The global baby monitoring market is witnessing growth, which is attributable to numerous factors. Some of these are rising living standards, especially in the developing economies, owing to tremendous economic growth experienced in this region. This increase in disposable incomes, coupled with rapid westernization is leading to a rise in demand for baby monitoring devices. Besides, as population across the world rises and nuclear-family becomes the norm, the growth will only be fuelled further.
Therefore, it should come as no surprise that the market for global baby monitoring devices market is expected to grow at a steady CAGR (Compound Annual Growth Rate), generating a significant worth of market opportunities over the forecast period of 2019-2027.
Global Baby Monitoring Devices Market: Notable Developments
The global baby monitoring market is on its way to charting significant growth. The market players are active and setting the tone for future growth. To explain how certain developments would pan out over the forecast period, a peek into few is provided below.
- Feb 2017: VTech Communications, Inc. launched two novel high-definition Wi-Fi baby monitors that feature motion alerts and live remote access through smartphone apps and tablets. It is a step ahead in modern parenting and would cater to a vast number of people
- Nov 2016: Motorola announced launch of a smart nursery products that are both intelligent and interactive. Besides, they have alert sensor, humidifier and dream machine. Compatible with iOS and Android for modern day baby monitoring, these demonstrate the seriousness of players to keep products innovative to keep hold of market share
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The global baby monitoring devices market is fragmented and key players in the landscape include Samsung Electronics Co. Ltd., Dorel Industries Inc., Koninklijke Philips, Motorola, Lorex Technology Inc., Angelcare Monitors Inc., Sony Corporation, Windeln De Ag, Summer infant inc. and Hisense Ltd. To keep an edge over others, players often enter in strategic partnerships and collaborations.
Global Baby Monitoring Devices Market: Key Trends and Drivers
The global baby monitoring devices market is set to witness positive growth chart owing to a number of factors. Some of these are outlined below.
- A swift rise in digital technology in all spheres of life is noted and this is set-to be a growth factor in baby care as well. As people get used to getting things done at the convenience of a click, the global baby monitoring devices market is set to see notable growth. And, it should be noted that here again, the shift is not just in baby monitoring in terms of keeping an eye on the child but also feeding, healthcare and so on. Thus, it comes as no surprise that part of monitoring now involves sensors to gauge baby temperature and other such factors.
- A shift in lifestyle is leading to growth in global baby monitoring devices market. A work day is getting longer for more and people, demand for such products increase. To compound the parenting situation is the fact that both parents now work, driving the market ahead as the need to check up on babies intensifies. Besides, even in region where there were always one parent or grandparent available to babysit, like India, the situation is changing. Westernization and urbanization is both transforming the picture in favour of market growth.
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Global Baby Monitoring Devices Market: Geographical Analysis
The Asia Pacific region will generate opportunities owing ro increase in population, westernization and rapid urbanization. The lifestyle shift these parameter would bring about will lead to increase in demand for baby monitoring products over the forecast period. Another market that will hold dominance is North America owing to high living standards and high rate of adoption of baby products.