Overview and Scope
Smart wearables are defined as devices that are integrated with advanced technologies to keep a track of real-time information on activities.
Sizing and Forecast
The smart wearables market size has grown rapidly in recent years. It will grow from $23.33 billion in 2023 to $26.36 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to resulted from strong economic growth in emerging markets, increased internet penetration, increasing millennial population, increase in internet penetration and greater acceptance of smart technologies.
The smart wearables market size is expected to see strong growth in the next few years. It will grow to $37.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing adoption of 5g networks, increasing smart cities, increasing smart cities and internet of things (iot). Major trends in the forecast period include investing in ai solutions to provide better and more convenient services and to be competitive in the market, adopting 5g services to enhance sales, improve operational efficiencies, increase customer satisfaction and provide better service to customers, adopting beacon technology to analyze data better, improve operational efficiencies, increase customer satisfaction and provide better service to customers, dropping their prices and adding more features to increase markets share, enhance sales, improve operational efficiencies, increase customer satisfaction and provide better service to customers, working on the smart clothing and footwear segment, in order to further improve their business, acquire clients, and to form a smart ecosystem for their own brand to sell their products and services, working on smart rings, in order to give more options to premium clients and to increase sales, and acquiring smaller tech companies that offer niche services to increase their share in the market..
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Segmentation & Regional Insights
The smart wearables market covered in this report is segmented –
1) By Device Type: Smart Watches, Smart Glasses, Fitness & Wellness Devices, Smart Clothing, Others
2) By Technology: Memory And Storage Technology, Speech And Pattern Recognition Technology, Communication And Networking Technology, Computing Technology, Sensing Technology, Display Technology
3) By Application: Healthcare, Consumer Smart Wearables, Defense, Fitness And Sports, And Enterprise And Industrial Applications
Asia-Pacific was the largest region in the smart wearables market in 2023. North America was the second-largest region in the global smart wearables market analysis. The regions covered in the smart wearables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for wireless sports and fitness devices is projected to drive the smart wearables market. There is a rapid growth in the use of smart devices such as smartwatches among cyclists, runners, gym-goers, swimmers, and athletes to track the calories burnt, hourly activity, stationary time, and activity time. For instance, in December 2021, Xiaomi, a China-based consumer electronics company launched three new smartwatches with fitness trackers. This product allows users to make contactless payments on any MasterCard terminal, and 6 NFC also has a microphone, with support for Amazon Alexa that allows users to control their smart home devices. Therefore, the demand for smart and wireless fitness devices is expected to propel the smart wearables market.
Key Industry Players
Major companies operating in the smart wearables market report are Apple, Fitbit Inc, Garmin Ltd., Xiaomi, Samsung Electronics Co., Huawei Technologies Co. Ltd., Fossil Group Inc., Qualcomm Inc., Sony Corporation, LG Electronics, Titan, Pebble Technology Corp., BioTelemetry, Inc, Lifesense , Sotera Wireless, Adidas, Microsoft , Nike, Ava, GymWatch, KardiaMobile, Motiv, My Skin Track UV, Owlet, TempTraq, Withings, Bionym, Recon Jet, InteraXon, Carré Technologies, PUSH, Kiwi Wearables, Mouser Electronics, Inc, Google, Jawbone, United Matbouli Group, aDawliah Universal Electronics, Modern Electronics Co. Ltd, Alesayi Electronics Co. Ltd, Pioneer Corp., Digital & Electronic Solutions Development Co. Ltd, Misfit
The smart wearables market report table of contents includes:
1. Executive Summary
2. Smart Wearables Market Characteristics
3. Smart Wearables Market Trends And Strategies
4. Smart Wearables Market – Macro Economic Scenario
5. Global Smart Wearables Market Size and Growth
…
32. Global Smart Wearables Market Competitive Benchmarking
33. Global Smart Wearables Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Wearables Market
35. Smart Wearables Market Future Outlook and Potential Analysis
36. Appendix
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