According to a recent report published by Allied Market Research, titled, “IP Intercom Market by Type, Application and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global IP intercom market was valued at $2.23 billion in 2020, and is projected to reach $4.92 billion by 2030, registering a CAGR of 8.5% from 2021 to 2030.
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The growing adoption of Intercom in commercial and government applications for communication and security purposes, and the associated benefits and integration of advance technologies in IP intercom are expected to drive the growth of the market in the future. However, high equipment cost act as major barriers and hamper the market growth. Furthermore, the growing use of intercom in residential sector is expected to offer lucrative opportunities for the IP intercom market trends.
By type, it is fragmented into visible and invisible. The visible segment was the highest revenue contributor accounting for $1248.8 million in 2020, and is expected to witness the fastest growth at a CAGR of 7.9% during the forecast period.
By application, the market is divided into commercial, government, industrial, residential, and others. The commercial segment was the highest revenue contributor accounting for $621.4 million in 2020 and is expected to witness the fastest growth at a CAGR of 7.6% during the forecast period.
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By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor that was valued at $844.7 million in 2020. This region is further expected to attain a market value of $1587.3 million by 2030 to grow at a CAGR of 6.7%.
COVID-19 Impact:
COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe.
Demand from the IT & telecommunication segment is expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing for future optimization.
Some of the electrical IP intercom manufacturers have witnessed temporary delays in production, increased costs, and revenue losses due to the pandemic.
The manufacturing sector witnessed severe loss, and thus, no new orders have been placed during the pandemic. In addition, this impact is estimated to continue till 2021. Moreover, international consumer electronics and electrical IP intercom market analysis are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the electrical IP intercom market growth is facing major obstacles from the emergence of COVID-19 pandemic.
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The pandemic is impacting production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced total lockdown and temporary shutdown of industries.
Key Findings Of The Study
• By type, the visible segment is expected to generate the highest revenue during the forecast period.
• By application, the commercial segment is expected to register the highest revenue during the forecast period.
• By region, North America is expected to register the highest revenue during the forecast period.
The key players profiled in the report include Axis Communications, Barix, AIPhone, TCS AG, Legrand, Panasonic, Commend, Comelit Group, TOA Corporation, and Fermax. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their footprint in the electrical IP intercom industry during the forecast period
Report Overview: https://www.alliedmarketresearch.com/ip-intercom-market-A15819
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