Smart Baby Monitor Device Market to Reach US$ 1,212.6 Mn by 2027: Industry Probe

According to a new market report published by Industry Probe, titled ‘Smart Baby Monitor Device Market (Product Type: Video Monitor, Audio Monitor, and Others; Connectivity: Wired and Wireless; End User: Individual and Commercial; Distribution Channel: Online [Company Owned Website and E-Commerce Website] and Offline [Hypermarkets & Supermarkets, Specialty Stores, and Brand Stores]) – Global Industry Dynamics, Trends, and Forecast, 2020–2027,’ the Smart Baby Monitor Device Market is expected to reach US$ 2,146.9 Mn by 2027 and expand at a CAGR of 6.5 % from 2020 to 2027.

Some of the major players operating in the Smart Baby Monitor Device Market includes Summer Infant Inc., Koninklijke Philips N.V, Dorel Industries Inc., Snuza International, Angelcare Monitors Inc., Hisense, Motorola Solutions, Inc., iBaby Labs, Inc., Lorex Technology Inc. and VTech Holdings Limited.

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As per the report, the Smart Baby Monitor Device Market was valued at US$ 1,238.6 Mn in 2018 and is expected to expand at a CAGR of 6.5% from 2020 to 2027. Rise in the number of nuclear families and working parents has led to increased adoption of medical baby monitors in residential and day care centers, says the report. These factors are likely to augment the Smart Baby Monitor Device Market. North America held a prominent share of the Smart Baby Monitor Device Market in 2018, followed by Europe and Asia Pacific. Increase in the number of working women and changing maternity leave policies across the world are factors boosting market growth. Rise in disposable income, increase in purchasing power of consumers, and high literacy rate are estimated to drive the Smart Baby Monitor Device Market in the future.

As per the report, some of the major drivers of the Smart Baby Monitor Device Market includes Tech-savvy millennial parents, increase in preterm births, and growing popularity of baby monitoring devices. The report has segmented that the Smart Baby Monitor Device Market in terms of product type, connectivity, end user, distribution channel and region. In terms of product type, the video monitoring segment accounted for a major market share in 2018. In terms of connectivity, the wireless segment accounted for a major share of the global market. These baby monitors do not require wiring installations, thereby making it an ideal choice for parents. Based on end user, the individual segment is expected held a significant share of the market in 2017 and expected to maintain its dominance during the forecast period.

Rise in the number of parent population demanding child surveillance from workplace and growth in the number of working parents are likely to drive the Smart Baby Monitor Device Market. Based on distribution channel, offline is expected to be the most attractive segment during the forecast period due to preference for offline shopping. However, the online segment is anticipated to expand at a significant rate during the forecast period. North America holds a major share of the Smart Baby Monitor Device Market, followed by Europe. The Smart Baby Monitor Device Market is dominated by several players who are focused on the development of new products to cater to the rising demand for the product in the global market.

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Industry Probe is a global market intelligence and advisory firm with an unwavering purpose to help businesses achieve strategic objectives through a varied range of offerings.