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Smart Wearables Market Witness High Growth over the Forecast Period 2028

Date: January 10, 2023 Ashwin Naphade Ashwin Naphade
Smart Wearables Market Witness High Growth over the Forecast Period 2028

Market Study Report adds new research on Smart Wearables Market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, market also includes an in-depth study of the industry competitive scenario. The global smart wearables market is expected to expand at a CAGR of around 17% during the forecast period. The market growth is attributed to the increasing demand for wireless sports and fitness devices. There is a rapid rise in the use of smart devices such as smartwatches among cyclists, runners, gym-goers, swimmers, and athletes in order to track the calories burnt, hourly activity, stationary time, and activity time. Therefore, the demand for smart and wireless fitness devices is expected to propel the smart wearables market. Rising standard of living and economic factors are also spurring the market. The smart wearables market consists of the sale of smart wearable devices and related services for tracking vital data related to the human body's health and fitness. The most prominent smart wearables available are smartwatches and fitness trackers.

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Market Segmentation

The global smart wearables market has been analyzed on the basis of operating system, product type, end-user, connectivity, application, sales channel, and region. Based on the operating system, wear OS, watch OS, Tizen OS, Fitbit OS, and others. Further, on the basis of end-user, the market is segmented into individual, industrial & commercial, and others. Individual segment is projected to hold a prominent share in the market. Based on product type, the market is segmented into smart watches, glasses, wearable cameras, ear wearables (hearables), smart clothes, data gloves, footwear & shoes, fitness & wellness devices, head-mounted displays, smart jewelry, health wearables, and emerging wearables. Smart watch segment is estimated to contribute a significant share to the market.

On the basis of connectivity, the market is segmented into Wi-Fi, cellular data. Bluetooth, and near field communication. Among these, Wi-Fi technology is estimated to hold a prominent share in the market. Based on application, the market covers the analysis of infotainment, healthcare & medical, fashion & lifestyle, fitness & wellness, safety & security, and auxiliary applications. Further, on the basis of sales channel, the market is segmented into modern retail and conventional retail. Among these, conventional retail holds a prominent share while modern retail segment tends to exhibit significant growth during the forecast period. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa.

Market Structure and Competition Landscape

The global smart wearables market is characterized by the presence of significant number of players. Some of the prominent players operating in the market include Apple Inc., Google LLC, Sony Corporation, Garmin Ltd, Samsung Electronics Co. Ltd., Amazon, Fitbit, Under Armour, Fossil Group, Solos Technology Limited, Xiaomi, Huawei, Bose, Nuheara, Starkey, BBK Group, and others. To maintain their market position, the key players in the smart wearable device market focus on various growth strategies such as partnerships, mergers and acquisitions, and product portfolio expansion. Technology leaders are boosting investments in their smart wearables business to help diversify income streams as smartphone demand stagnates. Some of the key developments in the smart wearable market are:

•            In August 2021, Samsung announced the release of Galaxy Watch 4 and Galaxy Watch 4 Classic; these are new WearOS watches developed in collaboration with Google and run on the One UI Watch interface. They have advanced hardware performance to provide a connected and seamless user experience.

•            In 2020, Donut Robotics, a Japanese startup, developed a smart mask with voice recognition that allows us to make phone calls and send messages without touching phones.

Some Important Points Answered in this Market Report Are Given Below:

  • Explains an overview of the product portfolio, including product development, planning, and positioning
  • Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
  • Detailed analysis of the market revenue over the forecasted period.
  • Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
  • Study on the segments that are anticipated to dominate the market.
  • Study on the regional analysis that is expected to register the highest growth over the forecast period

For more details on this report: https://www.marketstudyreport.com/reports/global-spending-analysis-on-smart-wearables

 

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Ashwin Naphade

Ashwin Naphade

Ashwin is into digital marketing since the last 2 years and has worked on multiple projects across various industries. He likes posting information and knowledge on multiple topics with an objective to create online visibility as well as share his inputs. His interests also cover the game of cricket (seeing as well as playing) and movies ( a typical bollywood buff).