The global baby monitors market has gained from the changing lifestyles and work schedules of the masses. As parents become increasingly reliant on digital technologies for maintaining their work-life balance, baby monitors shall gain popularity. Corporate responsibilities and stringent work schedules have compelled people to install baby monitors in houses. Furthermore, the world health organization (WHO) has emphasized on the use of new-age technologies for preventing mishaps and undulated casualties. Hence, the global baby monitor market is slated to grow at a stellar pace in the years to follow.
The ATSM International F2951 Standard has outlined key guidelines for manufacturing baby monitors. The demand for safer and resilient baby monitors has played an integral role in defining the growth dynamics of the market. Cases of strangulation due to entanglement in the cords of baby monitors has shifted focus on wireless baby monitors. Hence, manufacturers of baby monitors are required to follow improved safety procedures across the scope of their operations. The market players are focusing on catering to the needs of parents requiring full-time updates about their kids.
The integration of baby monitors into smart phones has emerged as an important technological upgrade. Moreover, new apps for baby monitors have also paved way for growth within the global market. The popularity of digital technologies across the residential sector has generated increased demand within the global baby monitors market. Furthermore, day-care facilities also use baby monitors to assure parents about the integrity and safety of their services.
Transparency Market Research (TMR) finds that the global baby monitors market shall expand at a steady CAGR of 4.4% over the period between 2016 and 2024. Furthermore, the total value of the global baby monitors market shall touch US$ 1,291.8 mn by 2024, rising from a value of US$876.8 mn in 2015. Video-enabled baby monitors are expected to outdo the demand for audio-only baby monitors.
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Google to Foster Innovation in Baby Monitor Market
Google Inc. is driven towards upping its game in the field of artificial intelligence and machine learning. The company is now looking to develop a new class of baby monitors that can alert parents before the baby is about to wake up. It is expected that the company would synergize several technologies including artificial intelligence, brain-scanning, and neural receptors to develop such a product. Although this product is in the phase of patent generation, it is projected to overhaul the growth dynamics of the overall market.
Despite the evident utility of baby monitors, several medical experts have expressed concerns related to harmful radiations emitted by these monitors. A large part of the medical fraternity does not acknowledge the increasing use of digital technologies for monitoring babies. This factor could hamper the growth of the global baby monitors market.
North America to Lead Market Growth
The global baby monitors market can be regionally segmented into North America, South America, Latin America, the Middle East and Africa, and Europe. The increasing use of baby monitors in the US has generated fresh avenues for growth within the North America baby monitors market. Parents in the US have embraced digital technologies with a high level of deftness.
Some of the leading players in the global baby monitors market are Sony Corporation, Angelcare Monitors Inc., LOREX Technology Inc., Dorel Industries Inc., Summer Infant Inc., and VTech Holdings Ltd.