The Global Smart Wearable Market is valued at USD 20.64 billion in 2022 and is projected to reach a value of USD 49.31 billion in 2030 expanding at a CAGR of 11.5% over the forecast period of 2022-2030.
The need for wearable technology has been driven in recent years by advances in research, which have also spurred innovation and given rise to new product categories like smart textiles and hearables, among others, that integrate cutting-edge technology and design into daily life. Recently, the emphasis has been on giving devices an attractive design to draw customers.
With its ability to be worn on any part of the body, wearable technology, an emerging trend, adapts electronics to daily activities and addresses changing lifestyles. The rise of wearable technology is being driven by elements like the capacity to connect to the internet and offer data exchange possibilities between a network and a device.
Wearables have become very popular as a result of the consumer growth in the fitness trend. The number of linked wearable devices is anticipated to rise from 593 million in 2018 to 1,105 million in 2022, according to Cisco Systems. Due to new features, such as the brand that fits an everyday lifestyle, the smartwatch industry is growing. To retain their income, powerful companies like Apple and Fossil keep their prices in line with the price ranges of conventional watches. Numerous more high-end watch brands, including TAG and Armani, have entered the market thanks to Google's WearOS.
The popularity of smart assistants is helping hearables gain ground. A number of businesses, including Bragi, Google, Apple, Jabra, Samsung, and Sony, have been actively assisting in the development of this market.
The COVID-19 outbreak and the worldwide lockdown limitations have had an impact on industrial activities. The supply chain and manufacturing facilities of the electronics industry are badly impacted. February and March saw a production halt in China and Taiwan, which had an impact on several OEMs around the world.
influence of COVID-19 on this Smart Wearables business.:
Smart Wearables market size, share, trends, growth, winning tactics, current advancements, and financials are among the crucial details included in the global and regional leading players' "Smart Wearables market" 2021 research report. The Smart Wearables market study aims to provide actionable insights on global growth projections and value chain analyses based on historical and current growth scenarios. Along with information on important market participants, the paper reevaluates the impact of macroeconomic and microeconomic factors that could have an impact on the development of smart wearables.
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Global Smart Wearable Market- Segmental analysis of the Market
Based on Devices
- Smart Watches
- Smart Glasses
- Fitness Wellness Devices
- Smart clothing
- Others
The rising use of smart watches segment has dominated the market growth over the forecast period. This is because it helps the swimmers, and athletes to track the calories burnt, hourly activity, stationary time, and activity time.
Based on Application
- Lifestyle
- Healthcare
- Consumer applications
- Defense
- Fitness sports
- Enterprise industrial
The lifestyle and healthcare segment has dominated the market growth over the forecast period. This is because after the pandemic there has been a surge among the customers related to the fitness and healthcare sector. Thus, there has been a rapid growth in the use of smart devices that includes, smartwatches among cyclists, runners, gym-goers, swimmers, and athletes.
Based on Technology
- Memory and Storage Technology
- Speech and Pattern Recognition Technology
- Communication and Networking Technology
- Sensing Technology
- Computing Technology
- Display Technology
The memory and storage technology segment has dominated the market growth over the forecast period.
Competitive Landscape:
Global Smart Wearable Market- Competitive Landscape
Some of the prominent companies operating in the market are Xiaomi Global Community, Huawei Technologies Co., Ltd., Nike, Inc., Motorola Solutions, Inc., Sony Corporation, Google LLC, HTC Corporation, Michael Kors, ADIDAS AG, Polar Electro, TomTom International BV, Fossil Group, Inc., ASUSTeK Computer Inc, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA, INC., Garmin Ltd., Withings, and Fitbit, Inc., among others.
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