Technavio market research analysts forecast the global smart doorbell camera market to grow at a CAGR of more than 69% during the forecast period, according to their latest report.
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Technavio has published a new report on the global smart doorbell camera market from 2017-2021. (Graphic: Business Wire)
The report further segments the global smart doorbell camera market by product type (standalone and integrated) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global smart doorbell camera market:
- Advent of home automation
- Digitization to help secure home
- Online retail results in greater visibility and accessibility of products
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Advent of home automation
The demand for smart homes and smart home security is increasing globally. A smart home provides appropriate security facilities to homeowners. Security cameras, smart doorbells, intruder alarms, and smoke detectors help to control and detect the presence of an intruder with the aid of motion sensors and detectors. Smart wireless doorbells notify homeowners automatically in case an intruder's presence is sensed. Home automation, also known as domotics, is a term used for smart home technology that helps in controlling the house remotely. This technology controls the lighting, heating, ventilation, and air conditioning (HVAC), and security of the house.
According to Narendra Nandaigari, a lead analyst at Technavio for retail goods and services research, "The smart home is a revolutionary technological innovation, which makes lives of people more convenient and secure. The command to control various home appliances can be given by voice, remote control, tablet, or smartphone, and the home reacts all by itself. Most appliances that are associated with household and kitchen activities are controlled, monitored, and executed digitally using the Internet. The growing need for home automation will boost the sales in the smart doorbell camera market."
Digitization to help secure home
The growing digitization worldwide is driving the market for smart doorbell cameras. Customers, at present, are going digital at large, which, in turn, reduces the use of traditional doorbells. Digitization enables customers to transfer calls and videos from one location to another or interact with a person who is at the door using smartphones. The significant growth of digitization across the world along with the high penetration of smartphones and the Internet will drive the market for smart doorbell cameras. The growing inclination of consumers toward digitization has resulted in the declining cost of cloud infrastructure and mobile broadband.
Online retail results in greater visibility and accessibility of products
The growing preference towards shopping online rather than visiting physical stores will boost sales in the consumer retail market. Some of the biggest online vendors for smart doorbell cameras are Amazon.com and Home Depot Product Authority. The growing number of online websites offering a varied range of smart doorbell cameras has increased the demand for these devices, especially among the urban population. E-retailing of various products including smart doorbell cameras is gaining popularity because it is a time-saving and cost-effective process of purchasing products.
"The emergence of e-commerce leads to the presence of many companies in the online retail market. Major manufacturers of smart home products, including smart doorbell camera, have entered into this ecosystem to have a competitive edge due to its potential. E-commerce helps the key competitors to promote and enhance their brand image," says Narendra.
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