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Smart Wearables Market Size,Growth, Share : Global Sales Revenue, Emerging Technologies, Key Players Analysis, Development Status, Opportunity Assessment and Industry Expansion Strategies 2023
Posted on May 5 2021 9:00 AM
"Smart Wearables Market Research Report gives advantage of successful innovation is high, and without successful innovation companies would see a long decline in their growth. A particular focus of this report is placed on analysis of the development of specifically first-in-class innovation with Forecast Period 2021-2023.
Global Smart Wearables Market Research Report study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds impact on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.Smart Wearables Market Research Report is highly research-intensive, powered by high R & D investment, and it possesses a strong product analysis to maintain growth and ensure long-term revenue generation.
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Smart Wearables Market report offers a comprehensive view regarding the competitive landscape of the Smart Wearables market and includes a deep description of performance by some of the key global players completing in the market. It offers a list of latest updates of several business strategies including mergers, acquisitions, partnerships, product launch, expansion of production units, and collaborations adopted by these major global players. The report provides a clear picture regarding R & D investment from key players and adoption of innovative technologies to widen their consumer base and expand the existing competitive position. Moreover, the report offers a detailed information about the position, scope of growth, and opportunities of new entrants or players in the market.
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The global smart wearable market was valued at USD 8.312 billion in 2017, and is expected to reach USD 35.36 billion by 2023, registering a CAGR of 27.29% over the forecast period of 2018-2023. The scope of the report considers solutions offered by the major players in the market. The study also emphasizes on latest trends and industry activities that have a lasting impact on the market.
Connected wearable products have been gaining significant traction in the market and have been around in various forms, for almost forty years. The pace quickened about a decade ago, with the start of the quantifiedâ€self movement. However, over the past eighteen months, the arrival of new sensors and low-power radio chips has transformed the industry. In-line with the progression toward the Internet of Things, technology is becoming a more prominent part of the day-to-day life of people. One of the most interesting monumental shifts in technology is the smart wearable clothing technology, which amalgamates high-tech designs that cater to rising needs. The technology being used in health and wellness, infotainment, fitness, military, healthcare and medicals, and the industrial sectors, is constantly re-innovating itself, with ideas of a connected smart wearable technology using the global cloud, miniature, and distributed sensors, etc. The focus of the technology is now on creating new products with new form factors that augment our senses.
One of the most significant announcements in the market is the collaboration between Misfit and Swarovski, to produce a solar-powered version of the Shine fitness band. This watch uses a cut crystal to concentrate light on a photovoltaic cell, ensuring that the device never needs recharging and also offers the aesthetics of Swarovski, thus creating an edge in the market. The entrance of multiple new vendors, such as Louis Vuitton, Movado, Mont Blanc, Fossil, etc., owing to need for more natural fit, aesthetics, and style, has decreased the share of major tech vendors, such as Fitbit and Apple. Brand loyalties of these fashion vendors, which have the ability to provide a sophisticated watch and be connected, are aiding these vendors capture the share from the tech vendors.
Aging Population and Growing Awareness toward Health and Fitness
Over the past few decades, in Italy, the geriatric population has increased by over 50%, while the population above 80 years has grown threefold. The national healthcare systems are unable to manage this growing elderly population, through traditional methods. The trends, such as the older adult population and increasing costs in healthcare system, are forcing hospitals to decrease the house treatments, and use technological advancements to treat patients directly at their homes.
Wearable sensors facilitate continuous psychological monitoring for long durations, which is vital for the treatment of many chronic diseases, such as mental health issues and neurological disorders (including diabetes, empathy, communication, depression, drug addiction, problems with socials skills to some extent, and anxiety disorders). The companies that have recently entered the market are focusing on wearable sensors and progressively increasing the level of technology. Wearable technology, especially fitness monitors, are gaining a dominant position in the global consumer electronics market. The immense shift in the medical device industry is expected to give the new technology companies, a significant control over the future of intensive health monitoring. It has been observed that the convergence of fitness and health monitoring devices is setting up a platform for this technology. Further, the tendency to disrupt the traditional healthcare monitoring devices, has led to the entrance of new players in the market, such as Jawbone, Fitbit, Google, and Nike, which have now secured significant shares in the smart wearable market.
Increasing Demand for Wireless Sports and Fitness Devices
The meteoric rise in the demand for wireless sports and fitness devices is widely considered as one of the major drivers for the growth of the smart watch market. Currently, owing to their wide range of monitoring capabilities, the usage of smart watches among cyclers, runners, gym-goers, swimmers, and athletes has been increasing rapidly. GPS tracking, which can help track the distance, elevation climbed, and measure pace, is a key feature in the majority of the smart watches, which attract the athletes and climbers. Heart rate monitoring is a common feature in smart watches, which can monitor automatic, continuous wrist-based heart rates. Smart watches can easily track steps, calories burned, floors climbed, hourly activity, stationary time, and activity time. The wireless synchronization of these watches with smartphones enables users to control music, notifications, alarms, auto sleep, and other functions
Asia-Pacific to Witness the Fastest Growth during the Forecast Period
High growth countries, such as India and China, are driving the growth of the market, as these countries are reported to be one of the largest retail markets in the world. India is one of the largest software and services hubs in the world. With high technical expertise at a local level, the country has easy access to smartphones, at an economical cost. This encourages many app development companies and banking sectors to implement biometric security systems. Rising internet penetration levels in Asia-Pacific is driving the growth in the regional E-commerce sector, thus driving the growth in the market.
Key Developments in the Market
January 2018 - Google recently rolled out the update for Android smart wearable devices. The latest Android 2.8 update brings improvements to watchesâ€™ display performance. The new upgrade aims to make reading on the smart watch simpler, compared to its predecessor.
July 2017 - Huawei launched Watch 2 mid-2017, which will be the first 4G SIM-enabled smart watch available in the Australian market. The watch comes with a standalone connectivity, along with dual-mic noise cancellation, an antennae on the upper watch case for 4G, GPS, Wi-Fi, Bluetooth, and NFC connectivity.
Major Players: ADIDAS, APPLE, GOOGLE, FITBIT, MICROSOFT, NIKE, SAMSUNG, SONY, and XIAOMI, amongst others.
Reasons to Purchase this Report
Understanding how the smart wearable market is witnessing growth.
Analyzing various perspectives of the market with the help of Porterâ€™s five forces analysis
The application that is likely to witness highest adoption of these tools.
The technology type that is expected to dominate the market.
The regions that are expected to witness the fastest growth during the forecast period.
SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
3 months analyst support, along with the Market Estimate sheet (in excel)
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Covered in this report
The Report Covers the Present Scenario and the Growth Prospects of the Global Smart Wearables Market for 2021-2023. To calculate the market size, the report considers new installations or sales and subscription payments of Smart Wearables.
Regional Market Analysis:
The Smart Wearables Market report includes Global & Regional market status and outlook 2021-2023. Further, the report provides break down details about each region & countries covered in the report. Identifying its sales, sales volume & revenue forecast
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Global Smart Wearables Market 2021-2023, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
- Growing research activities coupled with new product launches.
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- High Opportunity in the Industry
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- Complications associated with Smart Wearables procedures.
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Key Attentions of Smart Wearables Market Report:
- The report offers a comprehensive and broad perspective on the global Smart Wearables market.
- The market statistics represented in different Smart Wearables segments offers complete industry picture.
- Market growth drivers, challenges affecting the development of Smart Wearables are analyzed in detail.
- The report will help in the analysis of major competitive market scenario, market dynamics of Smart Wearables.
- Major stakeholders, top companies Smart Wearables, investment feasibility and new market entrants study is offered.
- Development scope of Smart Wearables in each market segment is covered in this report. The macro and micro-economic factors affecting the Smart Wearables market
- Advancement is elaborated in this report. The upstream and downstream components of Smart Wearables and a comprehensive value chain are explained.
Some Major Points from Toc :-
1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness Porter's Five Forces Analysis
3.2.5 Degree of Competition
3.3 Price Analysis
4. Market Dynamics
5. Market Segmentation and Analysis (Market Size, Growth & Forecast)
5.1 By Product Type
5.2 By Application
5.3 By End-user Industry
6. Regional Market Analysis
6.1 Production Analysis
6.1.4 Democratic Republic of Congo
6.2 Consumption Analysis (Market Size, Growth and Forecast)
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
6.2.2 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
6.2.4 South America
22.214.171.124 Rest of South America
6.2.5 Middle East & Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East & Africa
7. Future of the Market
8. Competitive Landscape
8.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
8.2 Market Share Analysis**
8.3 Strategies Adopted by Leading Players
9. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
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