Smart Baby Monitor Market to Grow at a CAGR of 8.0% to reach US$ 1,815.31 million from 2020 to 2028

[Research Report] The smart baby monitor market was valued at US$ 989.38 million in 2020 and is projected to reach US$ 1,815.31 million by 2028; it is expected to grow at a CAGR of 8.0% from 2021 to 2028.

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.

North America dominated the smart baby monitor market in 2020. It is expected to continue its dominance during the forecast period. 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.

Furthermore, the APAC smart baby monitor market is expected to grow at the highest CAGR during the forecast period. Continuous rise in population and increase in income levels of the middle- and upper-class populations are the significant factors contributing to the baby monitor market growth in APAC.

Impact of COVID-19 Pandemic on Smart Baby Monitor Market

The outbreak of the COVID-19 has severely disrupted the supply chain and manufacturing of electronics and personal care equipment including the hardware components of smart baby monitors. The emergence of COVID-19 virus and subsequent lockdown scenarios led the industry experts to analyze that the industry would face at least a quarter of lag in electronics equipment supply chain. In addition, the COVID-19 outbreak has squeezed the household finances, due to which parents are looking further to cut back on spend. This disruption is expected to create tremors till mid-2021. The US is the most affected country in North America. The growing number of infections has led the government to impose various containment measure such factory shutdowns, travel restrictions, closure of international borders, and lockdowns. Huge increase in the number of confirmed cases and rise in reported deaths in the country have affected both manufacturing and sales of materials associated with smart baby monitors. The region is expecting market recovery and economic improvement with the start of the COVID-19 vaccination.

Lucrative Regions for Smart Baby Monitor 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.

Type-Based Market Insights

Based on type, the global smart baby monitor market is segmented into video monitor device and audio monitor device. Video monitoring devices include cameras, sensors, and smartphones. Video cameras provide parents with an access to their children’s status through live videos, allowing them to monitor their children efficiently and securely when they are away from home. The video monitoring devices check the baby's activity, feeding schedule, and nap time. Several video monitoring devices for smart baby monitoring are integrated with automatic mobile notifications, two-way audio communication, and temperature sensors.

Smart Baby Monitor Market, by Type – 2020 and 2028

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Sales Channel-Based Market Insights

Based on sales channel, the smart baby monitor market is segmented into online and offline. The offline sales channels include shops that sell various smart baby monitoring products of different brands; they offer easy returns, personal service, and physical verification to the consumers before any purchases. These channels have become a chief medium of sales in several developing countries where having optimum internet connectivity is a major challenge. This sales channel creates a significant opportunity for upselling and cross-selling, thus acting as huge collection repositories of additional customer data.

Application-Based Market Insights

Based on application, the smart baby monitor market is segmented into home/family, hospitals, and day care. Rising number of working parents and growing awareness regarding the use of products enabled with advanced technologies are boosting the adoption of smart baby monitors across the world. Parents are investing in the installation of both video- and audio-enabled baby monitoring devices connected to their smartphones through apps, to keep an eye on every movement of their babies from any location at any time.

Strategic Insights

Product development is the commonly adopted strategy by companies to expand their product portfolio. Vtech, Motorola Mobility LLC, Summer Infant, Angelcare, PAMPERS（P&G), Owlet Baby Care are among the key players implementing strategies to increase the customer base and gain significant share in the global smart baby monitor market, which in turn, permits them to maintain their brand name. A few of the recent key developments are:

• In 2019, Edgewell Personal Care Co. agreed to sell its infant and pet care businesses to Le Holding Angelcare Inc. for US$ 122.5 million.

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