The global door phone market is expected grow at a compound annual growth rate (CAGR) of close to 3 percent from 2016 to 2020, according to a new report from Technavio.
While the market has thus far been dominated by the audio door phone segment, which accounted for more than 51 percent of the market share in 2015, the research firm said that video door phones are expected to capture the majority market share by 2020.
“The world is witnessing a growing number of smart city projects across various countries such as India, China, Canada, and the U.S. These smart cities are expected to drive the demand for automatic access control systems such as door phones, electronic locks, and others. Therefore, smart home projects will boost the demand for door phones in the market,” said Abhay Sinha, a lead research expert from Technavio.
In North America, the door phone market is expected to grow at a CAGR of close to 3 percent during the forecast period. Technavio said that market consolidation and inorganic growth have been the trend in North America, with key vendors acquiring prominent local players to expand their market presence.
The market has also witnessed an increased demand for video door phones in comparison to audio door phones, and vendors are investing in R&D to introduce new and more innovative products to fulfill this demand. The market for door phones in the region is growing significantly, with the growth in the real estate sector. The research firm said the growing trend toward smart homes and home security products will also fuel the growth of the door phone market in region.
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