Global Baby Monitoring Devices Market: Overview
The global baby monitoring market is witnessing growth, which is attributable to numerous factors. Some of these are rising living standards, especially in the developing economies, owing to tremendous economic growth experienced in this region. This increase in disposable incomes, coupled with rapid westernization is leading to a rise in demand for baby monitoring devices. Besides, as population across the world rises and nuclear-family becomes the norm, the growth will only be fuelled further.
Therefore, it should come as no surprise that the market for global baby monitoring devices market is expected to grow at a steady CAGR (Compound Annual Growth Rate), generating a significant worth of market opportunities over the forecast period of 2019-2027.
Global Baby Monitoring Devices Market: Notable Developments
The global baby monitoring market is on its way to charting significant growth. The market players are active and setting the tone for future growth. To explain how certain developments would pan out over the forecast period, a peek into few is provided below.
- Feb 2017: VTech Communications, Inc. launched two novel high-definition Wi-Fi baby monitors that feature motion alerts and live remote access through smartphone apps and tablets. It is a step ahead in modern parenting and would cater to a vast number of people
- Nov 2016: Motorola announced launch of a smart nursery products that are both intelligent and interactive. Besides, they have alert sensor, humidifier and dream machine. Compatible with iOS and Android for modern day baby monitoring, these demonstrate the seriousness of players to keep products innovative to keep hold of market share
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The global baby monitoring devices market is fragmented and key players in the landscape include Samsung Electronics Co. Ltd., Dorel Industries Inc., Koninklijke Philips, Motorola, Lorex Technology Inc., Angelcare Monitors Inc., Sony Corporation, Windeln De Ag, Summer infant inc. and Hisense Ltd. To keep an edge over others, players often enter in strategic partnerships and collaborations.
Global Baby Monitoring Devices Market: Key Trends and Drivers
The global baby monitoring devices market is set to witness positive growth chart owing to a number of factors. Some of these are outlined below.
- A swift rise in digital technology in all spheres of life is noted and this is set-to be a growth factor in baby care as well. As people get used to getting things done at the convenience of a click, the global baby monitoring devices market is set to see notable growth. And, it should be noted that here again, the shift is not just in baby monitoring in terms of keeping an eye on the child but also feeding, healthcare and so on. Thus, it comes as no surprise that part of monitoring now involves sensors to gauge baby temperature and other such factors.
- A shift in lifestyle is leading to growth in global baby monitoring devices market. A work day is getting longer for more and people, demand for such products increase. To compound the parenting situation is the fact that both parents now work, driving the market ahead as the need to check up on babies intensifies. Besides, even in region where there were always one parent or grandparent available to babysit, like India, the situation is changing. Westernization and urbanization is both transforming the picture in favour of market growth.
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Global Baby Monitoring Devices Market: Geographical Analysis
The Asia Pacific region will generate opportunities owing ro increase in population, westernization and rapid urbanization. The lifestyle shift these parameter would bring about will lead to increase in demand for baby monitoring products over the forecast period. Another market that will hold dominance is North America owing to high living standards and high rate of adoption of baby products.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.