Fact.MR has analyzed the demand for baby monitors and has projected that the sale of baby monitors Market is expected to grow at a rate of 8.4% during the period of assessment, 2017-2026. By end of the year of assessment (2016), market valuation of baby monitors is anticipated to touch a significant estimation, owing to increasing demand for baby monitors from working parents as well as baby care centers. According to Fact.MR, the volume of baby monitors expected to be sold by 2026 end is around 11,900,000 units.
Child care has become the need of the hour with increasing percentage of working population across the globe. For instance, according to US Bureau of Labor Statistics, about 40% of the population was actively working in 2014 and this percentage is expected to increase at an alarming rate. Considering population in the age group of 25 to 54 years, by 2018 end, the percentage of working population is expected to reach 64% and by 2024, it is expected to touch 63.9%.
This has necessitated increasing demand for child care across the globe. Governments are initiating child safety measures. Child Care and Development Block Grant was reauthorized to provide additional safety and protection for babies. Gradual improvement has been observed with respect to enhancement of child care standards. This has given enough fuel to develop advanced child safety devices such as baby monitors that ensure safety of babies and offer reassurance to parents.
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With increasing preference for baby monitors, manufacturers such as Koninklijke Philips N.V., Samsung Electronics Co. Ltd., Platinum Angelcare, Sony Corporation, and VTech have been striving to innovate their products to make them more connected and safe. For instance, Koninklijke Philips has introduced uGrow interactive application, the first medical application that syncs with Philips Avent smart ear thermometer and Philips Avent smart baby monitor via Bluetooth. In the coming year, this application will work with smart feeding kit that would monitor baby’s feeing schedule, including time, duration and volume.
Technological innovations has taken baby care products as a whole to a whole new level. Baby monitoring has gained high steam with introduction of novel products, for instance smart baby monitor with wall mount camera that provides sleep track, two way audio, temperature monitoring, real time notifications and humidity monitoring. These smart baby monitors allow remote monitoring as well as noise detection. With introduction of wireless technology, it has become convenient for parents to keep close watch, with the main advantage of this technology being mobility. Such developments are expected to trigger sales of baby monitors in the years to follow, thus aiding the growth of the global baby monitor market.
In addition, with emergence of Internet of Things (IoT), connected monitoring has become possible. Baby monitors with integrated solutions such as interactive monitoring are compatible with laptops, tablets and smartphones. Applications that run on these devices directly connect the users to the monitoring system. With this, the user can keep a check on room temperature, sound, movements as well as can carry out two way communication. In addition, with Wi-Fi connectivity, baby monitors can provide entire view of the baby at any point in time. Such innovative advances have triggered the use of baby monitors across regions in the globe.
Moreover, online retailing has played a major role in the distribution of baby monitors. Online retailing has enhanced the visibility these products that has made them accessible across geographies. E-retailing has witnessed faster adoption owing to its cost effective and time saving benefits, and this trend is expected to spur the sale of baby monitors in the coming future.
Few Key Highlights on Global Baby Monitors Market
North America region is more lucrative for baby monitors market owing to increasing sales of baby monitors in this region. The growing percentage of working population in the region, especially in United States, couple with increasing GDP per capita of the region, is expected to aid the sales of baby monitors. Baby monitors market in North America is projected to expand at a high value CAGR of 9.5% during the period of forecast
Video monitoring is expected to gain high steam during the assessment period. The growth of this segment is accompanied by the growth of IoT (Internet of Things), with which parents are able to observe every movement of babies on their devices (smartphones, tablets or laptops). Video monitors segment in the product type category is expected to largely contribute to the growth of the global baby monitor market in the coming years
Sale of wired baby monitors was observed to grow immensely since past years. This trend is expected to continue in the coming years. The sale of wired baby monitors is expected to surpass US$ 890 Mn by end of assessment year. However, wireless baby monitors are also gaining significant traction, the demand for which is projected to rise at an exponential rate during the period of forecast
Modern trade is poised to lead the global market for baby monitors with respect to sales channel. The sale of baby monitors is anticipated to cross US$ 300 Mn via modern trade segment. Also, contributing to the growth of the global market, online stores are gaining high steam and tis segment is projected to expand at a robust rate throughout the period of forecast
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