Global $1.58 Billion Smart Baby Monitor Markets to 2026
DUBLIN, June 24, 2021 /PRNewswire/ -- The "Smart Baby Monitor Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The smart baby monitor market is evaluated at US$930.800 million for the year 2019 and is projected to grow at a CAGR of 7.92% to reach the market size of US$1,586.974 million by the year 2026.
The rising number of nuclear families and working parents is a major driving factor in the smart baby monitor market. These product solutions facilitate real-time communication between the parents and children when they are away at work. Additionally, the growing penetration of smartphones is further thrusting demand in the market as it allows parents to communicate with their children remotely through smart devices.
Moreover, changing lifestyle patterns and rising disposable income are further augmenting the demand for smart baby monitor products. Further, the shifting trends towards commercialization and online retailing are expected to propel growth in the smart baby monitor market.
Product innovation through the utilization of new technologies and IoT is further projected to fuel growth in the market. Novel technological features such as portability, efficiency in connectivity, and WLAN connection are features driving the demand growth in the smart baby monitor market.
However, the declining birth rate due to changing lifestyles associated with economic and social affluence is expected to hamper growth in the smart baby monitor market. Moreover, safety concerns associated with the smart baby monitor solutions can be a challenge to the manufacturers of the smart baby monitor industry.
Video-based Smart Baby monitor segment to show promising growth
Video cameras allow parents to keep a check on their child's status through live videos, smartphones, and sensors, allowing them to monitor their children more efficiently and securely when away from home.
Furthermore, video monitoring devices assist in checking the baby's feeding schedule, nap time, and baby's activity through an integrated automatic mobile notification, auio communication systems, and temperature sensors. Whereas, technological advancements such as cry detection, audio storage, and monitoring technologies are further augmenting the demand in the audio segment.
Wireless-based Smart Baby monitor segment to show promising growth
Moreover, by connectivity, the market has been segmented by wired and wireless. The wireless segment holds a dominant market share in the smart baby monitor market owing to the growing number of smart wireless devices, availability of high-speed connectivity, and growing wireless market.
Moreover, enhanced mobility features offered by the smart wireless baby monitor solutions as compared to the wired ones are further expected to drive demand growth in the market. However, piracy concerns and high costs may hinder the growth of wired smart baby monitor products.
Rising corporate and private daycare centers are estimated to drive growth in the smart baby monitor market. Increasing women's employment in organizations is forcing parents to put their babies in private daycare centers. Similarly, initiatives are been taken by corporates to establish in-house daycare centers to facilitate ease and convenience to the working parents. Therefore, such initiatives by organizations bolstering growth in the smart baby monitor market.
For instance, Recently at CES 2020, P&G through its subsidiary brand Pampers unveiled Lumi, an all-in-one connected care system targeting the millennial parent's customer segment. Similarly, Angelcare launched a new smart baby monitor product solution, the Angelcare baby breathing monitor. The product aims to provide reliable and real-time feedback on children's sleep status.
Besides, the product comes with a camera, monitor, and an innovative breathing sensor pad.
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