Baby Wireless Monitor Market Trends

Growth Drivers

• Rising Dual Working Family Environment - For instance, OECD countries in 2019 showed that 44% of two-partner families had both partners working full-time.In order to care for their children when they are not home, working parents rely heavily on nannies or digital facilities. In addition to increasing concerns about child safety, baby monitoring devices are also becoming more popular among parents. In addition to ensuring the safety of their babies, smart baby monitoring products enable parents to carry out their daily tasks more effectively.

• Rise in Online Trade Globally- It was observed that as of the first half of 2019, online sales accounted for 15% of all U.S. retail sales, up from less than 10% in the year before. 
• Growing Birth Rates Worldwide- For instance, there were approximately 3,650,200 babies born in the United States in 2021, a 1% increase over the number of babies born in 2020.
• Growth in Personal Disposable Income Levels - According to the Bureau of Economic Analysis, the personal disposable income of Americans grew by USD 37.6 billion (0.2%) in July 2022, whereas personal income increased by USD 47.0 billion. 
• Increasing Spending on Research and Development- World Bank statistics indicate that global research and development expenditures increased from 2.2% in 2018 to 2.63% of GDP in 2020.

Challenges

• High Price Associated With Advanced Baby Monitors
• Presence Of Product Alternatives In The Baby Wireless Monitor Market
• Lack Of Accuracy Due To Technological Issues