The market for Mexico Video Intercom is analysed to be $175.3 million in 2019, and is estimated to grow at a CAGR of 4.86% during the forecast period 2020 to 2025. The video intercom devices are highly deployed at the entry and exit points of offices, residential buildings and so on for the security applications. The significant rise in the efforts towards the implementation of smart homes alongside the rise in demand for intercom devices owing to security in public and private domains is set to boost the market growth rate. The factors such as rapid urbanization, the growing security concerns owing to increasing thefts is set to boost the Mexico Video Intercom Devices Market growth rate.
The emergence of advanced technologies, such as edge-based surveillance is driving the video intercom market.
The high deployment of wireless systems and technologies, and its contribution in the video intercom is analysed to impact highest rate during the forecast period.
Increasing thefts in the region is certainly impacting on the adoption in residential as well as commercial applications.
Wireless systems are analysed to hold highest market share. Wireless systems include WI-FI, Bluetooth and others. The continuous efforts by government and the major companies for the development of smart homes and the significant deployment of these technologies in smart homes is set to impact on the market growth rate. In October 2019, Smart forest city has been announced by Stefano Boeri Architette. These factors are certainty set to contribute to the market growth rate.
Residential is analysed to be the dominant sector holding highest market share in 2019. This is majorly attributed to the growing theft rates in the country. In 2019, Overseas Security Advisory Council has stated that, the crime rate of Mexico is higher compared to US, hence the dire need to deploy the video intercom is set to contribute to the growth of the market. Also the Burglars are less likely to target homes with extra security measures. Hence the trend towards the adoption of better security such as video intercoms for residential sectors alongside the significant development of smart homes is set to escalate the market growth rate during the forecast period 2020-2025.
Drivers – Mexico Video Intercom market
Increasing trend for Smart home:
In smart homes, the components such as sensors, cameras, microphones and so on are highly deployed to ensure the security. Adding to this, the growing collaborations to promote the smart cities growth in the region are set to further escalate market growth rate. In August 2019, Mexico City and Guadalajara have announced their partnership with the global Smart Cities for All initiative to track the progress and measure their commitment to digital inclusion.
The rising thefts in the country are significantly turning the consumer towards the adoption of security technologies including video intercoms. As of march 2019, Mexico’s Secretariat of Government estimates that more than half of the thefts around 53% occurred in the Central region, with 22% in the West, 13% in the Southeast, 10% in the Northeast and 2% in the Northwest. Therefore the growth thefts in the country are analysed to impact on the high adoption of the security devices including video intercoms, alarms and others thereby contributing to the market growth rate.
Challenges – Mexico Video Intercom market
The high cost of the video intercom devices is acting as a challenge to the video intercom market in the Mexican market. As the country is a developing economy, the minimal efforts towards the implementation of the high cost security techniques is analysed to hinder the adoption of the high tech intercoms. As the high resolution sensors and other equipment deployed in these systems bear high cost, the overall cost of these systems is high.
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Mexico Video Intercom market. Mexico Video Intercom driver market is expected to be dominated by major companies such as Aiphone Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Dahua Technology Co. Ltd, and Honeywell International Inc. among others.
In April 2019, Hikvision, the world’s leading provider of innovative video surveillance products and solutions had showcased a whole new range of vertical specific solutions, including specialized applications, intelligent traffic management solution.