Video Baby Monitors Market Future: Technological Advancements and Investments
Video baby monitors allow parents and caregivers to remotely monitor infants and children with audio and video capabilities. They are equipped with features like night vision, movement alerts, two-way communication and can be accessed through dedicated smartphone apps for enhanced convenience. They enhance safety and provide peace of mind to parents.
The video baby monitors market is estimated to be valued at US$ 1.47 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing working women population coupled with rising disposable income levels in developing regions is fueling the demand for convenient remote baby care solutions like video baby monitors. Furthermore, technological advancements enabling integration of AI capabilities for advanced monitoring are also propelling the market growth. However, privacy and data security concerns associated with smart video devices may restrict the market expansion to some extent over the forecast period.
SWOT Analysis
Strengths:
- Video baby monitors provide parents with audio and video capabilities to remotely monitor their babies which enhances convenience and safety. The video allows them to see their baby's condition and activities clearly.
- The advanced features offered such as night vision, temperature monitoring, two-way talkback help parents keep a close watch on babies from anywhere in the home.
- Technological advancements have led to compact, portable designs and longer battery backup which have increased their adoption.
Weaknesses:
- Video baby monitors involve privacy and security concerns as the video and audio content can potentially be accessed by unauthorized third parties through hacking.
- Expensive pricing of high-end models integrated with multiple advanced features limits their adoption in price-sensitive markets.
Opportunities:
- Growth of the IoT and connectivity technologies offer scope for development of smart video baby monitors integrated with other smart devices in the home.
- Expanding working women population driving the need for remote baby monitoring solutions represents an opportunity.
Threats:
- Intense competition from private label brands offering comparable functionalities at lower costs.
- Changing consumer preferences towards alternative baby monitoring devices like connected wearables and tablets pose a challenge.
Key Takeaways
The global video baby monitors market is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing working women population demanding remote monitoring solutions for their babies.
Regional analysis:
North America dominates the global video baby monitors market currently owing to high disposable incomes and rapid adoption of advanced baby care products in the region. Europe holds the second largest market share on account growing number of working nuclear families. Asia Pacific is projected to witness the fastest growth during the forecast period led by countries like China and India driven by increasing awareness.
Key players:
Key players operating in the video baby monitors market are Motorola Mobility LLC, Samsung Electronics Co. Ltd., Lorex Technology Inc., VTech Communications Inc., Foscam Digital Technologies LLC, iBaby Labs Inc., Summer Infant Inc., Nest Labs Inc., Withings Inc., Angelcare Monitor Inc. Motorola Mobility LLC leads the market with its range of user-friendly and feature-rich video baby monitors.
