PORTLAND, Oregon, June 2, 2020
Increase in the number of employed parents in both developed as well developing countries, rise in awareness regarding baby safety among parents, and surge in online retailing drive the global baby monitor market
PORTLAND, Oregon, June 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Baby Monitor Market Product Type (Audio and Video), Connectivity (Wired and Wireless), and Distribution Channel (Retail Stores, Supermarket/Hypermarket, E-Commerce, and Specialty Stores): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global baby monitor market garnered $1.2 billion in 2019, and is estimated to reach $1.9 billion registering a CAGR of 5.4% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in the number of employed parents in both developed as well developing countries, increased awareness regarding baby safety among parents, and surge in online retailing drive the global baby monitor market. However, the emission of EMF radiation and decrease in birth rates across the globe to control the population restrain the market growth. On the other hand, increase in demand from emerging countries and adoption of artificial intelligence (AI) technology in baby monitoring device create new opportunities in the coming years.
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The video segment to maintain its lead status in terms of revenue throughout the forecast period
Based on product type, the video segment accounted for more than four-fifth of the global baby monitor market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to the availability of live stream of footage along with the features such as heart rate visibility of the child, skin temperatures, and child movement tracker. In addition, the same segment is estimated to portray the highest CAGR of 5.6% from 2020 to 2027.
The retail stores segment to maintain its leadership position during the forecast period
Based on distribution channel, the retail stores segment contributed to the highest market share in 2019, with more than two-fifth of the global baby monitor market, and is estimated to maintain its leadership position during the forecast period. This is attributed to availability of different products at various price ranges to match the needs of the middle-income group. However, the e-commerce segment is estimated to generate the fastest CAGR of 7.4% from 2020 to 2027. This is due to the rise in penetration of internet and online shopping across the globe.
North America, to maintain its dominance during the forecast period
Based on region, North America accounted for the highest share based on revenue, holding for more than half of the total share of the global baby monitor market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to rise in demand for video wireless monitors in this region. However, Asia-Pacific is estimated to portray the fastest CAGR of 9.7% from 2020 to 2027, owing to upsurge in the number of employed parents in this region.
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