According to our latest study on "Smart Baby Monitor Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type, Sales Channel, Application," the smart baby monitor market is expected to grow from US$ 1.22 billion in 2022 and is expected to reach US$ 2.28 billion by 2030; it is estimated to record a CAGR of 8.1% from 2022 to 2030.

Rising Population of Tech-Savvy Millennial Parents to Provide Lucrative Opportunities for Smart Baby Monitor Market Growth During Forecast Period

Continuous technological advancements are making the lives of working parents more flexible and easier to manage. There is a growing adoption of digital health solutions for maternal and infant care among tech-savvy millennial parents across the globe. Smart baby monitor manufacturers are focusing on designing applications to allow parents to monitor their babies' activities in real time using their smartphones. As per the World Economic Forum in November 2021, the millennial population held 23% of the global population, i.e., ~1.8 billion. Asia homes approximately a quarter of global millennials, while US millennial per capita spending is expected to increase by over 10% by 2025. The growing digitalization and millennial expectations for enhanced convenience are creating opportunities for advanced solutions to simplify their lives. Thus, the increasing millennial population is likely to create a massive opportunity for the adoption of smart baby monitors worldwide during the forecast period.

According to the United Nations, the world's population reached 8 billion in mid-November 2022. The world's population is over three times larger compared to the figure recorded in the mid-20th century. It is anticipated to rise by approximately 2 billion persons in the period of next 30 years, reaching 9.7 billion by 2050. The rise in population contributes to the growing number of working parents. Thus, the growing population generates the need for products and services that foster childcare services. More parents seek solutions to provide essential and enhanced care to their children, leading to the adoption of technologically advanced solutions. Thus, to cater to the growing demand for smart baby monitors, market players engage in several organic and inorganic growth strategies. A few of these strategic initiatives are mentioned below:

- In May 2020, Nanit, a manufacturer of machine learning-enhanced baby monitors, bagged US$ 21 million in funding from existing investors, including Jerusalem Venture Partners, Upfront Ventures, RRE Ventures, and Rho Capital Partners, for product development and global expansion.

- In August 2023, Masimo announced the launch of the Stork home baby monitoring system in the US market. Developed with noninvasive neonate monitoring technologies, the product tracks the pulse rate, oxygen saturation (SpO2), and temperature of the baby.

Thus, such strategies adopted by the smart baby monitor market players fuel the sales of smart baby monitor systems, which contributes to the smart baby monitor market growth.

Key Findings of Smart Baby Monitor Market Study:

Based on type, the smart baby monitor market is divided into video monitor device and audio monitor device. The video monitor device segment recorded a larger smart baby monitor market share in 2022 and is anticipated to register a higher CAGR during the forecast period. Based on sales channel, the smart baby monitor market is bifurcated into online and offline. The offline segment recorded a larger smart baby monitor market share in 2022, whereas the online segment is anticipated to register a higher CAGR during the forecast period. Based on application, the market is segmented into home/family, hospitals, and day care. The home/family segment recorded the largest share in the market in 2022 and is anticipated to register the highest CAGR during the forecast period.

The smart baby monitor market is broadly segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest market share in 2022, followed by Europe and APAC. Further, APAC is expected to register the highest CAGR in the market from 2022 to 2030.

North America is experiencing substantial growth in the smart baby monitor market, as the region is characterized by the presence of well-developed countries such as Canada and the US, which favors the adoption and application of new technologies. The presence of many market players further explains the increased penetration in this region. Also, the increasing number of working parents is another factor fueling the market growth in North America. Moreover, parents in North America are increasingly aware of the importance of child safety. This is driving the demand for smart baby monitors, which offer a variety of safety features, such as two-way communication, room temperature monitoring, and motion alerts.

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