North America Smart Baby Monitor Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Video Monitor Device and Audio Monitor Device), Sales Channel (Online and Offline), and Application (Home/Family, Hospitals, and Day Care)
The North America smart baby monitor market is expected to grow from US$ 439.47 million in 2020 to US$ 752.48 million by 2028; it is estimated to grow at a CAGR of 7% 2020-2028. The increasing number of corporate daycare/childcare centers is expected to surge the North America smart baby monitor market. Several governments support the growth of childcare services, and the announcement of public policies to reconcile work and family is supporting the development of daycare/childcare centers. Additionally, the rise in employment of women worldwide is forcing the parents to put their babies in the childcare/daycare centers during their absence at home. Different organizations are offering corporate childcare centers to help their employees to focus on their work, alongside allowing them to monitor their babies in office. The corporate childcare centers are managed or sponsored by employers. They are providing either in-house childcare centers or entering partnerships with local childcare centers to deliver fascinating facilities to attract high-potential candidates and retain top-performing employees. Companies across North America such as Goldman Sachs has announced an on-site childcare center at their offices in New York. Furthermore, at locations where it is unable to offer on-site nursery facilities, the company has signed a partnership agreement with local childcare centers. Therefore, such initiatives taken by the corporates are boosting the adoption of smart baby monitoring devices across the North America.
In case of COVID-19, the US is the most affected country in North America. The growing number of infections has led the government to impose various containment measure, such factories shut down, travel restrictions, closure of international borders, and lockdowns. The increase in the number of confirmed cases and deaths in the country have affected both manufacturing and sales of materials associated with smart baby monitor. The region is expecting market recovery and economic improvement with the start of the COVID-19 vaccination. Moreover, the service sector witnessed significant impact due to global pandemic owing to decline in services along with laying off employees across different service verticals. The retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. However, companies risk remain with the market uncertainties from tough business environment associated with unfavorable foreign exchange rate and logistics cost. Further, experts in the region are forecasting declining birth rates in 2020 because of the COVID-19 pandemic, putting pressure on the consumer giants that manufacture infant formula, baby food and diapers, and baby monitoring products.
Based on type, the video monitor device segment led the North America smart baby monitor market in 2020. Video monitoring devices include cameras, sensors, and smartphones, among others. Video cameras provide parents with an access to their children’s status through live videos, allowing them to monitor their children efficiently and securely when they are away from home. The video monitoring device check the baby's activity, feeding schedule, and nap time. Several video monitoring devices for smart baby monitoring are integrated with capabilities such as automatic mobile notifications, two-way audio communication, and temperature sensors. A few of the key manufacturers of video-enabled smart baby monitors are Cubo AI; iBaby Labs, Inc.; and Motorola, Inc. They are offering products that are fed with lullabies to calm children to help them sleep. Advantages of video monitor device such as more reliable, customizable, more security etc. is expected to increase their demand, thereby driving the North America smart baby monitor market.
The overall North America smart baby monitor market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America smart baby monitor market. The process also serves the purpose of obtaining overview and forecast for the North America smart baby monitor market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America smart baby monitor market. Angelcare, Babysense (Hisense), Dorel Industries, IBaby, Infant Optics, Lorex, Motorola Mobility LLC, Nanit, Owlet Baby Care, PAMPERS(P&G), Philips, Samsung, Snuza, Summer Infant, Vtech, and Withings are among a few players operating in the North America smart baby monitor market.
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