Market Research Future (MRFR) predicts the global smart doorbell market size to reach USD 2,056.08 Million at a CAGR of 10.29% from 2020 to 2027 (forecast period).
Multiple Factors to Augment Market Growth
Smart locks have witnessed a surge in customer demand in recent years due to characteristics like flexibility with high security, simple installation, remote locking and unlocking, and quick notifications to homeowners in the event of a crime. A plethora of innovative devices are now accessible at low rates, thanks to the entry of new businesses into the worldwide smart lock sector. Customers' desire for a smart lock and smart doorbell combo will drive the expansion of the global smart doorbell market, which is estimated to rise at a compound yearly growth rate of 5% during the forecast period.
The Global Market to Rebound Post COVID-19 Pandemic
Smart doorbells are becoming more popular in business settings such as offices. Halt in the construction of new offices as a result of the COVID-19 outbreak, on the other hand, is hindering market expansion. The temporary halt in the production of smart gadgets as a result of the closure of manufacturing factories in a number of countries has also had an impact on sales of smart doorbells. The ongoing COVID-19 has created severe interruptions in the electronics supply chain and fresh supply and an inflationary risk for the goods. As a result of these disruptions, businesses have been obliged to focus on de-risking while also analyzing their end-to-end supply chain and implementing a telecommuting strategy.
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The global smart doorbell market has been segmented on the basis of applications and end-users.
Based on the application, the global smart doorbell market has been segmented into wired doorbells and wireless doorbells.
Based on end-users, the global smart doorbell market has been segmented into residential and commercial.
APAC to Dominate the Global Market
The Asia Pacific region is expected to account for the largest proportion of the worldwide smart doorbell market. Increased advancement in Internet of Things (IoT) and artificial intelligence (AI) capabilities has encouraged manufacturers to create smart doorbells suitable for usage in both residential and commercial settings. Furthermore, the growth of the area's real estate market has the potential to raise demand for smart doorbells in the future.
Panasonic Corporation (Japan), Chui (US), SkyBell Technologies Inc. (US), Danke (XIAMEN) Intelligent Technology Co., Ltd. (China), Shenzhen VStarcam Technology Co., Ltd (China), dbell Inc. (US), August, Inc. (US), SkyBell Technologies, Inc. (US), Smartwares Group (Netherland), Ring Inc. (US), Legrand (France), and Arlo Technologies, Inc. (US).
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