The analysts forecast the global smart doorbell market to grow at a CAGR of 78.09% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global smart doorbell market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of smart doorbells by leading vendors worldwide. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is growing demand for smart homes and development of smart cities. Smart homes are rapidly gaining traction as consumers worldwide are increasingly looking for improvements in domestic convenience. The smart home concept involves revamping the traditional residential development to a more comfortable, secure, convenient, sustainable, and entertaining version. With the increasing adoption of smart home technologies worldwide, smart home products are becoming more affordable.
According to the report, one driver in market is increased consumer preference for smart locks. Smart locks are very convenient compared with traditional locks. Users do not need to fear losing their keys as these locks are paired with smartphones or smart watches, which act as keys. The automatic opening and locking system is activated using smartphones or smart watches. Another major advantage of smart locks is the implementation of security standards. These locks provide exclusive access only to authorized people. Unlike keys or latches that can be easily tampered with, smart lock tampering is difficult. Doors equipped with smart lock systems are not subject to damage or sabotage from mechanical forces that help thieves get access to premises. The traditional mechanical lock is replaced by a smartphone detection unit or biometric reader.
Further, the report states that one challenges in market is need for high connectivity. Smart doorbells need reliable high-speed Internet connectivity to perform effectively. Though many countries such as the US, the UK, and Japan have state-of-the-art Internet infrastructure, there are many other countries that lack basic network infrastructure. Nowadays, users rely on Bluetooth or Wi-Fi to connect their smart doorbells to other devices or to the Internet. Mobile network operators still need to build solutions to offer connectivity to smart doorbells. This will likely happen when consumer-oriented products are introduced in the market during the forecast period. The requirement for high connectivity is a challenge that has a significant impact on the consumer segment. Individual consumers cannot have access to high-speed Internet at all locations. Smart doorbells need a mobile computing device through which they can connect and perform operations. Hence, users need to carry their devices with them at all times.