Albany, NY -- (SBWIRE) -- 11/09/2018 -- The global market for baby monitors features a highly consolidated vendor landscape and is expected to remain competitive over the next few years as well, observes Transparency Market Research in a recent report. The leading five companies in the market collectively held a nearly 60% share of the overall market in 2015. Motorola Solutions, Inc. helmed the top spot by acquiring a staggering 19.8% share of the overall market in the said year. To stay ahead of their peers, baby monitor manufacturers have shifted focus on research and development activities in order to strengthen their product portfolio to meet the changing customer need. Ongoing technological innovations in wearable and sensor technology and the rising trend of internet-of-things are also gradually being applied to baby monitors in order to make them smarter and more responsive.
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According to the report, the market will rise from a valuation of US$876.8 mn in 2015 to US$1,291.8 mn by 2024, registering a CAGR of 4.4% from 2016 to 2024.
Wireless Baby Monitors Fetch Most Demand
By connectivity type, the segment of wireless baby monitors held the largest market share in the global baby monitors market and accounted for the vast majority of the market in 2015, thanks to the easy connectivity and greater portability of these devices. Over the forecast period as well, baby monitors based on wireless technology are expected to hold sway, accounting for a large share in the overall market.
Geographically, the baby monitors market has huge scope and opportunity in the emerging markets of Asia Pacific and Rest of the world (RoW). Countries such as China, Japan, India, and Brazil are steadily emerging as the leading consumers of baby monitors, owing chiefly to the rising participation of women in the workforces of these countries and rising disposable incomes. The emerging trend of working parents, which has led to the growth of day care centers, and easy availability of baby monitors through online retailers are also expected to drive the market in these countries in the near future.
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Technological Advancements Lead to Development of More Reliable Products
Some of the key factors to have worked for the market over the years include the steadily rising number of nuclear families and working parents, which has led to a massive rise in the numbers of day care centers and professional caregivers, and the vast rise in the number of technologically advanced products throughout the globe. Growing concerns related to the safety of babies, rising expenditure on baby care products and increased online retailing are also some of the key factors driving the growth of the market.
With vast improvements in information technology and telecom networks, baby monitors have become smarter and can be controlled via applications installed in the parent's or the guardian's smart phones. This added flexibility has also played a key role in the increased adoption of baby monitors in day care centers and homes.