According to a new market research report published by Credence Research “IP Intercom Market (Application – Automotive, Commercial, Residential, Government, Others; Type – Visible and Invisible) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall IP intercom market worldwide was valued at US$ 0.94 Bn in 2018 and is set to grow with a CAGR of 3.4% during the forecast period.
Increasing demand for these devices is expected to boost market growth over the forecast period in the security and surveillance sector. IP intercom equipment is widely installed at the entry-exit points of offices, societies, and buildings, among others, as audiovisual communication systems. These devices transmit a visitor’s audio and visual information to the user-accessed telephones, loudspeakers, walkie talkie, etc. It is anticipated that rapid urbanization will create lucrative growth opportunities for market participants in different economies. Increased automation of buildings drives the adoption of IP intercom devices in residential and commercial buildings.
In addition, increasing smart homes popularity is expected to create lucrative market opportunities. Furthermore, various government initiatives are expected to drive the market further towards the development of smart cities. Also contributing to market growth is the introduction of advanced audiovisual security systems that provide a higher level of security for residential buildings and offices.
In 2018, North America led the global market for IP intercom devices in terms of revenue share. It is expected to retain its leading position over the forecast years due to smart city initiatives in economies like the U.S. and Canada. It is expected that the development of several initiatives such as smart buildings and smart transport will create lucrative opportunities for growth for the major players. Rapid growth in the residential and commercial sector of the region is also expected to fuel the market over the forecast period. The regional market of APAC is expected to record the highest CAGR over the forecast period. Latin America is expected to see significant growth due to the increasing development of the ICT industry, particularly in Brazil and Argentina. Another key factor driving the growth of the Latin American IP intercom market is the increasing number of players in these countries
Some of the prominent players in the IP Intercom market and profiled in the study include Alpha Communications; Aiphone Co., Ltd.; Dahua Technology Co., Ltd.; Comelit Group S.P.A.; Honeywell International Inc.; Godrej.Com; Panasonic Corporation; Legrand; Siedle & Sohne OHG and Samsung among others.
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