Smart Wearables - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Smart Wearables Market is accounted for $216.18 million in 2019 and is expected to reach $960.97 million by 2027 growing at a CAGR of 20.5% during the forecast period. Some of the key factors propelling the market growth include incremental technological advancements, growing demand for heartbeat monitoring, increasing need for daily activity monitoring, and rising awareness about health consciousness enormous demand for constant connection between people, places, and things. However, Data Privacy Concerns is restricting the market growth.
Wearable technology is an emerging trend that integrates electronics to the daily activities and fits into the changing lifestyles and can be worn on any part of the body. Smart wearable devices are the perfect example of integration of advanced technologies into wearable objects such as eyewear, wristband, and watch. Smart wearable includes fitness tracker, smartwatches, VR headsets, activity tracker, and smart wristbands. These wearable devices are extensively used in various sectors such as fitness and sports, lifestyle, and defense.
By product, smartwatches segment is anticipated to grow at the significant rate during the forecast period, due to the increasing penetration rates of urbanization, the demand for aesthetically appealing advanced featured products with the ability to better serve the consumers’ daily requirements, such as time schedules, has driven the market for smartwatches, globally. Moreover, the huge millennial population has been adopting smartwatches, owing to the increased spending for their regular work hours tracking as well as luxury standards.
Based on the geography, Asia-Pacific is expected to witness the significant growth in the smart wearable market during the forecast period, due to increasing internet penetration level, high level of technical expertise, rising e-commerce sector, and growing electronics industry coupled with a rapid rise in the disposable income in the region. The prominent countries in the region are China and India. Rapid industrialization and huge incorporation of technologies into devices are believed to boost the smart wearable market in these countries. Moreover, the demand for fitness trackers in the region is expected to rise, owing to an increase in the population rate, advancement in technology, and stable economic growth.
Some of the key players in smart wearables market include Fossil Group Inc., Apple Inc., Huawei Technologies Co. Ltd, Sony Corporation, Transcend Information Inc., Ekso Bionics Holdings Inc., Samsung Electronics Co. Ltd, Cyberdyne Inc., Garmin Ltd, Fitbit Inc., Sensoria Inc., Microsoft Corporation, Medtronic PLC, Bragi GmbH, Huami Corporation, GoPro Inc., Withings, Nuheara Limited, AIQ Smart Clothing Inc., and Omron Healthcare Inc.
• Head Mounted Displays
• Smart Clothing
• Body Worn Camera
• Ear Worn
• Sports and Fitness Wearables
• Personal Medical and Assisted Living
• Kids and Pets Wearables
• Fashion Wearables
• Augmented Reality Wearables
• Fitness and Healthcare
• Gaming and Recreational
• General Consumer Electronics
• Research and Development Applications
• Corporate and Industrial Applications
• Military and Intelligence
• Speech and Pattern Recognition Technology
• Memory and Storage Technology
• Sensing Technology
• Display Technology
• Computing Technology
• Communication and Networking Technology
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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