Apple Inc., Samsung, Google, Xiaomi, Nike, Motorola Solutions Inc., Garmin, Jawbone, Misfit, and Polar are all major players in the smart wearables sector. From $18 billion, the worldwide smart wearables industry is predicted to increase.
New York, March 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Smart Wearables Global Market Report 2022” – https://www.reportlinker.com/p06247443/?utm_source=GNW
08 billion in 2021 to $20.64 billion in 2022 at a compound annual growth rate (CAGR) of 14.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $31.95 billion in 2026 at a CAGR of 11.5%.
Sales of smart wearable devices and related services for tracking important bits of data related to the health and fitness of the human body make up the smart wearables market. Any electronic gadget designed to be worn on the human body qualifies as a smart wearable.
Smartwatches, smart glasses, fitness and wellness devices, smart clothes, and other smart wearables are the most common.
Smart clothing is an electronic gadget that communicates with other connected devices (such as smartphones) and the wearer’s body.
Smart clothing uses a range of sensors to capture biometric and physical data from the wearer, such as body temperature and heart rate. The sensor-generated data is sent to relevant apps on a coupled smartphone through Bluetooth, where users can access it.
Memory and storage technology, speech and pattern recognition technology, communication and networking technology, sensing technology, computing technology, and display technology are some of the smart wearables technologies that are used in lifestyle, healthcare, consumer, defense, fitness, and sports, enterprise, and industrial applications.
In 2021, Asia Pacific accounted for the greatest share of the smart wearables market. In the smart wearables market, North America was the second-largest region.
Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa are the regions covered in this research.
The smart wearables market is expected to be driven by the rising demand for wireless sports and fitness gadgets.
Cycling, running, gym-goers, swimmers, and athletes are increasingly using smart gadgets such as smartwatches to track calories burned, hourly activity, sedentary time, and activity time.
Most smart device privacy policies mention that data collected would be shared with a third-party provider, thereby allowing for a data breach.
For example, in September 2019, Garmin, a technology firm based in the United States, released the Garmin Vivo active 4, a smartwatch with a fitness tracker that tracks every movement of the human body. As a result, the smart wearables market is likely to be propelled by demand for smart and wireless fitness equipment.
The market’s growth is hampered by owners’ lack of control over the data generated by their smart wearable devices.
For instance, in 2021, Apple and Fitbit users’ data was exposed online due to an unsecured database containing over 61 million records related to fitness trackers and wearables. Data breaches are a big concern to the users making it an obstacle for people to adopt the use of these devices and thus, impacting market growth negatively.
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 September 2019, Amazon introduced the Echo Loop Smart Ring with the intention of keeping Alexa on the finger. The Echo Loop Smart Ring vibrates to alert users to notifications, while built-in microphones and speakers will be enabled to communicate with Alexa.
In November 2019, Google LLC, a US-based multinational technology company, acquired Fitbit, Inc. for $2.1 billion. The acquisition of Fitbit was aimed to strengthen Google LLC in the business of smart wearable devices. Fitbit, Inc., a US-based company, is specialized in the production of wireless wearable technology devices.
The countries covered in the smart wearables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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