IP Intercom Market to Reach $4.9 Bn, Globally, by 2030 at 8.5% CAGR: Allied Market Research
Growth in adoption of intercom in commercial and government applications for communication and security purposes, and associated benefits & integration of advance technologies in IP intercom drive the growth of the global IP intercom market.
PORTLAND, Ore., March 14, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "IP Intercom Market By Type (Visible, And Invisible), and Application (Commercial, Government, Industrial, Residential, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2030". According to the report, the global IP Intercom industry generated $2.2 billion in 2020, and is anticipated to generate $4.9 billion by 2030, witnessing a CAGR of 8.5% from 2021 to 2030.
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Prime Determinants of Growth
Growth in adoption of intercom in commercial and government applications for communication and security purposes, and associated benefits & integration of advance technologies in IP intercom drive the growth of the global IP intercom market. However, high equipment cost hinders the market growth. On the other hand, growing use of intercom in residential sector presents new opportunities in the coming years.
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The Visible Segment to Maintain its Leadership Status Throughout the Forecast Period
Based on type, the visible segment held the highest market share in 2020, accounting for 94% of the global IP intercom market, and is estimated to maintain its leadership status throughout the forecast period, owing to the remot access and monitoring feature. Moreover, the invisible segment is projected to manifest the highest CAGR of 9.2% from 2021 to 2030. This is because intercoms are considered as an important part for security concern.
The Commercial Segment to maintain its Lead Position during the Forecast Period
Based on application, the commercial segment accounted for the largest share in 2020, contributing to more than one-fourth of the global IP intercom market, and is projected to maintain its lead position during the forecast period. This is due to wide adoption in commercial sector for security and privacy purposes. However, the government segment is expected to portray the largest CAGR of 10.0% from 2021 to 2030. IP intercom systems are set up to track and log visitor data in government buildings for security concern. It is also used for entrance video monitoring for security and safety purposes.
North America to Maintain its Dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global IP intercom market. This is owing to the availability of advanced technology in the region along with presence of major players operating in the market. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 10.4% during the forecast period. This is attributed to technological developments brought forth by the emerging economies in Asia-Pacific.
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