The emergence of smart baby monitor with AI integration is aiding global baby monitor market growth.
CHICAGO, IL, UNITED STATES, July 3, 2019 /EINPresswire.com/ — The global interactive baby monitor market is likely to cross over $2.5 billion by 2024, growing at a CAGR of around 13% during 2018–2024.
The interactive baby monitor market is witnessing a surge in demand due to several technological enhancements. It is expected that the market will grow further during the forecast period as a result of the growing impact of the internet on purchasing decisions of consumers, increasing awareness about infant safety, the rise of movement monitors, and the popularity of smart baby monitor. The increasing demand from developing markets, the high availability of digital baby monitors, innovation and technological advancements, and enhanced marketing and visibility of baby monitoring products online have contributed to the growth of the interactive baby monitor market worldwide.
Rapid innovations and funding of new start-ups in the baby movement monitor market have facilitated introduction of new products in the interactive baby monitor market. Vendors are also including additional functionalities such as ECG monitoring, oxygen level and body temperature devices along with traditional motion sensing function. The sale of smart devices has been proliferated due to multiple factors such as growing awareness about infant safety(SUID), increasing penetration of IoT in different sectors, the growing popularity of smart baby monitors, and increasing per capita income. Also, the emergence of smart baby monitor with AI integration is aiding market growth worldwide. For example, Arlo’s baby monitor feature monitoring via Amazon’s Echo Show. Manufacturers are likely to integrate Google Assistant to sync the device with Google Home or Chromecast.
Further, vendors are working on product customization, which is emerging as an effective way to enhance the consumer base and increase the market share. Global vendors with wide infrastructure and R&D are rapidly expanding their footprint in the global interactive baby monitor market. Therefore, regional vendors may witness a tough competition in terms of reliability, technology, and price. The competitive landscape in the market is likely to remain intense with vendors trying to increase their product/service offerings through technological innovations, joint ventures, and mergers and acquisitions.
The market research report on the interactive baby monitor market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by product (audio only monitor, audio and video monitor, and movement monitor), connectivity (corded and cordless), transmission (analog and digital), distribution (retail and online), and geography (APAC, Europe, Latin America, MEA, and North America).
Interactive Baby Monitor Market – Segmentation
The market research report includes detailed market segmentation by product, connectivity, transmission, distribution, and geography. The interactive baby monitor market by product can be segmented into audio-only monitor, audio and video monitor, and movement monitor. The audio and video baby monitor segment dominated the market in 2018 and is expected to grow at a CAGR of around 13% during the forecast period. The segment is the largest revenue contributor to the market. Audio and video monitor are highly adopted due to the possibility of real-time interaction of parents with babies. The audio-only interactive baby monitor market is growing at a faster rate. Audio only devices are gaining traction in the market due to low-cost. The baby movement monitors segment is expected to emerge as the fastest growing segment during the forecast period.
The interactive baby monitor market by connectivity can be segmented into corded and cordless. In 2018, the cordless baby monitor market captured more than three-fourths of the market. Cordless baby monitoring devices are more portable than wired/corded types. The corded devices market, on the other hand, is expected to decline significantly as they are now perceived to be insecure for babies.
The global market by transmission can be segmented into digital and analog. In terms of unit shipment, the digital segment captured around three-fourths of the market in 2018. Vendors are introducing new digital techniques such as Digital Enhanced Cordless Technology (DECT), which uses 1.9 GHz frequency that offers more privacy and limited interference than the digital baby monitor.
The interactive baby monitor market by distribution can be segmented into retail and online. In 2018, the retail segment contributed to the highest market revenue to the global interactive baby monitor market. With the entry of security device manufacturers such as Lorex and camera manufacturers such as Samsung in the interactive baby monitor market, the sale of baby monitoring devices through retail stores such as child specialty stores and supermarkets has grown significantly. A large number of retail players such as Toys “R” Us, Graco, Babies “R” Us, Prenatal, Sear's, Wal-Mart, Tesco, Buy Buy Baby, Best Buy, and Costco have started to stock and showcase these products in their retail outlets, leading to the growth of interactive baby monitor market globally. The online distribution channel is gaining prominence among end-users.
Market Segmentation by Product
• Audio Only Monitors
• Audio and Video Monitors
• Movement Monitors
Market Segmentation by Connectivity
Market Segmentation by Transmission
Market Segmentation by Distribution
Interactive Baby Monitor Market – Geography
The global interactive baby monitor market by geography can be segmented into APAC, Europe, Latin America, MEA, and North America. The European market is growing at a significant rate. The European Union (EU) initiated the Horizon 2020 program, which is focusing on developing industrial leadership by evolving current manufacturing operations by leveraging on advanced computing, sensor technology, and robotics. These initiatives are aimed at boosting manufacturing industries, including interactive baby monitoring products. North America is witnessing a high demand for interactive baby monitoring devices. The major reasons for high demand for these devices are the popularity of smart monitoring devices among end-users and the introduction of smart movement monitor by vendors. The interactive baby monitor market in APAC is characterized by the demand for low-cost products. APAC is witnessing high growth in the number of middle-income families. Further, the concept of baby monitoring technology has not gained popularity in several Middle Eastern, Latin American, and African countries. Thus, the market demand and penetration remain low in these regions. However, with vendors expanding their operations in these countries, the demand for these products will grow during the forecast period.
Market Segmentation by Geography
• Latin America
o South Africa
• North America
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Key Vendor Analysis
The interactive baby monitor market is characterized by the presence of diversified global and regional vendors. As global players are likely to increase their footprint in the market, regional vendors would be finding it increasingly difficult to compete with them. The market is moderately fragmented. On the one hand, there are global players providing baby monitoring devices with high functionality and designs, on the other hand, there are local vendors providing products with similar specifications at low prices, thereby intensifying the price competition. The competition will be based solely in terms of features such as quality, quantity, technology, services, and price.
Key Company Profiled in the report are
• Dorel Industries
• Lorex Technology
• Motorola Mobility
• Philips Avent
• Summer Infant
Other Prominent Vendors
• iBaby Labs
• Hanwha Techwin
• Wifi Baby
Movement Monitors: Prominent Vendors
• Blue Spark Technologies
• Mayborn Group
• Snuza International
• iBaby Guard International
• Owlet Baby Care
• Rest Devices
Key Market Insights
• Offers market sizing and growth prospects of functional interactive baby monitor market for the forecast period 2019–2024
• Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the global interactive baby monitor market
• Includes a detailed analysis of market growth drivers, challenges, and investment opportunities
• Delivers a complete overview of market segments and the regional outlook of the interactive baby monitor market
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the global interactive baby monitor market
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Source: EIN Presswire