What are baby monitors?
For busy moms, it can be difficult to be in the same room with your baby while you are completing other chores. This is where baby monitors come in handy. A baby monitor helps you to watch out or listen to your baby when you are not in the same room with them. Therefore, you will be able to tell in case anything is not right with your sleeping baby. The cheapest baby monitor you can find in the market is audio only. However, most of theses devices come with audio and video capabilities. theses devices are electronic which acts as home security systems for your baby.
However, video baby Surveillance should not be mistaken for the conventional security cameras which are used to keep an eye on your property. Some high-end theses devices come with features which enables you to measure humidity and temperature as well as providing notifications and alerts in case of baby movements at night. Most of them can be connected to the internet so that you can watch your baby from an app on your smartphone or tablet.
Video Baby monitors market: Trend and forecast
According to Transparency Market Research, the global baby monitor market will show a 4.4 percent CAGR from the year 2016 up to 2024 which is an increase from $876.8 million in 2015 to $1,291.8 million by the year 2024. This expected growth in this market is likely attributed to an increase in the ability to spend and a rise in disposable income, especially in the emerging economies.
The growth in this market is expected to continue to grow in the future as more parents, especially moms take up 9 to 5 jobs. Also, the demand for daycare facilities is likely to lead to increase in demand . This is because these facilities will rely on video baby surveillance to know about the whereabouts and safety of babies inside the rooms.
Types of baby monitors
These devices can be classified into two categories, audio, and audio/ video . These surveillance baby monitors can come as digital or analog monitors. The prices can range from $25 to $150 for audio while audio/ video retail from $80 to $300, see this page. that have more features usually have a higher price.
However, a higher price does not necessarily mean that the baby surveillance are of higher quality compared to cheaper monitors. When it comes to the type of video baby monitor it can be classified into audio baby monitor, pan and tilt monitors and fixed videos. Fixed video systems will make up for over 45 percent of the global market with an increase in revenues in this segment expected to grow in the future.
Fixed video monitor features like temperature sensing, real-time video and sound transmission, heart rate monitoring and talkback is likely to contribute to the growth in demand for this product. Pan and tilt monitoring systems are expected to have a steady growth in the future, thanks to features such as instant temperature alerts and easy camera rotation to watch the baby. This segment will have a 5.5 percent CAGR between the year 2016 up to 2024. On the contrary, audio ones are expected to have a decline in CAGR of -0.9.
What are the challenges to baby monitor market?
One challenge that could face the baby monitor market is a drop in birth rates as a result of increased stress levels and sedentary lifestyles. Analyst predicts that this could have adverse effects on the growth of the baby monitor market in the future, especially in countries in Europe and North America like the US.
Besides this, there is the fear that surveillance baby systems could be hacked by cyber criminals since they are internet enabled and rely on apps. This could endanger your loved ones since hackers could use the camera to spy on them. This might adversely affect the demand for baby surveillance in the future.
Baby monitors market: Analysis
In 2015, the North America, which has countries such as Canada and the United States makes up for 52 percent of the market share. Europe came second in the same year with a market share of 36 percent, where the UK and Germany are the biggest producers of theses devices. Research analysts have come up with a list of factors which could contribute to the growth in baby monitor come to the end of the forecast year, i.e. 2024.
One of the factors is the increase in online retail stores. The Internet is growing at a high rate and the cost of broadband internet has drastically reduced. That means more customers are able to search for products they want to buy and order them online. Hence the growth of this market is expected to grow in future because more and more people will be accessing products from online retail stores.
Buying products from online stores will save the buyer lots of time that would have otherwise have been spent visiting physical stores that sells them. The growth in the baby monitors market means that there will be increased competition among online retailers . That could translate into better deals offered to online parents buyers, which in turn will increase the demand .