The global baby monitors market is expected to grow by USD 623.06 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Baby Monitors Market 2020-2024 (Graphic: Business Wire)
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Vendors are increasingly focusing on widening their market share by expanding their portfolio as per customer requirements and by adopting advanced technologies. Consequently, they are introducing smart connected baby monitors that use wireless technology to connect with smartphones and tablets. Smart devices are gaining favor among parents because these devices help them to monitor their babies from anywhere, anytime. For instance, the Motorola MBP845CONNECT baby monitor not only comes with the provision to connect to four cameras at once but also displays room temperature. Inclusion of such features, technological innovations, and portfolio extension are expected to drive market growth during the forecast period.
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As per Technavio, the introduction of multi-functional baby monitors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Baby Monitors Market: Introduction of Multi-functional Baby Monitors
The growing demand for innovative and advanced products with multiple features or multi-functional products has encouraged vendors to offer multi-functional baby monitors. Multi-functional products have multiple applications and hence, prove to be a good value for money. While multifunctional baby monitors are priced comparatively higher than other baby monitors, they enjoy greater demand as they offer a high ROI. These devices are also more time-efficient and offer greater convenience and improved results. As a result, they eliminate the need of purchasing several products to ensure the complete safety of babies. Thus, the introduction of multi-functional baby monitors is expected to be one of the major trends being witnessed in the global baby monitors market.
"Factors such as the rising demand from developing countries, and the innovative branding, advertising, and promotions of advanced baby monitors will have a significant impact on the growth of the baby monitors market value during the forecast period," says a senior analyst at Technavio.
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Baby Monitors Market: Segmentation Analysis
This market research report segments the baby monitors market by product (audio and video baby monitors, advanced baby monitors, and audio baby monitors) and Geography (North America, Europe, APAC, South America, and MEA).
The North American region led the baby monitors market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to booming online retailing sector that provides high traction to baby monitors and working parents
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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