Smart wearable devices refer to the integration of smart & advanced technologies into the wearable objects for instance jewelries, watch and others. These devices generally include virtual reality (VR) headsets, smart watches, fitness trackers, smart jewelries, sport watches, smart wrist bands and implantable devices. Additionally, future of smart wearable is predicted to be very bright due to the increased use of these devices by consumers. Rise in popularity of fashionable smart wearable devices is likely to foster the growth of the smart wearable devices market globally.
As per analysis, “Global Smart Wearable Devices Market 2020-2030 by Product Type (Smartwatch, HMD, Health & Fitness Trackers, Hearables), Connectivity, Industry Vertical, Distribution Channel, and Region: Trend Forecast and Growth Opportunity” few of the renowned players presently working in the smart wearable devices industry include Xiaomi, Samsung Electronics Co. Ltd., Microsoft Corporation, Qualcomm, Garmin Ltd., Sony Corporation, Fossil Group Inc., Huawei Technologies Co. Ltd., Apple Inc., Google LLC, Fitbit Inc.
Based on product type, smart wearable devices market can be segregated as smart ear-wear/hearables, smart jewelry, smartwatches, smart patches, smart clothing, head-mounted displays (AR HMDs, smart glasses, VR HMDs and others), smart patches, health & fitness trackers and smart implantable. Based on connectivity, market can be segregated as Bluetooth technology, Near Field Communication (NFC) and Wi-Fi network. Based on distribution channel, market can be segregated as department stores, online stores, hypermarket, specialty stores and others. In addition, based on industry vertical, market can be segregated as enterprise & industrial, media & entertainment, healthcare, consumer electronics and others.
Growth in adoption of smart wearable technology to monitor the fitness related data, followed by increase in need for daily activity monitoring, growth in electronics industry, rise in demand for effortlessly control notifications, music, auto sleep, and alarms, surge in demand for heartbeat monitoring and rise in awareness about health consciousness are some major factors, which are responsible for growth of the market. Apart from this, high cost & data security concerns are major restraining factor for market. Moreover, rapid technological advancement and increase in demand for wireless sports and fitness devices are leading opportunities for market. Furthermore, rise in use of smart rings is a major trend for global market. A smart-ring is a portable electronic-device equipped with mobile devices for instance sensors and NFC chips, which are used as a peripheral tool to support mobile devices for various purposes, often monitoring daily tasks.
Based on regional analysis, the North-America is a leading region in global smart wearable devices market owing to rise in consumer’s awareness towards wearable technologies coupled with high adoption rate of wearable technology across the region. The Asia-pacific and Europe regions are estimated to witness higher growth rate due to increase in internet penetration level, high level of technical expertise, and increase in disposable income of consumers and growth in population over the forecast period. It is projected that future of the global smart wearable devices market will be bright as a result of rise in e-commerce sector, increase in awareness regarding fitness and growth in inclination of consumers towards wearable technologies during the forecast period.
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North America Smart Wearable Devices Market 2020-2030 by Product Type (Smartwatch, HMD, Health & Fitness Trackers, Hearables), Connectivity, Industry Vertical, Distribution Channel, and Country: Trend Forecast and Growth Opportunity
Ankur Gupta, Head Marketing & Communications