New York, USA, April 20, 2021 (GLOBE NEWSWIRE) -- The latest report published by Research Dive states that the global baby monitor market is predicted to a rise in revenue from $1,258.5 million to over $1,761.7 million at a steady CAGR of 6.5%.
Market Dynamics
The world has witnessed a rise where both parents go to work to ensure a better lifestyle for them and the family. The absence of adult supervision has led to increased risk of babies being subjected to injuries or even sudden infant death syndrome. Hence, many parents are turning to equipment such as baby monitors to keep a watch on their children, allowing them to keep a watch on their babies even when they’re at their respective workplaces. The monitors provide parents with a real-time video stream along with audio facility to help them hear and watch their baby. The ability to look after the kid may boost the market grow in the forecast period.
Baby monitors are expensive, and this has led to many parents opting out of the idea to purchase the equipment. This may become a restraining factor in the growth of the market.
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The rising number of women at workplaces has also increased and according to many reports, the numbers are estimated to be at around two-thirds of them working full time. This has been one of the primary reasons for the increased production of more innovative baby care products which is predicted to further lead the growth of the market in future.
Segmental Analysis of the Market
The report has segregated the market into various subcategories namely – product type, connectivity, sales channel, and regional analysis.
Video Baby Monitor Sub-Segment to Gain the Highest Market Share
The video baby monitor is expected to generate revenue of over $1,405.3 million by 2027. It is predicted to grow even further owing to rising concern of working parents towards their children and the provision of round-the-clock visual data allows them to keep a track on the kids constantly.
Wireless Sub-Segment Predicted to Witness Significant Growth
The wireless sub-segment is predicted to see a rise in revenue from $1.127.1 million in 2019 to over $1,621.9 million in 2017. The wireless monitors have a variety of advantages to it including the ability to connect to any equipment via WIFI such as laptops, smartphones, and desktops. The parents are able to watch their children on any gadget without any hassles while they work.
Online Sub-Segment to Gain Popularity in the Market
The online sub-segment is expected to see a rise from $369.9 million in 2019, to over $642.6 million in 2027. This growth is due to its popularity among many busy parents and millennials. The online sub segment has also made major progress in terms of easing communication with the customer care executives by making it more streamlined and enhancing the customer service facilities.
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North America is Predicted to Grow Immensely in the Market
The North American region has been witnessing a rise in the number of working parents, which has in turn facilitated a rise in sales of baby monitors. This is predicted to cause a surge in the revenue of the market from $507.2 million to over $628.9 million in 2027.
Key Players in the Market
According to the report, the key players of the global baby monitor market include:
- Dorel Industries Inc
- Summer Infant Inc
- Samsung Corporation
- Angelcare Monitors Inc
- Nanit
- Bebcare Baby Care
- Owlet Baby Care
- Koninklijke Philips N.V
- Anker Technology (UK) Ltd
- VTech Holdings Ltd
These players are currently focusing on R&D activities, mergers & acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Impact of COVID-19 on the Baby Monitor Market
The baby monitor market witnessed a steady growth rate until the COVID-19 pandemic impacted the world majorly. With most industries closed, and with many families working from home, there was a slight drop in the market. But, with workplaces slowly reopening, the market is predicted to see in the post pandemic world.