Smart Baby Monitor Market size is growing at a higher CAGR 4.3 % during the forecast period.
The smart baby monitor is an electronic device that allows parents to monitor and track their children's activities. The increase in the number of nuclear families and the increasing awareness regarding children's safety among parents are anticipated to be the key factors favoring the market's growth during the forecast period.
The rapidly expanding electronic industry and exponential growth in digitization are expected to be another factor to fuel the market's growth during the forecast period. These factors and advancements in electronic technologies have further created a lucrative growth opportunity and opened an encouraging course for the smart baby monitor market manufacturers to meet the rising demand for consumers.
The industry manufacturers are centering on forming partnerships with tech-companies for the further development and uninterrupted supply of their products in the regional and international markets. Moreover, the companies are trying to expand their sales and distribution channels by signing various supply agreements with the retail store, which is expected to build a large customer base.
Currently, the smart baby care industry is expanding at a significant rate; the industry is in a burgeoning phrase, driven by the increase in the birth rate across the globe and rising awareness among consumers regarding the availability of smart products in the market. Moreover, as the work lifestyle is getting busier and parents are unable to spend much time with their children, they are willing to spend more on products that can ensure the sound and safety of their children. This further adds to the rising demand for these smart baby products in the market.
The nature of the global smart baby monitor market is monopolistic, which is due to the presence of significant players that hold the maximum share of the market. The wide range of portfolio, extensive experience in product development, strong distribution, and sales channels across the globe has helped these key players to develop customer loyalty for their respective brands.
The key market players are now focusing on developing multipurpose smart baby monitor devices that can offer superior functionality and enhanced safety; thus, offering more ease to the parents in taking care of their child during their busy lifestyle. However, the new entrants in the market face hardships in penetrating the market due to high capital investment and related expenditure in product manufacturing, development, and innovation.
| Study Period | 2020-2032 | CAGR | 4.3% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD XX Billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD XX Billion |
| Largest Market | North America | Fastest Growing Market | Asia-Pacific |
North America dominated the global smart baby monitor market in 2019 and is anticipated to follow the same trend during the forecast period. This growth of the regional market can be attributed to parents' changing lifestyles, especially mothers who have become more career-minded and busy in their everyday life. Additionally, the rapid innovation in the electronic industry's advanced materials and technologies, coupled with rapid expansion on the e-commerce platforms in the last decade, is another major factor that has positively influenced the growth of the market.
Asia-Pacific is likely to be the fastest-growing market for global smart baby monitor during the forthcoming years. This run-up in the market's growth pattern is primarily driven by the high fertility rate, rapid urbanization, increase in the number of the female workforce, and rapid economic growth, leading to the rise in parents' income levels and which in turn has increased the purchasing power remarkably. Besides, the rise in the awareness among the working parents regarding the health and safety concerns of their children, coupled with the swift adoption of technology across the developing economies, are some other factors that are expected to impel the growth of the global smart baby monitor market during the forecast period.
Country-wise, the Asia-pacific market is primarily driven by countries such as China and India, where the rising purchasing power has allowed the consumers to spend more on the children's safety. Additionally, the high fertility rate across these two economies is another factor that boosted the demand for smart baby monitor devices across the regional market.
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The audio and video segment is projected to dominate the smart baby monitor market in the years to come. The growth of the segment is primarily driven by the functionalities these devices offer. The audio and video monitors have built-in microphones and speakers that enable a two-way audio connection between the baby and parents. Additionally, these devices have a color display screen that allows them to see their baby in real-time. Thus, assuring the parent regarding the safety of their child even when they are at work.
In the wake of rising hectic work-life balance, individuals are getting more dependent on these products to ensure their child's safety. This rise in the smart baby care industry's market encourages manufacturers to develop further and enhance these technologies to meet the rising consumer demand. Therefore, resulting in night vision implementation, digital zoom, and storage for videos and photos across these devices are anticipated to drive the segment growth during the forecast period.
The tracking devices are expected to witness positive growth during the forecast period. The tracking devices are used to connect and monitor the various activities in and around the baby. These devices are usually embedded in the infant wearables. They are used to track room temperature, heart rate, sleep patterns, body temperature, and details about their health conditions. Thus, helping in alerting the parents in case of troubles. These devices' lifesaving capabilities encourage parents to invest in these technologies for the increased safety of their children. Additionally, these devices also offer parents the ability to track their child's whereabouts through GPS, which is another essential factor to which the individuals are willing to adopt these technologies.
The growth of the wireless networks and the increase in the global accessibility of the internet are anticipated to be the prime factors expected to drive the wireless connectivity segment's growth and make it the dominant feature during the forecast period. Additionally, the increase in these devices' mobility compared to the wired ones is another factor to add to the demand in the near future. However, the high cost associated with these segment devices is anticipated to be a major restrain for the market's growth in the upcoming years.
The online segment is expected to grow with the fastest CAGR during the forecast period. The availability of a wide range of products across a single platform allows buyers to compare numerous products at once and save time. Hence, many individuals are now switching to these platforms for purchasing smart baby monitor devices.
The post-COVID-19 scenario for the pharmaceutical industry is expected to be of strong growth. Pharmaceutical companies will look to manufacture locally, creating a robust and resilient supply chain. India looks to gain massively from this step. It is expected that the pharmaceutical industry in India is projected to grow at 5% till 2040. The ICRA Indian Credit Rating Agency has changed the outlook of pharma from ‘negative’ to ‘stable.
