Door Phone Market to Hold Dominant Share Due to Growing Conc
FELTON, California, May 20, 2020 /PRNewswire/ -- The global Door Phone Market size is anticipated to reach USD 5.1 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 5.7% over the forecast period, 2019 to 2025. Nowadays, security is one of the major concerns among people at commercial and residential spaces. This device helps in controlling the access of unauthorized people and provides home security. This device is preferred by the management of large societies to provide security and intercom services, both. These factors are expected to drive the demand for this product over the forecast period.
This device is needed where the entry of a person has to be regulated such as at malls, stores, banks, offices, hotels, apartments, bungalows, villas, and other such places. Moreover, there is high demand for such products among the people who physically disabled or handicapped as these devices provide convenient door opening facility. Further, high-end video door phones are gaining high popularity among consumers across the globe as they provide a feature where user can directly converse with the person outside the house even when the main door is closed. This feature is expected to boost the demand for such high-end products over the forecast period.
Wireless door phones provide security at multiple places such as at the society entrance, at the passage or lobby, and at the main door. In case of any emergency, the entry and exit can be controlled through a central unit. In addition, a security alarm starts ringing immediately as soon as the device detects any unauthorized access. Moreover, biometric authentication is a newly added feature which gives entry strictly to authorized person. More such advanced features are video recording, artificial intelligence (AI), and face recognition are expected to further drive the demand for door phones over the forecast period.
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Asia Pacific is projected to grow at the fastest CAGR of 7.6% from 2019 to 2025. The growth is attributed to rising number of residential buildings in emerging countries such as India and China. The commercial application segment is projected to grow at the fastest rate owing to rising demand for devices that provide tight security at various private offices and industrial areas. In 2018, the audio door phones segment held the largest market share owing to rising demand for these devices at majority of the commercial places such as ticket counters, banks, hotels, and offices.
Some of the leading players in the door phone market include Panasonic Corporation; Aiphone Corporation; 1byone, Inc.; Fermax Holding Investment SL; Honeywell International Inc.; ABB Genway; Legrand; Axis Communications; Urmet Group; and Guangdong Anjubao. There are moderate to high entry barriers for the new entrants to enter the market owing to presence of large number of dominant players. To gain an edge over other competitors, leading brands are focusing on strategic initiatives such as R&D, product innovation, new product launches and various marketing strategies. For example, Panasonic Corporation in August 2018, launched an innovative product in the video door phone segment with video recording and voice change feature.
Further key findings from the report suggest:
- The video door phones segment is anticipated to witness the highest CAGR of 6.5% from 2019 to 2025
- In 2018, the residential segment was the largest application segment with market share of 72.2%.
- In 2018, North America was the largest market for door phones with the market share of 35.4%.
- To cater to the increasing competition, leading companies are focusing on strategic initiatives such as adoption of technological advancements, new product launches, and marketing campaigns.
Browse 80 page research report with TOC on "Global Door Phone Market" at: https://www.millioninsights.com/industry-reports/global-door-phone-market
Million Insights has segmented the global door phone market based on product, application, and region:
- Door Phone Product Outlook (Revenue, USD Billion, 2015 - 2025)
- Audio Door Phones
- Video Door Phones
- Door Phone Application Outlook (Revenue, USD Billion, 2015 - 2025)
- Door Phone Regional Outlook (Revenue, USD Billion, 2015 - 2025)
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
- South Africa
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