Baby monitors are devices that parents can use to remotely track movements and sounds of their baby. These monitors record sound, develop a video footage, provide live feed about information such as baby’s temperature, movements, and much more. A baby monitor device allows parents to check on their kids via mobile devices with efficient network coverage. Apart from this, a baby monitor is a radio system that consists of a transmitter unit that is equipped with a microphone and placed in the child’s vicinity. Also, some of the baby monitors offer two-way communication due to which parents can speak back to the child.
Forecast Analysis of the Global Baby Monitor Market
The global baby monitor market is anticipated to rise massively in the coming years due to the exponential rise in the women’s participation in the workforce, especially in the U.S.A and U.K regions. For instance, according to a report offered by the American Community Survey (ACS) conducted in 2018, working mothers made up a prominent part of the labor force, nearly 32% (one-third) of all the employed women. Moreover, there are around 23.5 million working women with children under the age of 18 and work full-time, all year-round.
In addition, as per the ons.gov.uk website, in November 2019, the predicted employment rate for women was at a record high of 72.3%, which is 1.1% points up in the year 2019. These facts suggest a considerable increase in the working women in today’s time. Since, working mothers find it hard to pay full attention to their children, baby monitors come in handy. This factor is responsible for the market growth in the coming years. Apart from this, a report studied by Research Dive stated that the global baby monitor market is projected to surge at a healthy CAGR of 6.5% from 2020 to 2027 timeframe. Beyond this, the North American region is the leading producer of exclusive baby monitor products due to the presence of key manufacturers such as Summer Infant Inc. and Dorel Industries Inc.
Recent Developments in the Market
The well-known players of the global baby monitor market are aiming for unique strategies such as mergers and acquisitions of promising companies, building product portfolios, new product announcements, investments in research & development areas, and financing for the forthcoming activities and innovations. These tactics are promoting the growth of businesses across the globe. For instance, in February 2021, Vacos, an innovative startup company for building smart home products, announced the launch of hack-proof baby monitor. This product is designed to care for babies by sensing the abnormal room temperature for the child and alert the parents. Also, it has a build-in microphone to warn the parents of the baby’s cries.
Another breakthrough took place in the same month, in which Nanit, an American technical start-up company, announced the launch of Nanit Pro. This product is an upgraded model of Nanit Plus that enhances the camera’s resolution and improves built-in light for keeping a track on the baby’s movements. Furthermore, in October 2020, Hero Electronix, a technological company, declared the launch of Qubo Baby Cam. This product takes the avatar of a penguin and is equipped with artificial intelligence powered baby monitor camera.
Covid-19 Impact on the Market
The Covid-19 pandemic affected the global baby monitor market significantly due to the lockdown initiated by the governments across the globe, in order to curb the infection rate. However, leading market players are developing strategies like company collaborations, product developments, and research & developments to counter the declining market conditions. For instance, in April 2020, Miku, an infant monitoring system provider, declared to incorporate contact-free baby monitors in the healthcare facilities across America.
Future Scope of the Market
The need to develop zero-radiation baby monitors is estimated to create lucrative opportunities in the forthcoming years. Furthermore, wireless baby monitors comprising of video cameras is anticipated to provide tremendous scope in the future. Moreover, online method of deployment of products is likely to upsurge the sales of baby monitor devices due to a fast growing and digitally adapting world.