Segmentation By Product (Audio & Video and Tracking Devices); By Connectivity (Wired and Non-Wired); By Application (Home and Commercial); By Distribution Channel (Offline and Online) - Global Demand Analysis & Opportunity Outlook 2028
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Our in-depth analysis of the smart baby monitor market includes the following segments:
By Product
By Connectivity
By Application
By Distribution Channel
By Region
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:
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.
Growth Drivers
Product innovation through the deployment of novel technologies
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
Increment in working populace
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.
Restraints
The sedentary lifestyle of individuals
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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