WILMINGTON, DE / ACCESSWIRE / August 12, 2022 / Transparency Market Research Inc. – The value of the global baby monitor market in 2020 was more than US$1 billion. The market is expected to develop at a CAGR of 4.4% during the forecast period of 2021 to 2031 baby monitor market The size is expected to surpass the $1.7 billion valuation by 2031. The global baby monitor market is driven by increasing awareness of newborn safety in developing countries. In order to meet the growing demand from customers around the world, market players are working to offer state-of-the-art baby monitor products.
In addition, small and medium-sized companies that manufacture products are establishing themselves in the global market by producing effective, safe and reliable baby monitors. Growing consumer product awareness, growing disposable income and rapidly developing offline and online sales channels are expected to propel the global baby monitor market. However, the global market is being hampered by hacking, signal interference, smartphone connectivity concerns and limited technical reliability. However, the smart baby monitor market is expected to see steady growth due to the benefits of smartphone connectivity.
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Key Findings of the Market Report
- The global market for baby monitors is primarily driven by the growing labor force. The need for baby monitors has increased as nuclear homes have multiplied worldwide. The demand for neonatal day care is quite high due to the increasing number of workers worldwide. The growing demand for baby monitors can be attributed to this aspect.
- Rising discretionary income of consumers is a key driver of growth in the global baby monitor market. Market analyzes for baby monitors show that parents in…