The global baby monitors market has been foretold by the authors of a Transparency Market Research (TMR) publication to display a significantly consolidated vendor landscape in the coming years. This could be evident through an almost 60.0% share collectively accounted in 2015 by five of the top companies dealing with the business of baby monitors. With an estimated 19.8% share, Motorola Solutions, Inc. had been at the helm of the market in the same year. In an effort to distinguish their offerings from the rest and give them a technologically advanced nature, companies have been anticipated to increasingly focus on research and development.
In the same publication authored by TMR, the global baby monitors market has been foreseen to earn a US$1.2 bn by the end of 2024 at a CAGR of 4.4% for the forecast period 2016–2024. In 2015, a revenue valuation of US$0.8 bn was achieved. During the same year, wireless baby monitors had raked in a telling share of approximately 82.8% in the connectivity baby monitors market. From a geographical point of view, North America could sustain its supremacy in the market as it had secured a more than 40.0% share in 2015.
Easy Shopping and Access to Products Facilitated by Online Retailers Boost Growth
The analysts have envisaged a wealth of factors that could help the world baby monitors market to attract a massive demand until the concluding forecast year. One of them is the towering increase in the count of online retailers. The global sale of baby monitors could improve drastically in future, owing to an easy access to a broad scope of products that buyers could choose from online. This could save a whole lot of time for the buyers, which is way better than completely relying on the time-consuming task of visiting physical stores to shop for baby monitors.
Buyers have also been expected to come across some good deals as online retailers of baby monitors could be involved in a tough competition. The future has been predicted to hold a high significance for online shopping, ultimately propelling the growth of the world baby monitors market.
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Hacking Tools and Tactics Create Fear in Parents Adopting Baby Monitors
When looking to up the ante in the international baby monitors market, industry players could encounter a few challenges such as falling birth rates due to the rising prevalence of sedentary lifestyle and increased stress levels. This has been envisioned to have some impact on the overall development of the market, especially in North America and Europe. Besides this, the fear of baby monitors being hacked and turned into spy cameras in view of IT advancements birthing smart products that could be controlled via smartphone apps has been projected to impede the demand in the market.
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Nevertheless, the demand for baby monitors could see an improvement as more number of parents take up full-time jobs and turn to daycare facilities to care for their children when not around. Baby monitors find an extremely valuable application in daycare facilities for keeping a tab on the whereabouts of the enrolled children and ensuring their safety. The increasing per capita expenditure of emerging countries on child care products has been prophesied to be another factor bolstering the growth of the international baby monitors market.
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