A recent report offered by Future Market Insights (FMI) forecasts performance of global video intercom device marketover the forecast period (2017-2027). The report highlights key insights into the factors influencing market and provides value forecast for the 10 years assessment period as well as restraints of the market. The market is likely to have revenue growth from above US$ 15,700 Mn in 2017 to approximately US$ 54,000 Mn by the end of 2027, riding on staggering CAGR of double-digit throughout the forecast period.
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Factors Driving Growth of Video Intercom Devices Market
Various economies’ governments are emphasizing on providing better living standards to citizen and are expecting rapid urbanisation of their countries. This is likely to propel demand for the video intercom devices. Also, people are willing to live a standard life and therefore security is the basic need of them. So as to ensure security, people are adopting video intercom devices, which will further result into growth of the market.
Growth Potential in Several Economies
There is lack of promotion of video intercom devices in several developing countries. This is anticipated to offer significant market opportunities to leading players in the video intercom market. As compared to other region, Latin America and MEA regions are less aware of these kind of technologies. In this region, several commercial places and few real estate developers have adopted this latest technique in tier 1 and tier 2 cities. Therefore, companies have huge opportunities to expand their geographical presence in these economies.
The market has been segmented on the basis of product type (handheld devices, baby monitoring system, door/entrance system), technology type (Analog-based, IP-based), and vertical type (Residential, Manufacturing/Industrial, Commercial, Government).
By Product Type
In terms of revenues, baby monitoring system, by product type is estimated to expand from nearly 3,966 Mn in 2017 to almost US$ 13,133 Mn by the end of 2027, exhibiting single-digit impressive CAGR over the assessment period. The handheld devices is likely to showcase an incremental opportunity of nearly US$ 11,145 Mn during the forecast period. Further, door/entrance segment is estimated to expand from nearly US$ 6,552 Mn in 2017 to about US$ 24,538 Mn by the end of 2027, with a staggering double-digit CAGR throughout the assessment period.
Based on Technology Type
The IP-based technology segment, by technology type is likely to witness expansion at 14.2% CAGR to reach nearly US$ 34,600 Mn by the end of assessment period. On the other hand, the analog-based segment is anticipated to reflect an incremental opportunity of almost 13,000 Mn during the assessment period.
Geographically, the report forecasts performance of video intercom devices market in several major regions such as Latin America, Western Europe, Japan, MEA, North America, Eastern Europe and APEJ. The North America is anticipated to grow from nearly US$ 4,534 Mn in 2017 to approximately US$ 16,665 Mn by the end of forecast period, witnessing expansion at high CAGR of double-digit. The video intercom device market in APEJ is anticipated to grow at highest CAGR throughout the assessment period to generate almost US$ 10,777 Mn revenue by the end of 2027.
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Some prominent players that are operating in the video intercom devices market and are profiled in the report include CP PLUS International, Panasonic Corporation, LEGRAND SA, Alpha Communications, Godrej Industries Limited, Zenitel, Dahua Technologies Co. Ltd., Comelit Group S.P.A., Hangzhou Hikvision Digital Technology Co. Ltd., Zicom, S. Siedle & Söhne Telefon und Telegrafenwerke OHG, BEC Integrated Solutions, LLC, Honeywell Security and Aiphone Corporation.