global Industry Analysis and Opportunity Assessment, 2017-2027"report to their offering
Valley Cottage, NY -- (SBWIRE) -- 03/16/2019 -- The global video intercom device market is expected to register a CAGR of 13.1% during 2017 – 2027, with North America, Western Europe, and APEJ accounting significant shares by the end of the forecast period.
FMI has delivered the key insights on the global video intercom device market in its report titled "Video Intercom Device Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment, 2017 – 2027". The growth of the global video intercom device market is expected to be attractive as the market is expected to grow continuously at a CAGR of 13.1% in terms of value during the forecast period, 2017 – 2027.
Video intercom device has emerged as an advancement which is revolutionizing the premise and home security industry, throughout the globe. Homeowners, nowadays have a major concern regarding security while buying their homes, and prefer to go for homes with security systems at entrances and premise. Video intercom device present a solution to homeowners' security concerns. Video intercom device, as considered under the scope of the report, is adopted across various industries in order to provide enhanced security features to the end-users, in residential, commercial, and industrial sectors. Besides, technological developments and substantial availability and usage of smart devices with reference to security are other factors impelling the growth of the global video intercom device market, in terms of value. The global video intercom device market is estimated to be valued at US$ 14,114.4 Mn by the end of 2016, and is expected to expand in the coming years at a CAGR of 13.1% in terms of value during the forecast period. The global video intercom device market is expected to represent a high incremental opportunity between 2017 and 2027.
Some of the critical inclinations powering the overall video intercom device market include shift from analog- to IP-based video intercom device, decrease in the overall cost of installation of video intercom device, and connected communication through smart video intercom device. Major driving factors for the video intercom device market comprise security of family personnel and property, baby monitoring in parenting, communication with visitors, and check on trespassing, among others. Video intercom device, apart from solving communication purposes between residents and visitor, also enables user to give a digitalized option of automatically unlocking the door, even if the user is not physically present at the premise. This additional feature integrated with video intercom device is expected to attract new customers, which in turn is expected to drive the growth of the video intercom device market over the forecast period.
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Organizations also prefer advanced solutions with better features to improve security of their premise, and thus are increasingly adopting video intercom devices. Commercial spaces are also adopting video intercom device technologies, with an intention to improve their security features, to enhance the overall customer experience, thus driving the growth of the video intercom device market. Video intercom device nowadays is not restricted only to homes, offices, and shopping malls, but is gaining admiration from the local commercial spaces as well. Furthermore, adoption of advanced technologies, transitioning consumer spending behaviour for security, and increasing economic growth of the developing economies is driving the overall video intercom device market.
On the basis of product, the global video intercom device market can be segmented into baby monitoring system, handheld device, and door/entrance system. The door/entrance system segment is expected to account for a sizable share of the overall video intercom device market in 2017, and is expected to foresee higher growth over the forecast period. One of the important factors for such a drift in the video intercom device market is the increasing number of theft and robbery cases. Handheld devices sub-segment is also expected to foresee considerably high adoption, and is expected to follow the door/entrance system sub-segment in the video intercom device market. Such high growth rates are primarily driven by the transformation in the surging crime rates and high concerns of consumers for their family's and property's security.
On the basis of technology, the market for video intercom devices can be segmented into IP-based, and analog-based video intercom device. On the basis of vertical, the global video intercom device market can be segmented into government, residential, commercial, and manufacturing/industrial. The growth of the video intercom device market is predominantly driven by the residential vertical, followed by government. Apart from serving communication needs, video intercom devices are offering various additional features such as better IP-based networking, multi-site communication and mobile video app for door intercom, which are attracting new buyers towards video intercom device system. Such developments in reference to the residential and commercial verticals are impacting the overall video intercom device market in a positive manner.
On the basis of geography, the video intercom device market is segmented across North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA. The North America Video Intercom Device market holds a major value share in the global video intercom device market and is likely to maintain its dominance during the forecast period. The video intercom device market in the region is projected to represent a significant incremental opportunity between 2017 and 2027. The video intercom device market in North America is pre-dominantly organized, and the residential sector contributes majorly in the revenue generation. North America is expected to be followed by Eastern Europe in the global video intercom device market, in terms of revenue generation. Smart video intercom devices are gradually replacing the front door deadbolt locks in residential projects and offices in the European countries.
Manufacturers and suppliers of security systems in Europe are offering smart security systems such as video intercom device that are compatible with smart home ecosystem and can enable customers to receive alerts about entry and exist in the premises, even when the owner is not available at home. The sales of video intercom device in Eastern Europe market is projected to represent a total incremental opportunity of US$ 5,453.7 Mn, while the Japan video intercom device market is also expected to witness considerable growth. Owing to the advantages associated with video intercom device, and a demand for an enhanced customer experience, a high traction of video intercom device is expected during the forecast period, especially in developing countries such as India, China, etc. The APEJ region is expected to present attractive opportunities for video intercom device manufacturers during the forecast period, and is estimated to expand at a significant CAGR in terms of value.
The vendors in the video intercom device market are now focusing on introducing advanced technologies to enhance customer experience in the retail sector. With emergence of technology and increasing competitive pressure, vendors are innovating video intercom device such as Panasonic Video Door security solution- VL – V590. Easy accessibility and user friendly devices are aiding in growth of the Video Intercom Device market. Examples of some of the video intercom device market vendors in this study include Panasonic Corporation, Honeywell Security, LEGRAND, Godrej Industries Limited, Zicom, Zenitel, Aiphone Corporation, Comelit Group S.P.A., Dahua Technologies Co. Ltd., and Hangzhou Hikvision Digital Technology Co. Ltd.
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Vendors are continuously innovating their video intercom devices to penetrate in the technology influenced market. In April 2017, Panasonic Corporation India, which is a subsidiary of Panasonic Corporation launched VL-V590 and VL-V900. These Video Intercom Device provide a multi-door Video Intercom Device system with an electrical lock system, which offers better surveillance and security solutions to the customers. Companies are also focussing on partnerships in the global Video Intercom Device market. Panasonic Corporation has partnered within various events in order to enhance its market share in the overall Video Intercom Device market. In August 2016, Panasonic Corporation served as the official partner of Olympics which was held in Brazil. Honeywell International Inc., in March 2016 acquired RSI Video Technologies, which is a South Africa-based manufacturer of video security & surveillance systems, in order to enhance its product offerings in the video intercom device market. Godrej Group is also focussing on increasing its presence in APAC, MEA and South America markets by acquiring local players in the video intercom device market.