Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Door Phone market.
Trusted Business Insights presents an updated and Latest Study on Door Phone Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Door Phone market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Door Phone Market
The global door phone market size was valued at USD 3.4 billion in the year 2018 and market is estimated to expand at a CAGR of 5.7% for the forecast period. Growing safety concerns in the residential and commercial spaces due to the access of unauthorized persons is raising the demand for safety devices such as door phone. It not only increases home security but also offers great convenience when integrated with the access control system. Many apartments can be connected through this device to serve the purpose of both intercom and safety device, thereby eliminating the additional cost of installing and maintaining multiple devices.
Demand for such systems can be seen in apartments, villas, bungalows, stores, offices, hotels, banks, and other places. Need for such system can be seen when a person has to regulate the entry of a person in their premises. Growing demand for home automation and smart appliances is driving the need for safety appliances in the market. Adoption of smart technologies has provided enough space in controlling of devices through their smart phones and tablets. One can easily connect their door phone with their smart phone and control the opening and closing of their door even from the far places. This makes the life easier for people who are dependent on maid for their child upbringing at home or whose relatives and friends wants to enter in their absence. This kind of advanced level video phones are certainly in more demand among major western countries.
Increasing number of smart cities in various countries is driving the demand for safety and surveillance products in the market. Moreover, rapid urbanization is shifting many people to live in multistoried apartment due to space constraint. This, in turn, drives the need for robust security system. The wireless feature of door phones can give multilevel security from society entrance to lobby and main door entrance. The user can easily connect with the central security system in case of any incident, thereby driving the global market. In addition, rise in the number of construction activities in the residential and commercial sectors increases the demand for such products in the market.
As per the report published by the University of North Carolina, about half of the burglars reported engaging in at least one residential burglary and about a third reported engaging in at least one commercial burglary in U.S. Moreover, about 60% of the burglars indicated that presence of alarm sometimes stops them for unauthorized entry. The above-mentioned factors are driving the need for video door phones, which are directly connected with the security alarm system. Sometimes, the false ringing of the alarm due to some technical issue may create trouble for the users, thereby restricting the growth of network video phones in the market.
Product Insights of Door Phone Market
Audio door phones accounted for the largest share of 54.9% in the year 2018. This kind of phones are mostly preferred in commercial space such as offices, ticket counter, and banks. At such places, normally glass doors and windows are there, which allow the user to physically see the person and hence normal audio instrument suffice the need.
Video door phone is the fastest growing segment, expanding at the fastest CAGR of 6.5% from the year 2019 to 2025. Demand for such products can be mostly seen in new large multi occupancy buildings. These buildings require some safe measures of entry for visitors and hence video door phones are mostly in use. Apart from that, network video phones are trending faster owing to their feature of getting connected to the central security room providing high level safety to resident. Moreover, local government policies, development of infrastructure, and technological advancements in many countries are equally important in influencing the door phone market growth.
Application Insights of Door Phone Market
The residential sector was the largest application segment with a revenue of USD 2.5 billion in the year 2018. Door phones for homes are high in demand as the personal and family safety is a prime concern for a customer. Moreover, rising number of residential constructions is anticipated to boost the sales of the product over the forecast period. The product is very helpful in providing security if there are senior citizens and children at home. Moreover, easy installation techniques and recording feature of the product in case of theft at home are boosting the sales in the industry.
The commercial sector is expected to be the fastest growing segment, expanding at a CAGR of 7.2% from 2019 to 2025. The segment is driven by rise in demand for high level of security needed at many industries and private offices. Increasing number of terrorist attacks in various hotels and commercial places is driving the need for safety instruments. In addition, door phones with biometric access feature allows the entry of only authorized personal in the premises. Some other added features such as face recognition, video recording, and artificial intelligence are driving the demand for advanced level phones in the market.
Regional Insights of Door Phone Market
North America held the largest share of 35.4% in the year 2018 on account of rising adoption of the security devices by the commercial sector in countries such as U.S. and Canada. Rise in demand for convenient products for door opening is also a key factor driving the market in this region. Moreover, door phones provided with a smart technology has been gaining traction among the consumers in North America. Advancements in door phones such as a smart locking system and Wi-Fi enabled system are adopted by the high security personnel and large industrial areas in the market.
Asia Pacific is expected to expand at the highest CAGR of 7.6% over the forecast period. The market is driven by increasing number of construction activities in the residential sector. The real state sector in India is rapidly growing and about 90% of the newly constructed buildings have some type of door phones. Hence, it has a large demand in such countries. Moreover, replacement of manual security services with such high-tech products is reducing the spending on security services for many societies and commercial spaces, thereby driving the demand for door phones.
Market Share Insights of Door Phone Market
Rising demand for the door phones in countries such as China, India, and Brazil leads to an increase in product innovations and market developments. The market is identified by several strategic initiatives such as research and development, marketing campaigns, and new product launches. Key manufacturers in the industry include Aiphone Corporation; Panasonic Corporation; Fermax Holding Investment SL; 1byone, Inc.; Honeywell International Inc.; ABB Genway; and Legrand. For instance, in August 2018, Panasonic launched a new video door phone in the market, which had a voice change function, along with picture recording feature. More than 300 to 400 leading and regional level players are present in the market, thereby giving a tough competition to the new entrants in the market.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Door Phone Market Research Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global door phone market report on the basis of product, application, and region:
Product Outlook (Revenue, USD Billion, 2019 – 2030)
Audio Door Phones
Video Door Phones
Application Outlook (Revenue, USD Billion, 2019 – 2030)
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