Baby Monitors Market: Rising Per Capita Spending on Child Care Products to Boost Growth Prospects

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.

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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

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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.

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This release was published on openPR.