Global Baby Monitors Market 2019-2023| Technology Innovation and Portfolio Extension Leading to Product Premiumization to Boost Demand| Technavio
LONDON--(BUSINESS WIRE)--Jan 11, 2019-- analysts forecast the global baby monitors market to grow at a CAGR of close to 10% during the forecast period, according to their latest market research report.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190111005262/en/
Technavio has released a new market research report on the global baby monitors market for the period 2019-2023 (Graphic: Business Wire)
The introduction of multi-functional baby monitors is one of the major trends being witnessed in the . The growing demand for innovative and advanced products with multiple features or multi-functional products encourages vendors to offer multi-functional baby monitors. Multi-functional products can have more than one application, thereby providing good value for money. Although multifunctional baby monitors are priced higher than other baby monitors, they enjoy high demand as they offer a high ROI over conventional baby monitors. These devices are also more time-efficient and cost effective. They also save space and reduce efforts on operations and provide convenience and improved results. Thus, they eliminate the need of purchasing products for different applications, thereby driving the global baby monitors market during the forecast period.
According to Technavio analysts, one of the key factors contributing to the growth of the global baby monitors market is the increasing number of surgeries coupled with the growing prevalence of diseases:
Global baby monitors market: Technology innovation and portfolio extension leading to product premiumization
Baby monitors are used for monitoring movement and other activities. Vendors are focusing on technology innovation and portfolio expansion per customer requirement to widen their market share. This also leads to product premiumization. Smart connected baby monitors can be connected to smartphones or tablets using wireless technology, such as Wi-Fi, to send alerts, interact, and monitor babies from remote locations. Other product innovations include multifunctional baby monitors. Thus, the inclusion of advanced and innovative features leads to premiumization of products and boosts sales.
According to a senior analyst at Technavio for research on personal products, “The demand for smart connected baby monitors has increased as many parents complete their household chores while monitoring their babies. The global smart baby monitors market is expected to grow at a CAGR of more than 20% during the forecast period as they are easy to install and use. Parents have access to the cameras installed near their babies, which helps them to view and interact with them from remote locations such as workplaces. Therefore, with such advantages, the market is expected to improve on a larger scale during the forecast period.”
Global baby monitors market: Segmentation analysis
The global baby monitors market research report provides market segmentation by product (audio and video baby monitors, advanced baby monitors, audio baby monitors), by distribution channel (offline and online), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for close to 46% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses 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 10,000 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.
If you are interested in more information, please contact our media team at .
View source version on businesswire.com:https://www.businesswire.com/news/home/20190111005262/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: BABY/MATERNITY RETAIL SPECIALTY CONSUMER
SOURCE: Technavio Research
Copyright Business Wire 2019.
PUB: 01/11/2019 10:49 AM/DISC: 01/11/2019 10:48 AM