Global Advanced Baby Monitor Market 2019-2023 | 11% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Dec 5, 2018--The global advanced baby monitor market is expected to post a CAGR of close to 11% during the period 2019-2023, according to the latest market research report by .
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Technavio has released a new market research report on the global advanced baby monitor market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the innovation in technology and product design and feature leading to premiumization. Of late, the demand for superior-quality premium products for babies is high. The growing number of SIDS is also driving the market. Advanced baby monitors are movement monitors that belong to a new product category in the baby monitor market, which includes a wide range of audio and video monitors. However, innovation and funding of start-ups in the movement monitor category have led to the introduction of products with advanced functionalities. These include heart activity, oxygen level, and temperature monitoring. For instance, the Owlet Baby Care Smart Sock 2 advanced baby monitor tracks the heart rate and oxygen levels of the baby. Therefore, these factors are leading to the premiumization of advanced baby monitor products.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights product differentiation through product bundling strategy as one of the key emerging trends in the global advanced baby monitor market:
Global advanced baby monitor market: Product differentiation through product bundling strategy
Product bundling is a strategy that allows vendors to offer two or more products or services together at a combined price. The price of the bundled products is lower than the sum of individual prices of products or services. This strategy helps the vendors to differentiate their products and offer enhanced customer value. The audio, audio and video and baby movement monitors available in the market provide only a few sets of functionalities. However, the key vendors are focusing to provide bundled solutions that combine all three functionalities. For instance, Owlet Baby care offers Owlet Smart Sock + Cam as a bundled product, priced at USD 399. Therefore, with product bundling, the market is expected to register growth in terms of revenue, during the forecast period.
“Apart from product bundling, some other factors boosting the growth of the global advanced baby monitor market are increase in awareness of SIDS in developed markets, branding, advertising, and promotions of advanced baby monitors, and the access to distribution channels through omnichannel strategy,” says a senior analyst at Technavio.
Global advanced baby monitor market: Segmentation analysis
This market research report segments the global advanced baby monitor market by product (under-the mattress, diaper attachment, smart wearable) and geographical regions (APAC, EMEA, and the Americas).
The under-the-mattress segment led the market in 2018 with a market share of over 49%, followed by diaper attachment, and smart wearable segments respectively. However, during the forecast period, the smart wearable segment is expected to register the highest incremental growth, followed by the under-the-mattress segment.
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
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INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS DATA MANAGEMENT SOFTWARE AUDIO/VIDEO BABY/MATERNITY CONSUMER
SOURCE: Technavio Research
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