Saturday, 27 July 2024
According to our latest market study on "Smart Baby Monitor Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type, Sales Channel, and Application," the market was valued at US$ 1.22 billion in 2022 and is expected to reach US$ 2.28 billion by 2030; it is estimated to record a CAGR of 8.1% from 2022 to 2030.
The smart homes concept is rising continuously across the globe due to a rise in awareness regarding the convenience and enhancements offered by technology to improve day-to-day life. Smart home features such as remote control of home systems, security automation, energy efficiency, and entertainment integration are gaining traction across major countries. In addition, governments of various countries support the building of smart homes as it helps to reduce the carbon footprint and optimize energy usage. For example, Germany’s Federal Ministry of Economic Affairs and Climate Action (BMWK) and the Federal Ministry of Transport, Building and Urban Development (BMVBS) actively support various smart home initiatives in the country. Initiatives include the Next Generation Media Programme, Connected Living/SerCHo ("Service-Centric Home"), HOMEPLANE, Energy Plus House, Plus Energy House, and "Das Haus" Vision, among others. In addition, the Government of India is focused on enhancing the energy-efficiency levels in residential buildings with future-driven initiatives such as smart home ecosystems, according to the Ministry of Power in July 2021. Thus, the growing awareness of smart homes and rising government support boost the energy-efficient residential sector and foster the integration of advanced technologies in the home. The rising demand for interconnected homes will generate the demand for tech solutions such as smart baby monitors that help parents in real-time monitoring of their baby’s condition and health. Therefore, the rise in building smart homes is likely to create opportunities for the smart baby monitor market growth in the coming years.
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Source: The Insight Partners Analysis
Allen & Heath Ltd; VTech Holdings Ltd; Koninklijke Philips NV; Samsung Electronics Co Ltd.; Panasonic Holdings Corp; iBaby Labs, Inc.; INFANT OPTICS; Snuza; Dorel Industries Inc; NETGEAR; and Withings are among the key smart baby monitor market players profiled in the report. Several other major smart baby monitor market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The smart baby monitor market report provides detailed market insights, which help the key players strategize their growth.
France is one of the most technologically advanced countries in Europe. The country is increasingly adopting smart home solutions. The rising adoption of smart home solutions contributes to the smart baby monitor market growth in France. Baby monitors help the parents understand their baby's sleep and routine. Continuous monitoring of the baby's activities helps parents to analyze the baby's health condition. Such benefits offered by smart baby monitors fuel the adoption of smart baby monitors in France. In France, the increasing number of working parents, coupled with online retail trends, is providing enhanced accessibility and convenience and improved spending on advanced baby care products, including smart baby monitors. Furthermore, according to ITA, in September 2022, the UK's AI market was valued at over US$ 21 billion and is expected to reach over US$ 1 trillion by 2035. The UK government’s artificial intelligence investment has increased compared to other European countries. It has become the third largest AI market after the US and China. Thus, the market players in the smart baby monitor market are introducing products to cater to the growing use of AI. For example, in February 2019, BT launched the UK's first voice-controlled smart baby monitor with Alexa and Google Assistant. The product can play a lullaby or report back on the temperature of the baby's room from anywhere.
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