In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
May 2020: CUBO AI smart baby monitors which look more like a white plastic bird than a camera, made to big press releases owing to their latest technology incorporating the artificial intelligence which can notify the parents when the baby’s face is covered and if the baby tries to climb out of the crib.
December 06, 2019: Miku Inc. introduced a new sound feature to their smart baby monitor, adding to their suite of notifications, which offers a sound alert notification. The main objective of this app update is to provide an added layer of safety and awareness to the parents while monitoring their little one’s activities.
A smart baby monitor is an automated device mainly used to track baby’s movements and other activities. Smart baby monitor market is on the rise attributable to innovation in technologies, especially in video and Wi-Fi technology, which have made working parents little less worried for their babies as they can keep a lookout on their babies from all corners of the house and even from outdoors.
The smart baby monitor market is expected to observe an attainable high CAGR during the forecast period, i.e., 2020-2028. The market is segmented by product, application, connectivity, distribution channel, and region. Among segmentation by product, the audio and video segment is expected to dominate the market on account of ease such devices provide to parents in terms of live tracking and watching their babies and easing stress and anxiety of parents. Some market players of this industry have also launched baby monitors equipped with lullabies for the comfort sleeping of the baby.
Among distribution channels, the offline segment is projected to hold the major market share. Growing penetration of hypermarkets and supermarkets have supported the offline selling segment around the world. The brick and mortar store proposes personal service, easy returns, and physical verification of products to the consumers before buying anything. The online segment is expected to grow at a fast pace owing to the convenience it offers to the buyers. There are several customer reviews on e-commerce platforms that enable the buyers to make good choices and assists in choosing the best smart baby monitor amongst wide varieties present on the platforms.
Ongoing innovation in every industry is producing mega results. These smart monitors have new improved services to attract new parents such as tracking room temperature, movement, heart rate, oxygen levels, sleep pattern, and temperature of the baby that deliver information related to their health. They are also capable of sending alerts to parents in case of any problem, some also come with infant wearable options where monitors are directly connected to the baby’s body. This potential lifesaving support from these devices reassures the parents to buy these smart baby monitors. Also, the growing penetration of smartphones and the ease of internet availability are contributing significantly towards the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
The socio-economic settings of parents are evolving. With the growing emergence of both partners working, parents don’t hesitate to invest money on these devices to ensure the safety of their babies. Major market players that are developing baby products are becoming aware of changing consumer behavior and this encourages them to find new ways to innovate and provide better solutions to the parents.
Furthermore, presence of several companies into this market, online shopping, growing expenditure on baby products, an increasing number of professional baby care services, budding awareness about baby safety, a rise in disposable income, and increasing commercialization of these devices are estimated to drive the market during the forecast period.
Increasing stress and anxiety levels of an individual as a result of the sedentary and hectic lifestyle are leading to less focus on having babies which may further impact the demand for such baby monitors across the globe.
Furthermore, safety and security issues concerning these devices can come up as a hindrance to the market.
Our in-depth analysis of the smart baby monitor market includes the following segments:
Geographically, the smart baby monitor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is projected to hold the largest market share in the forecast period. The leading position is attributed to factors such as the prevalence of nuclear family culture, high spending on baby care products, the rapid expansion of online retailing in this region, and easy accessibility to the smart baby monitors in the specialized and online stores of U.S. and Canada.
The European region is anticipated to hold the second-largest market share in the smart baby monitor market. Expansion of e-commerce, rising spending power, growing population, presence of dominant market players, and rising awareness are the factors that have accelerated the growth of the market in this region.
Asia-Pacific is estimated to grow at the fastest rate during the forecast period. Factors such as the fast adaptation of technology among the working parents, along with the rising purchasing power of the customers, and infiltration of leading players, growing population, have been fueling the demand for the smart baby monitor in this region.
Evolving nations, such as China, India, Brazil, South Africa, and Thailand are significant markets with huge opportunities for the smart baby monitor market.
The smart baby monitor market is further classified based on region as follows: