While the global baby monitors market represent a fairly consolidated vendor landscape, it witnesses no less competitive rivalry among the key market players. As per a new study by Transparency Market Research (TMR), the top five vendors cumulatively held around 60% of the global baby monitors market in 2015. Among these companies Motorola Solutions, Inc., held dominance with a share just a little short of 20% in the same year. In order to gain competitive edge, most market players are focusing on research and development of innovative solutions. A case in point could be the launch of baby monitors for smartphones by Angelcare in 2014. Other companies to have established strong presence in the global baby monitors market are Dorel Industries Inc., LOREX Technology Inc., and Samsung Electronics Co. Ltd.
TMR forecasts the global baby monitors market to exhibit a CAGR of 4.4% between 2016 and 2024. At this pace the market’s valuation, which stood at US$876.8 mn in 2015, will reach US$1.29 bn by the end of 2024. Based on connectivity, the baby monitors market will witness strongest demand in the wireless section, which accounted for nearly 82.8% of its overall share in 2015. Regionally, North America held the lead with over 40% of the global baby monitors market. However, during the course of the forecast period, Asia Pacific is expected to showcase the most lucrative opportunities.
Demand Set to Increase as Online Retailers Target at Boosting Sales
Steps taken by online retailers to boost sales will have a positively influence on the overall market. Availability through online mediums has made baby monitors more accessible for consumers. Moreover, parents get to choose from a wide array of options, which has tipped scales in favor of the global baby monitors market. Much like in case of their brick and mortar counterparts, online retailers are operating amidst tough competition. Their main focus is therefore to offer baby monitors at a competitive price tag. This in turn helps parents to land into some great deals. Over the next few years, as online retail segment gain increased traction, it is expected to boost the baby monitors market in response.
Besides this, the global baby monitors market is highly influenced by the rising willingness among parents on child care products. With an increasing number of parents choosing to retain their full-time jobs even after child birth, more number of kids are enrolled into day care facilities. This in turn has fuelled the demand for baby monitors as it enable parents keep track of their kid’s activities. In addition, recent advancements have made it possible for parents to install baby monitor apps on their smartphones, which in turn has helped the market gain considerable momentum.
Falling Birth Rates and Security Concerns Can Hinder Growth
On the downside, factors such as falling birth rates as a result of sedentary lifestyle and rising stress levels could have an adverse impact on the overall market. According to a report published by Forbes, the U.S. witnessed the lowest birth rate in 2013. The fertility rate in women also declined drastically from 2007 to 2013. This issue, as per industry veterans, had medium-level negative influence on the overall market, especially in developed regions such as North America and Europe.
In addition, the market’s prospects are hampered due to rising concerns among parents regarding the safety and security of their children. While recent technological advancements have made baby monitors “smart”, which in turn can be controlled via apps installed in our smartphones. However, this also makes the security of baby monitors vulnerable to several hacking tools. Hackers could use technology for turning baby monitors into spy cameras, therefore defeating the purpose behind installing baby monitors.
This review is based on information derived from a TMR report, titled “Baby Monitors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
For the purpose of the study, the global baby monitors market is segmented as:
Major regions analyzed under this research report are:
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World (RoW)
- Latin America
- Middle East & Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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