Video Doorbell Market to Garner $4.6 Bn, Globally, by 2031 at 14.3% CAGR: Allied Market Research
Rise in awareness about security of residential and commercial building and increase in demand for smart homes with intelligent security systems have boosted he growth of the global video doorbell market.
PORTLAND, Ore., Sept. 22, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Video Doorbell Market By PRODUCT TYPE (Wired, Wireless), By Application (Indoor, Outdoor), By End User (Residential, Non-Residential): Global Opportunity Analysis and Industry Forecast, 2020-2031". As per the report, the global video doorbell industry accounted for $1.2 billion in 2021, and is expected to reach $4.6 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, key investment pockets, top segments, regional landscape, value chain, and competitive scenario.
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Major determinants of the market growth
Rise in awareness about security of residential and commercial building and increase in demand for smart homes with intelligent security systems have boosted he growth of the global video doorbell market. However, dearth of availability of internet connectivity and high capital cost hinder the market growth. On the other hand, innovations in technology in video doorbell system is projected to open new opportunities in the future.
The wireless segment dominated the market growth
By product type, the wireless segment held the largest share in 2021, accounting for nearly three-fourths of the global video doorbell market, and is estimated to dominate the market throughout the forecast period. This is due to increase in concern for safety and security of homes. However, the wired segment is expected to register the highest CAGR of 14.8% during the forecast period, owing to growth in rapid urbanization and building automation globally.
The outdoor segment to manifest the highest CAGR through 2031
By application, the outdoor segment is expected to register the highest CAGR of 14.6% during the forecast period. In addition, the segment held the largest share in 2021, contributing to more thn two-thirds of the global video doorbell market, and is projected to continue its dominance during the forecast period. This is due to rise in need for home automation.
The residential segment held the lion's share
By end user, the residential segment dominated the market in 2021, accounting for nearly three-fourths of the global video doorbell market, and is expected to continue its dominance from 2022 to 2031. This is due to rise in security & safety concerns and increase in demand for smart home security systems. However, the non-residential segment is estimated to showcase the highest CAGR of 15.4% during the forecast period, owing to increase in concern about safety and security and rise in comfort level in the non-residential sector.
North America held the largest share
By region, the market across North America dominated the market in 2021, holding nearly two-fifths of the global video doorbell market, and is expected to dominate in terms of revenue during the forecast period. In addition, the region is expected to register the highest CAGR of 16.5% during the forecast period. This is due to rise in investment in infrastructure and construction activities as well as investments in infrastructure by the government. The report includes analysis of the market across Europe, Asia-Pacific, and LAMEA.
Major market players
The report analyzes these key players of the global video doorbell market. These companies have adopted several strategies such as expansion, partnerships, new product launches, collaborations, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.
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