Smart Baby Monitor Market May see a Big Move | Major Giants IBaby, Lorex, Samsung, Withings

According to our latest market study on "Smart Baby Monitor Market Forecast to 2028 - COVID-19 Impact, and Global Analysis - by Type (Video Monitor Device and Audio Monitor Device), Sales Channel (Online and Offline), Application (Home/Family, Hospitals, and Day Care)," the global smart baby monitor market was valued US$ 989.38 million in 2020 and is expected to reach US$ 1,815.31 million by 2028 with a CAGR of 8.0% during the forecast period.

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With the constant rise in the number of tech-savvy millennials, parents with the rapid change set huge priorities and expectations sharply different from previous generations. The growing adoption of digital health solutions for maternal and infant care is likely to boost the growth of the smart baby monitor market during the forecast period. Continuous technological advancements are making the life of working parents more flexible and accessible. The smart baby monitor manufacturers are focusing on designing applications to allow parents to monitor the babies' activities in real-time using their smartphones. As per the US Census Bureau data estimates, in July 2019, the millennial population of age 23-38 was ~72.1 million in the country. Thus, the increasing millennial population is creating a massive opportunity for the adoption of smart baby monitors worldwide.

The increasing number of nuclear families, with upgraded lifestyles and both parents employed, have opened new opportunities for several businesses, including baby care products such as smart baby monitors. Additionally, increasing preference for online retailing and rising spending on baby products are among other factors contributing to the smart baby monitor market. However, ensuring data security is a major challenge faced by the market players, as these products are primarily used to track the movements and other activities of babies in their personal space. Furthermore, the smart baby monitor market is evolving with ongoing technological innovations, particularly in video and Wi-Fi technologies. The growing number of nuclear families and working parents worldwide is boosting the adoption of smart baby monitoring devices. The working parents are robustly looking for nannies or daycare centers to take care of their children when they are not home. The increasing concerns associated with child safety are also encouraging them to purchase smart baby monitoring devices. The number of working mothers is also on rise in developed as well as developing countries such as the US, China, India, and Canada. Smart baby monitoring products help parents to carry out their activities efficiently without being stressed about their babies' activities and safety. These systems facilitate the real-time communication between parents and their children through smartphones. Thus, the increasing penetration of smartphones, used to install apps to monitor their babies, also supports the growth of the market.

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Market Insights
Rising Number of Corporate Daycare/Childcare Centers

Several governments worldwide support the growth of childcare services, and the announcement of public policies to reconcile work and family is supporting the development of daycare/childcare centers globally. Additionally, the rise in employment of women worldwide is forcing the parents to put their babies in the childcare/daycare centers during their absence at home. Different organizations are offering corporate childcare centers to help their employees to focus on their work, alongside allowing them to monitor their babies in office. The corporate childcare centers are managed or sponsored by employers. They are providing either in-house childcare centers or entering partnerships with local childcare centers to deliver fascinating facilities to attract high-potential candidates and retain top-performing employees. Goldman Sachs has announced an on-site childcare center at their offices in New York and Tokyo. Furthermore, at locations where it is unable to offer on-site nursery facilities, the company has signed a partnership agreement with local childcare centers. Therefore, such initiatives taken by the corporates are boosting the adoption of smart baby monitoring devices across the world.

Smart Baby Monitor Market Segmentation:
By Type
Video Monitor Device
Audio Monitor Device

By Sales Channel
Online
Offline

By Applications
Home/Family
Hospitals
Day Care

Company Profiles
Vtech
Motorola Mobility LLC
Summer Infant
Angelcare
PAMPERS（P&G)
Owlet Baby Care
Nanit
Babysense（Hisense)
Philips
Dorel Industries
IBaby
Lorex
Samsung
Withings
Snuza
Infant Optics

North America led the market in 2020 as the region is characterized by the presence of well-developed countries such as Canada and the US, which favors the adoption and application of new technologies. Also, the presence of several market players further explains the increased penetration in this region. Positive outlook toward the increasing number of working parents is another driving factor for the market in the region.

Europe held the second-largest share of the global market in 2020. The growth of the market in Europe is attributed to its favorable government policies and positive outlook toward the adoption of new technology. Furthermore, the presence of large number of day-care centers and corporate childcare centers in Europe has paved the way for the smart baby monitor market to flourish in Europe. The third highest revenue generated region is APAC.

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Sameer Joshi
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.