Alphabet’s GOOGL division Google is gearing up for launching its next-generation Nest Doorbell.
According to 9TO5Google, Google revealed images of the new wired doorbell named ‘venus’ through the updated Google Home app. Alphabet will showcase its Nest doorbell and other Nest smart home products on Oct 6.
Per the images, the Nest Doorbell has the pill-shaped design with the camera at the top and a button at the bottom. Google also showed images of a black baseplate and the wedge, in case the user needs a different mounting angle.
Reportedly, the Doorbell will provide all-day video history recording to users with Nest Aware subscription. This will deliver an enhanced security experience to users.
With the latest move, the company strives to expand its smart security product portfolio.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
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 crime rate across the globe.
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, Vivint Smart Home VVNT and ADT ADT are making strong efforts to capitalize on the above-mentioned prospects.
Shares of Amazon have been down 20% in the year-to-date period. Amazon’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, 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, Vivint aims to offer safe and smart home solutions to homeowners. Shares of VVNT have been down 28.7% in the same time frame.
ADT has lost 0.2% 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 in 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.
Efforts to Bolster Google Nest
With the launch of the wired Nest Doorbell, Google will expand Nest offerings, including smart home products like smart speakers, smart displays, thermostats, smoke detectors, smart doorbells, cameras and smart locks.
Apart from the latest move, Google’s Nest Huband other Google Assistant smart displays, which recently started featuring lyrics on the Spotify app while playing songs on the smart devices, are likely to continue gaining momentum among the users.
Google also introduced an Air Quality feature in Google Nest Hub that lets users know the quality of air 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 23.6% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 26.4%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
ADT Inc. (ADT) : Free Stock Analysis Report
Alphabet Inc. (GOOGL) : Free Stock Analysis Report
Vivint Smart Home, Inc. (VVNT) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research