New York, USA, Oct. 26, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global baby monitor market is anticipated to grow at a stunning CAGR of 6.5%, thereby garnering a revenue of $1,761.7 million by 2027. This comprehensive report provides a brief outlook of the current framework of the baby monitor market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2020-2027. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
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Dynamics of the Baby Monitor Market
Drivers: Significant increase in the number of working parents across the world is expected to boost the baby monitor market in the forecast period. Additionally, rising awareness about newborns’ illnesses and death is anticipated to drive the market forward in the analysis timeframe.
Opportunities: Increase in the women labor force participation is expected to offer numerous growth opportunities to the market in the forecast period. Introduction of zero-radiation baby monitoring system is expected to propel the market in the analysis period.
Restraints: High cost of installing baby monitors is, however, expected to become a restraint in the growth of the baby monitor market.
Impact of Covid-19 on the Baby Monitor Market
The Covid-19 pandemic and the subsequent lockdowns across the globe had severely impacted various industries. The baby monitor market faced a moderate impact of the market. Since the focus of the healthcare sector during these years was shifted to curbing the spread of the virus and tackling the pandemic, there was a general decrease in demand for baby monitors. However, leading players of the market came up with multiple strategies such as product developments, collaboration, which helped the market to grow in the pandemic years.
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Segments of the Baby Monitor Market
The report has divided the market into certain segments based on product type, connectivity type, sales channel, and region.
Product Type: Video Baby Monitor Sub-segment to be the Most Dominating
By product type, the video baby monitor sub-segment is expected to have the most dominating market share and is expected to generate a revenue of $1,405.3 million by 2027. Since video baby monitors play a crucial role in gathering round-the-clock data on the newborn, there is an extensive demand for these devices. This increased demand is expected to offer numerous growth opportunities to the sub-segment in the forecast period.
Connectivity Type: Wireless Sub-segment to have the Highest CAGR
By connectivity type, the wireless sub-segment of the baby monitor market is expected to have the highest CAGR and register a revenue of $1,621.9 million by 2027. The key features of wireless baby monitors such as voice assistants, real-time footage of baby, capability to store video footage via mobile app or cloud storage, etc. are expected to help the sub-segment post a positive growth in the forecast period.
Sales Channel: Online Sub-segment to Have Rapid Growth
By sales channel, the online sub-segment is expected to grow substantially and is expected to generate a revenue of $642.6 million by 2027. Multiple advantages provided by online channel such as streamlined communication, enhanced customer service, less barriers to entry, etc. are anticipated to propel the sub-segment in the forecast period.
Region: Market in North America Region to be the Most Lucrative
By regional analysis, the baby monitor market in the North America region is anticipated to be most lucrative and gather a revenue of $628.9 million during the 2020-2027 timeframe. Increasing demand for baby monitors from busy parents across the whole region is expected to be the primary growth driver of the market in the forecast period.
Prominent Baby Monitor Market Players
Some of the key players in the baby monitor market are
- Dorel Industries Inc.
- VTech Holdings Ltd.
- Summer Infant Inc.
- Anker Technology (UK) Ltd
- Samsung Corporation
- Koninklijke Philips N.V
- Angelcare Monitors Inc.
- Owlet Baby Care
- Nanit
- Bebcare Baby Care., among others.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market. – Inquire here to buy the full report
For instance, in February 2021, Owlet Baby Care, a leading infant monitoring device developer, announced its merger with Sandbridge Acquisition Corporation, a special purpose acquisition company. This strategic collaboration will help Owlet Baby Care to increase its foothold in the market and consolidate its position in the coming period.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Baby Monitor Market:
- Rise in Women Workforce to Boost the Growth of the Global Baby Monitor Market in the Forthcoming Years
- Baby Monitors are Making Parenting Easier; Here’s How
