ALBANY, NY -- According to Transparency Market Research, the global baby monitors market was valued at US$876.8 mn in 2015 and will reach US$1,291.8 mn by 2024 in terms of revenue. Over this period, the market will expand at a CAGR of 4.4%. In terms of connectivity of baby monitors, the wireless section held the majority of the market, accounting for nearly 82.8% in 2015. From a geographic perspective, the North America market led with over 40% of the global baby monitors market in the same year and is expected to retain dominance over the forecast period as well. The Asia Pacific market, however, is expected to be the most promising regional market over the forecast period.
Rising Preference for Online Retail to Boost Global Sales
One of the key factors driving the global baby monitors market is the vast rise in the number of online retailers of baby products. The easy availability of a wide array of baby monitors that parents can choose from, without having to rely on the time-consuming task of shopping in the physical world, has significantly boosted the sales of baby monitors globally. Moreover, the intense competition among online retailers could help parents land into some really good deals for these products. In the next few years, the online retail segment will be one of the key propellers of the global baby monitors market.
Apart from this, the market is also highly influenced by rising per capita spending on child care products across developing economies and the rising trend of both parents taking up full-time jobs and enrolling kids to day care facilities. As a way of keeping an eye on the kid's activities throughout the day or making sure that the kid is safe and secured in the day care, an increasing number of parent are preferring day care facilities with baby monitors in place, which can be controlled via applications installed on the parent's or the guardian's smartphone.
Security Concerns over Information Leakage through Baby Monitors to Restrain Market Growth
Falling birth rates owing to factors such as increasing stress levels and sedentary lifestyles are expected to have an adverse effect on the growth of the market in the next few years. As per a report published by Forbes, the birth rate in the U.S. fell to an all-time low in 2013. The fertility rate in women also fell from 69.7% in 2007 to 62.5% in 2013 in the U.S. The issue is expected to have a medium-level negative impact on the development of the market in the next few years, especially in developed regions such as Europe and North America, which also happen to be the prominent buyers of baby monitors.
In addition to this, the overall growth of the market is also hindered by parents' concerns regarding the safety and security of baby monitors. Advancements in information technology have made baby monitors "smart", capable of being controlled via applications installed in smartphones. According to a report published by wired.com in 2015, the security of baby monitors can be easily compromised with the help of several hacking tools and tactics. Hackers can turn baby monitors into spy cameras, defeating the entire idea of installing baby monitors for keeping an eye on children to ensure their safety.
This review of the market is based on a recent market research report published by TMR, titled "Baby Monitors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024."
For the study, the market has been segmented as follows:
Global Baby Monitors, by Geography
•North America ◦U.S.
◦Rest of North America
◦Rest of Europe
•Asia Pacific ◦China
◦Rest of Asia Pacific
•Rest of the World (RoW) ◦Latin America
◦Middle East and Africa (MEA)
Global Baby Monitors Market, by Product Type
•Audio Baby Monitor
•Fixed Video Baby Monitor
•Pan& Tilt Baby Monitors
Global Baby Monitors Market, by Connectivity Type
•Wired Baby Monitors
•Wireless Baby Monitors
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