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Alphabet (GOOGL) Enhances Home Security With New Nest Doorbell
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Alphabet’s (GOOGL - Free Report) division Google is consistently expanding its smart security product portfolio on the back of product launches.
This is evident from the fact that Google recently introduced the 2nd generation Nest Doorbell (wired) through the updated Google Home app.
The new doorbell has the ability to provide users with up to 10 days’ worth of video-history recording. Google Home app users can check the video live or look at past recordings by browsing the history in the app.
Thus, the latest Nest doorbell will provide an enhanced security experience to users. This is expected to boost the adoption rate of the doorbell in the days ahead.
With the launch of the wired Nest Doorbell, Google strengthened Nest offerings, including smart-home products like smart speakers, smart displays, thermostats, smoke detectors, smart doorbells, cameras and smart locks.
Apart from this current move, Google’s Nest Hub and other Google Assistant smart displays, which recently started featuring lyrics on the Spotify app while playing songs on smart devices, are likely to continue gaining momentum among users.
Google also introduced an Air Quality feature in Google Nest Hub that lets users know the air quality in the area.
Further, Google provided a free Nest Power Connector to Thermostat owners to resolve their wiring problems.
With the growing initiatives, Google is strengthening its position in the booming smart-home market, which is expected to touch $380.5 billion in 2028, seeing a CAGR of 21.1% from 2022 to 2028, per a report by Fortune Business Insights.
Google’s strengthening presence in the aforesaid market will further help its parent Alphabet win investors’ confidence in the near and the long term.
Shares of Alphabet have been down 31.9% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 35.8%.
Competitive Scenario
GOOGL’s launch of Nest Doorbell is expected to help it expand its presence in the booming smart-home security market.
The market is witnessing significant growth in recent times owing to increasing demand for safety and security systems, driven by the rising global crime rate.
Per a Brand Essence Research report, the underlined market is expected to hit $5.86 billion by 2028, witnessing a CAGR of 20.4% between 2022 and 2028.
Given this upbeat scenario, not only Google but other companies like Amazon (AMZN - Free Report) , Vivint Smart Home and ADT (ADT - Free Report) are also making strong efforts to capitalize on the above-mentioned prospects.
Shares of Amazon have been down 31.3% in the year-to-date period. AMZN’s launch of Blink Video Doorbell remains a positive. The doorbell provides a long-lasting battery life, wired or wire-free install, HD day and night video, plus two-way audio and alerts to users’ smartphones. In addition, AMZN unveiled the Blink Floodlight Camera, featuring a battery-powered LED mount to deliver an enhanced home-security experience.
In May 2022, Vivint released a suite of smart-home products, including an all-new Doorbell Camera Pro, Outdoor Camera Pro, Spotlight Pro and Indoor Camera Pro. With these new products, VVNT aims to offer safe and smart-home solutions to homeowners. Shares of VVNT have been down 33.8% in the same time frame.
ADT has lost 1.4% in the year-to-date period. ADT offers Smart Home Video Doorbell, which lets users see, hear and record the person at their doorstep. The doorbell is also compatible with the ADT Smart Services app, smoke detectors and indoor Wi-Fi cameras.
Nevertheless, Google’s growing efforts toward expanding its Nest security product offerings are expected to help it gain a competitive edge over its peers.
Image: Bigstock
Alphabet (GOOGL) Enhances Home Security With New Nest Doorbell
Alphabet’s (GOOGL - Free Report) division Google is consistently expanding its smart security product portfolio on the back of product launches.
This is evident from the fact that Google recently introduced the 2nd generation Nest Doorbell (wired) through the updated Google Home app.
The new doorbell has the ability to provide users with up to 10 days’ worth of video-history recording. Google Home app users can check the video live or look at past recordings by browsing the history in the app.
Thus, the latest Nest doorbell will provide an enhanced security experience to users. This is expected to boost the adoption rate of the doorbell in the days ahead.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Efforts to Bolster Google Nest
With the launch of the wired Nest Doorbell, Google strengthened Nest offerings, including smart-home products like smart speakers, smart displays, thermostats, smoke detectors, smart doorbells, cameras and smart locks.
Apart from this current move, Google’s Nest Hub and other Google Assistant smart displays, which recently started featuring lyrics on the Spotify app while playing songs on smart devices, are likely to continue gaining momentum among users.
Google also introduced an Air Quality feature in Google Nest Hub that lets users know the air quality in the area.
Further, Google provided a free Nest Power Connector to Thermostat owners to resolve their wiring problems.
With the growing initiatives, Google is strengthening its position in the booming smart-home market, which is expected to touch $380.5 billion in 2028, seeing a CAGR of 21.1% from 2022 to 2028, per a report by Fortune Business Insights.
Google’s strengthening presence in the aforesaid market will further help its parent Alphabet win investors’ confidence in the near and the long term.
Shares of Alphabet have been down 31.9% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 35.8%.
Competitive Scenario
GOOGL’s launch of Nest Doorbell is expected to help it expand its presence in the booming smart-home security market.
The market is witnessing significant growth in recent times owing to increasing demand for safety and security systems, driven by the rising global crime rate.
Per a Brand Essence Research report, the underlined market is expected to hit $5.86 billion by 2028, witnessing a CAGR of 20.4% between 2022 and 2028.
Given this upbeat scenario, not only Google but other companies like Amazon (AMZN - Free Report) , Vivint Smart Home and ADT (ADT - Free Report) are also making strong efforts to capitalize on the above-mentioned prospects.
Shares of Amazon have been down 31.3% in the year-to-date period. AMZN’s launch of Blink Video Doorbell remains a positive. The doorbell provides a long-lasting battery life, wired or wire-free install, HD day and night video, plus two-way audio and alerts to users’ smartphones. In addition, AMZN unveiled the Blink Floodlight Camera, featuring a battery-powered LED mount to deliver an enhanced home-security experience.
In May 2022, Vivint released a suite of smart-home products, including an all-new Doorbell Camera Pro, Outdoor Camera Pro, Spotlight Pro and Indoor Camera Pro. With these new products, VVNT aims to offer safe and smart-home solutions to homeowners. Shares of VVNT have been down 33.8% in the same time frame.
ADT has lost 1.4% in the year-to-date period. ADT offers Smart Home Video Doorbell, which lets users see, hear and record the person at their doorstep. The doorbell is also compatible with the ADT Smart Services app, smoke detectors and indoor Wi-Fi cameras.
Nevertheless, Google’s growing efforts toward expanding its Nest security product offerings are expected to help it gain a competitive edge over its peers.
Currently, Google’s parent Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.