Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Smart Baby Monitor market.
Trusted Business Insights presents an updated and Latest Study on Smart Baby Monitor Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Smart Baby Monitor market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Smart Baby Monitor Market
The global smart baby monitor market size was valued at USD 972.6 million in 2018. Increasing number of nuclear families and working parents has been fueling the adoption of the product among the consumers. In addition, rising birth rate in countries including Sweden, U.K., Russia, Czech Republic, and Spain is expected to expand the market size of smart baby monitor in the upcoming years.
Smart baby monitors allow parents to track the activities of their children. Rising awareness regarding child safety has been encouraging working parents to purchase this type of product. An increase in the number of working mothers in countries including U.S., China, and Canada is projected to remain a key factor driving the market. These products reduce the stress of the parents when they are at workplace or away from home as they facilitate the buyers with real-time communication between parents and their children. Furthermore, rapid penetration of smartphone has been supporting the growth of the industry as they enable the parents to watch their child from any location.
Rising purchasing power in developing countries such as Brazil, India, Thailand, and China is projected to allow the consumers to spend more on children safety. Expansion of e-commerce has fueled the growth of the Smart baby monitors market by providing easy access to the products to consumers across the globe. In addition, change in the one-child policy in China is expected to expand the market size of smart baby monitor over the next few years.
Product innovation through the utilization of new technologies and IoT (Internet of things) is raising the demand for the products in both developed and developing countries. Features including portability, ease of installation, and WLAN connection have been attracting the consumers across the world. On the other hand, decrease in the birth rate caused by the high-stress and sedentary lifestyle is expected to hamper the market demand for the industry in the upcoming years. Safety concerns associated with these smart baby monitors can be a challenge for the manufacturers of the smart baby monitor industry.
Distribution Channel Insights
As of 2018, the offline distribution channel held the largest share of more than 70.0% in market for smart baby monitor. Increasing penetration of hypermarkets and supermarkets has strengthened the offline retail segment across the globe. The brick and mortar store offers personal service, easy returns, and physical verification to the consumers prior to any purchases.
The online distribution channel is projected to expand at the fastest CAGR of 8.7% from 2021 to 2026. Availability of a wide range of products in the online retail stores is expected to be a primary driver for the online sales. Furthermore, e-commerce allows the buyers to compare numerous products at once and provides reviews from other shoppers, and thus, in turn, saving the lead-time of the consumers. As a result, over the past few years, consumers preference has been shifting towards e-commerce as a medium of purchasing the smart baby monitors.
Product Insights of Smart Baby Monitor Market
As of 2018, the audio and video segment held the largest share of more than 75.0%. These type of smart baby monitors help to ease the stress and anxiety of parents caused by being apart from their child. The video camera allows the parents to securely access live video of their child while away from home to check the babys activity, nap, and feeding schedule. A large number of audio and video smart baby monitors are featured with temperature sensors, two-way audio, and automatic mobile notifications. Some of the key producers including Motorola, Inc. and iBaby Labs, Inc. have offer products equipped with lullabies to soothe children to sleep. Consumers have been opting for audio and video products owing to their above-mentioned features.
The tracking devices are anticipated to witness significant growth in the coming years. Sometimes, these products come with infant wearable options. These smart baby monitors connect directly to the childs body for better monitoring. They track room temperature, movement, heart rate, oxygen levels, sleep pattern, and temperature of the children that provide information about their health to parents. These trackers also send alerts to parents in case of any problem. This potential lifesaving assistance of these devices encourages the parents to buy these smart tracking devices.
Regional Insights of Smart Baby Monitor Market
North America dominated the market for smart baby monitor in 2018, accounting for more than 45.0% share of the total revenue. Increased adoption of innovative baby products is one of the key factors boosting the growth of the market in U.S. Furthermore, rapid expansion of online retailing in this country is positively influencing the industry growth. Easy availability of the smart baby monitor in the specialized and online stores of U.S. and Canada has accelerated the growth of the market.
Asia Pacific is anticipated to witness the fastest growth in the upcoming years. Increasing female participation in the labor force in countries including China, Japan, Thailand, Indonesia, and India is expected to be a key factor driving the market. Furthermore, fast adoption of technology among the working parents, along with rising purchasing power of the consumers, has been fueling the demand for smart baby monitor in this region.
Market Share Insights of Smart Baby Monitor Market
Major smart baby monitor manufacturers of this industry include Samsung Electronics Co., Ltd.; Motorola, Inc.; Dorel Industries Inc.; iBaby Labs, Inc.; NETGEAR Inc.; Summer Infant, Inc.; VTech; Lorex Technology Inc.; Angelcare Monitor Inc.; and Safety 1st. Over the past few years, producers including Summer Infant, Inc.; VTech Communications, Inc.; Lorex Technology Inc.; and Lorex Technology Inc. have been introducing new smart baby monitors to expand the consumer base and gain a competitive advantage. In addition, other baby products manufacturers such as The Procter & Gamble Company (Pampers) and Kimberly-Clark (Huggies) are entering the market by incorporating tracking devices in their monitors. For instance, in July 2019, Pampers announced to launch a smart diaper that will track the child’s urine and sleep.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Smart Baby Monitor Market Research Report
This report forecasts revenue growth at the global, regional, and country levels, and provides an analysis on the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global smart baby monitor market report based on product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Audio & Video
Distribution Channel Outlook (Revenue, USD Million, 2019 – 2030)
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