Baby Monitor Market Revenue, Key Players, Supply-Demand, Investment Feasibility and Forecast By 2028
The global baby monitor market is estimated to be valued at $1,761.7 million by 2027, surging from $1,258.5 million in 2019 at a noteworthy CAGR of 6.5%.
Impact Analysis of COVID-19 on the Baby Monitor Market
The communal transmission of coronavirus has brought unprecedented challenges to the majority business sectors operating across the globe such as travel & tourism, retail, and others. Moreover, due to the pandemic, the baby monitor industry also experienced a drastic impact in 2020. The baby monitors played a crucial role in helping patients to be monitored during the isolation. Key players including Philips and VTech provided baby monitors, which were extensively used in emergency rooms and intensive care units to bridge the communication gap between coronavirus-infected patients and healthcare staff during isolation. For instance, in February 2021, Nanit, a pioneering company in baby monitoring system, announced to officially release ‘Nanit Pro’, the 3rd generation of its smart baby monitor. This monitor is built with advanced cameras which mainly help in tracking the baby’s height. Similar product developments throughout the COVID-19 period may drive the global baby monitor market in 2020.
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Global Baby Monitor Market Analysis
Despite the massive progress across the world in decreasing infant mortality rates, the WHO (World health organization) estimates reveal that nearly 2.4 million children died in the first month after their delivery in the year 2019. Furthermore, WHO reported that in 2019, there were around 7,000 newborn deaths each day, amounting to 47% of children deaths under age of five-years. Also, Asian countries like India had a neonatal mortality rate of 21.7 per 1,000 live births in 2019, which is significantly higher than the global average of 17.5 per 1,000 newborn babies reported in the 2019. Hence, the need for advanced infant care and monitoring products are expected to increase, which may ultimately create positive impact on the global market for baby monitoring systems, in the coming years.
The high cost associated with installation of baby monitoring systems may obstruct the growth of the market. Moreover, the less availability of FDA (United States Food and Drug Administration) approved baby monitors may restrain the market growth, during the analysis period.
The awareness among the new generation parents about IoT baby monitoring systems has increased exponentially. These advanced baby monitors are capable of providing important information regarding the baby’s sleep activity, breathing pattern, body position, skin temperature, and others. Also, these IoT baby monitors are compatible with devices such as smartphones, laptops, and desktops. In addition to this, market players like Sleepace, a pioneering company in sleep monitoring and sleep-aid, are coming up with new product launches. For example, in January 2019, the company announced to serve ‘Sleepace’s Smart Sleep Sensor’, an IoT enabled Total Sleep Solution, worldwide. This product highly is suitable for babies aged under 6 months, since the product helps in automatically monitoring the respiratory rate, heart rate, and body movement during naps.
Such innovative product introductions can create lucrative opportunities in global baby monitor market.
Global Baby Monitor Market, Segmentation
The global baby monitor market is segmented based on product type, connectivity, sales channel, and region.
Product Type:
The product type segment is further classified into audio and video. Among these, the video sub-segment is anticipated to have the fastest growth and surpass $1,405.3 million by 2027, with an increase from $978.2 million in 2019.
The growing adoption of technological devices for new or first-time parents to oversee their child’s well-being without having to quit their jobs or keep a nanny to look after them may create positive impact on the demand for video baby monitors, during the forecast period. Also, innovative leaders in baby monitoring system market like Kami, a leading all-in-one smart monitor provider, are coming up with major technological advancements. For example, in November 2020, the aforementioned company announced the official launch of KamiBaby, the 1st artificial intelligence (AI) based smart baby monitor. This baby monitoring system offers breakthrough features namely baby cry detection, speaker’s ability to record singing or storytelling, and an advance microphone.
Connectivity:
The connectivity segment is further divided into wired and wireless. The wireless sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $1,621.9 million during the analysis timeframe.
Wireless baby monitors significantly offer homeowners a personalized and a new level of control to supervise their babies. Also, these baby monitors are affordable and provide key features such as interconnectivity, extended battery life, and real-time view from any location. Such above-mentioned elements are anticipated to surge the wireless baby monitor sub-segment growth, in the forecast period.
Sales Channel:
The sales channel segment is further categorized into online and offline. The online sub-segment is expected to have rapid growth and generate a revenue of $642.6 million by 2027 owing to huge availability of trending and innovative baby monitors on the online platform. Also, the robust presence of ecommerce organizations namely Alibaba Group Holding Ltd., Amazon, Inc., and eBay Inc. and their efficient strategies like attractive offers or discounts are creating significant impact on the online sales channel growth.
Region:
The baby monitor market for the Asia-Pacific region is projected to witness rapid growth. This market generated a revenue of $230.3 million in 2019 and is further projected to reach up to $412.2 million by 2027.
Massively increased adoption of innovative and trending baby products is one of the major reasons fueling the market growth of the Asia-Pacific baby monitor industry. Also, the surge in the disposable income of the Asian consumers and their spending on advanced baby care products may also bolster the market growth in the APAC region.
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Key Players in the Global Baby Monitor Market
Some of the leading global baby monitor market players are –
- Dorel Industries Inc.
- VTech Holdings Ltd.
- Summer Infant Inc.
- Anker Technology (UK) Ltd
- Samsung Corporation
- Koninklijke Philips N.V
- Angelcare Monitors Inc.
- Owlet Baby Care
- Nanit
- Bebcare Baby Care.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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