Report : Wireless Intercom Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Outdoor Intercom and Indoor Intercom), Technology (Wi-Fi Band, Radio Frequency, and Others), Application (Residential and Commercial), and Industry (Hospitality, Retail, Transportation & Logistics, Event Management, Security & Surveillance, and Others)
According to our latest market study on “Wireless Intercom Market Forecast to 2027 – COVID-19 Impact, and Global Analysis – by Type (Outdoor Intercom and Indoor Intercom), Technology (Wi-Fi Band, Radio Frequency, and Others), Application (Residential and Commercial), and Industry (Hospitality, Retail, Transportation & Logistics, Event Management, Security & Surveillance, and Others),” the market was valued at US$ 5,896.81 million in 2019 and is projected to reach US$ 9,564.1 million by 2027; it is expected to grow at a CAGR of 6.7% from 2020 to 2027.
In 2019, North America led the global wireless intercom market with a decent revenue share, followed by APAC and Europe. North America constitutes developed economies, such as the US, Canada, and Mexico. These are significant economies contributing to the growth of the wireless intercom market in North America. North America attracts several technological developments from economically robust countries. The companies in the region are continuously enhancing overall business processes to meet customers' demand for high-quality products and services in the best possible way. Factors, such as increasing demand for Wi-Fi band in residential sectors, are driving the wireless intercom market in the region. There has been a rapid growth in the use of wireless intercom in the security and surveillance industry. North America led the global wireless intercom market in terms of revenue share. It is anticipated to retain its leading position throughout the forecast period on account of smart city initiatives in economies, such as the US and Canada. The introduction of initiatives, such as smart buildings and smart transportation, is also expected to create growth opportunities for the regional market. The rapid growth of the residential and commercial sectors in the region is further expected to fuel the market over the forecast period. Robust infrastructure and favorable government policies are some of the factors driving the wireless intercom market in the region.
In 2019, APAC stood second in the wireless intercom market with a decent market share and it is anticipated to witness a steady CAGR from 2020 to 2027. Presence of steadily growing developing economies and rise in adoption of innovative as well as advanced technologies contribute to fast pace of growth of APAC. Development of infrastructure activities due to the expansion of urban population in the Asia Pacific region is expected to propel the demand for robust security and communication solutions. Increasing disposable incomes and rising affluence have also supported the need for electronic security. This, in turn, is anticipated to increase the need for wireless intercoms to provide better communication for security and surveillance purposes. Moreover, the market in India is mainly driven by rise in demand for apartments having an inbuilt security system and wireless intercoms. Regionally, Asia Pacific is the main production area of video intercom devices. China and Japan are the largest producers of such devices. Compared to Japan, video intercom devices produced in China are of large volume and cheaper. Also, the present and future of wireless intercoms are related to their integration within the home automation systems. Most of the infrastructure facilities in the region use this wireless intercom to monitor the crowds and secure facilities, which is leading to the market growth. The global wireless intercom market would continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific would continue to be at the forefront of global demand, with the market in the region expected to grow at higher rate during the forecast period.
Companies adopt inorganic market strategies to expand their footprints across the world and meet the growing demand. The wireless intercom market players mainly focus on the acquisition strategy to expand their business and maintain their brand name globally. For instance, in 2020, Aiphone introduced its IXG Series IP-based video intercom—a comprehensive solution offering multi-tenant and mixed-use building managers with reliable network communication.
Impact of COVID-19 on Wireless Intercom market
The COVID-19 pandemic has been creating challenges for medical institutions, healthcare institutes, manufacturing units, commercial office premises, shopping complexes, and airports worldwide. As the global market proceeds to recover from the impact of the ongoing COVID-19 pandemic, offices and business organizations explore the different alternatives to improve workplace safety without compromising communication. Sales of wireless intercoms over the commercial sector were moving in an upward trajectory before the COVID-19 pandemic. Various market players operating in the current wireless intercom market are increasingly leaning toward expanding wireless intercom solutions to work on mobile devices. Also, as remote working is estimated to stay in vogue for an uncertain period in several organizations, several new wireless intercom systems are being developed to cater to these requirements.
The report segments the global wireless intercom market as follows:
Global Wireless Intercom Market – by Type
Global Wireless Intercom Market – by Technology
Global Wireless Intercom Market – by Application
Global Wireless Intercom Market – by Industry