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Amazon's (AMZN) Blink Video Doorbell Monitors Front Door

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Amazon (AMZN - Free Report) has introduced the first doorbell from Blink, namely Blink Video Doorbell, in a bid to expand its portfolio of smart home security products.

Blink Video Doorbell has various features like battery life of two years, 1080p HD day and night video, two-way audio, chime app alerts, notification when someone comes at the doorstep, and the ability to connect with the existing in-home chime.

It lets users keep an eye on their homes from anywhere via the Blink Home Monitor app. The product can be seamlessly installed in both wired and wireless modes.

It is compatible with Echo and Fire devices that work with the Alexa virtual assistant technology. Users can monitor it using their voice commands with the Blink Smart Home Skill, and receive alerts when it is pressed and any movement is detected.

Along with the Blink Video Doorbell, Amazon also launched the Blink Floodlight Camera and the Blink Solar Panel Mount.

Blink Floodlight Camera — working with Blink Outdoor — provides a smart floodlight security camera and keeps an eye when packages arrive, and the Blink Solar Panel Mount continuously supplies charge from the sun to the Blink Outdoor.

With the new launches, Amazon strives to provide an enhanced security experience to customers.

Market Prospects

With the recent move, Amazon has positioned itself well to expand its presence in the booming smart home security market.

This market is currently growing due to the increasing demand for smart homes, primarily in advanced countries.

The integration of artificial intelligence in security systems, and the amalgamation of biometrics, facial recognition as well as retina scanning are further proliferating the market.

According to a report by Market Data Forecast, this market is expected to hit $9.25 billion by 2026, witnessing a CAGR of 20.6% during the projected 2021-2026 period.

In addition, the Verified Market Research report reveals that the market is likely to touch $8.55 billion by 2028, registering a CAGR of 19.8% between 2021 and 2028.

Further, the latest move is likely to help the company in penetrating the global home security system market, which is expected to progress at a CAGR of 7% from 2021 to 2026, per a report by Mordor Intelligence.

Competitive Scenario

Given this upbeat scenario, not only Amazon but also other companies like Vivint Smart Home (VVNT - Free Report) , ADT (ADT - Free Report) , SimpliSafe and Abode are making strong efforts to capitalize on the abovementioned prospects.

Vivint Doorbell Camera Pro not only notifies users when packages arrive but also protects them from theft as it activates an LED ring and 65 dB speaker, letting the thief know that they’ve been caught on camera.

ADT Smart Home Video Doorbell — which lets users see, hear and record the person at their doorstep — is compatible with the ADT Smart Services app, smoke detectors as well as indoor Wi-Fi cameras.

SimpliSafe Video Doorbell Pro keeps an eye on the doorstep all day long and notifies users when someone is at their doorstep, even if they don’t ring the bell.

Abode introduced Outdoor Smart Cam, which works as a video doorbell and notifies when someone is spotted. Its compatibility with Google Assistant and Alexa remains noteworthy.

Nevertheless, the recent launch of Blink Video Doorbell, Blink Floodlight Camera and Blink Solar Panel Mount is expected to help Amazon gain a competitive edge against peers.

Zacks Rank & Stock to Consider

Currently, Amazon carries a Zacks Rank #3 (Hold).

A better-ranked stock in the retail-wholesale sector is Capri Holdings Limited (CPRI - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The long-term earnings growth rate for Capri Holdings is currently projected at 46.4%.