The introduction of multi-functional baby monitors is one of the major trends being witnessed in the global baby monitors market 2019-2023. The growing demand for innovative and advanced products with multiple features or multi-functional products encourages vendors to offer multi-functional baby monitors. Multi-functional products can have more than one application, thereby providing good value for money. Although multifunctional baby monitors are priced higher than other baby monitors, they enjoy high demand as they offer a high ROI over conventional baby monitors. These devices are also more time-efficient and cost effective. They also save space and reduce efforts on operations and provide convenience and improved results. Thus, they eliminate the need of purchasing products for different applications, thereby driving the global baby monitors market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global baby monitors market is the increasing number of surgeries coupled with the growing prevalence of diseases:
Global baby monitors market: Technology innovation and portfolio extension leading to product premiumization
Baby monitors are used for monitoring movement and other activities. Vendors are focusing on technology innovation and portfolio expansion per customer requirement to widen their market share. This also leads to product premiumization. Smart connected baby monitors can be connected to smartphones or tablets using wireless technology, such as Wi-Fi, to send alerts, interact, and monitor babies from remote locations. Other product innovations include multifunctional baby monitors. Thus, the inclusion of advanced and innovative features leads to premiumization of products and boosts sales.
According to a senior analyst at Technavio for research on personal products, “The demand for smart connected baby monitors has increased as many parents complete their household chores while monitoring their babies. The global smart baby monitors market is expected to grow at a CAGR of more than 20% during the forecast period as they are easy to install and use. Parents have access to the cameras installed near their babies, which helps them to view and interact with them from remote locations such as workplaces. Therefore, with such advantages, the market is expected to improve on a larger scale during the forecast period.”
Global baby monitors market: Segmentation analysis
The global baby monitors market research report provides market segmentation by product (audio and video baby monitors, advanced baby monitors, audio baby monitors), by distribution channel (offline and online), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for close to 46% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
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Five Forces Analysis
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- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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