The wireless intercom market was valued at US$ 5,896.81 million in 2019 and it is projected to reach US$ 9,564.14 million by 2027; it is expected to grow at a CAGR of 6.7% from 2020 to 2027.
Growing number of smart cities and advancements in audio & video wireless intercom systems are the key driving factors for global wireless intercom market. However, rising rate of cybercrimes may hinder the growth of the market in some applications. Despite some limitations, rising demand for wireless intercoms in home security is anticipated to drive the wireless intercom market during the forecast period.
The residential sector across the world continues to observe considerable changes, particularly in developing regions. The introduction of smart cities and the focus on implementing new technologies and amenities across residential complexes and townships are expected to drive the adoption rate of wireless intercoms in the upcoming years. Smart cities are built on a backbone of communication, smart-connections, and integrations in the middle of a several local service sub-systems. Moreover, the aim is to improve the resiliency, public safety, security, sustainability, traffic management, and transportation services. Smart wireless video intercoms allow condominium residents to view visitors and CCTV from their residence or from remote locations. In addition, various governments are initiating strategies toward the development of smart cities, which is further expected to drive the wireless intercom market growth. Wireless intercom systems have gained immense popularity across developing countries over the past couple of decades. At present, wireless intercoms are extensively used as an advanced security solution across developing countries.
The wireless intercom market is segmented into type, technology, application, industry, and geography. Based on type, the market is segmented outdoor intercom and indoor intercom. In 2019, the outdoor intercom segment held the largest share of global wireless intercom market. In terms of technology, the market is segmented into Wi-Fi band, radio frequency, and others. In 2019, the others segment held the largest share of global wireless intercom market. Based on application, the wireless intercom market is divided into residential and commercial. Commercial is expected to be the fastest growing segment during the forecast period. Based on industry, the market is segmented into hospitality, retail, transportation and logistics, security and surveillance, event management, and others. The retail segment contributed a substantial share in 2019. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2019, APAC held the largest share, followed by Europe and North America. APAC is also projected to be the fastest growing region from 2020 to 2027 with a CAGR of 8.0% from 2020 to 2027. However, the ongoing COVID-19 outbreak is affecting the global economy negatively and thus affecting the business activities and company revenues in the wireless intercom industry worldwide. The majority of the countries have imposed lockdown or restricted human movement causing the industries to face a severe impact on production as a result of less labor footfall. The lesser production of goods and commodities is hampering the growth of wireless intercom market as the demand for these solutions has weakened over the past couple of months. However, the impact of COVID-19 is short-term; it is likely to decrease in the coming years.
The overall wireless intercom market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Wireless Intercom market with respect to all the segments. It also provides the overview and forecast for the global Wireless Intercom market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the wireless intercom market.
Alcatel-Lucent S.A. (Nokia Corporation), Aiphone Corporation, Clear-Com LLC, Commend International GmbH, Panasonic Corporation, Riedel Communications GmbH & Co. KG, RTS Intercom Systems, Telephonics Corporation, VTech Holdings Limited, and Wisycom Srl are among major players operating in the global wireless intercom market.