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Smart Wearables Market Analysis With Key Players, Applications, Trends And Forecast To 2033
Smart Wearables Market
The Business Research Company offers in-depth market insights through Smart Wearables Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Surge In Demand For Wireless Sports And Fitness Devices Fueling The Smart Wearables Market
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.
Competitive Landscape:
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
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Top Trend - Development Of Smart Rings In Wearable Technology
The use of smart rings is a key trend shaping the growth of the smart wearables market. A smart ring is a wearable electronic device equipped with mobile devices such as sensors and NFC chips that are used as a peripheral tool to assist mobile devices for a variety of purposes, often monitoring everyday tasks. For example, in May 2022, Gucci x Oura, a Finland-based fitness tracker company launched a smart ring for $950. This product is made from black PVD-coated titanium and helps to discover self with highly personalized and responsive capability featuring the designer's logo in 18-karat yellow gold, running along the outside of the band.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Wearables Market Characteristics
3. Smart Wearables Market Trends And Strategies
4. Smart Wearables Market - Macro Economic Scenario
5. Smart Wearables Market Size And Growth
…..
27. Smart Wearables Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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