The market for smart wearables is anticipated to generate US$59,067.2 million in 2023. Demand is anticipated to increase at a CAGR of 20.1% to reach US$ 369,812.8 million by 2033.
By incorporating electronics into daily activities, wearable technology, which may be worn on any part of the body, adapts to changing lifestyles. The potential for data to flow across networks and devices, as well as internet access, are driving forces behind the development of smart wearable technology.
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Factors Increasing the Customer Base for Key Smart Wearables Manufacturers
- The expansion of the wearable interface and analytics markets is being fueled by the launch of wearable operating systems other than Apple and Google.
- The smart wearable technology industry is being driven by individuals between the ages of 18 and 55 who choose to wear smartwatches as a fashion statement. Recently, the emphasis has been on giving gadgets an attractive appearance to draw buyers.
- Customers are interested in smart clothing, as it enables them to alter the color of their apparel to suit their tastes.
- Nike and Adidas are making significant investments in creating T-shirts with sensors for monitoring health-related factors like heart rate, calories, and other metrics. The smart wearables industry is growing even faster due to the increasing popularity of wearable ECG monitors in the healthcare industry.
- The demand for smart wearables has been fueled in recent years by greater innovation brought about by research and developments. Moreover, it gives rise to brand-new product categories like smart textiles and ear wearables. This integrates cutting-edge design and technology into daily life.
- The ability to include sensors in wearables that are almost imperceptible to users due to advancements in downsizing has also had an impact on the smart wearables sector. 10% of all wearable devices become inconspicuous to the user in 2020, according to FMI, as miniaturization capabilities improve.
Key Players
- 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
- Others
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Key segments
By Operating System:
- Wear OS
- Watch OS
- Tizen OS
- Fitbit OS
- Others
By End User:
- Individual
- Industrial and Commercial
- Transportation
- Military
- Sports and Fitness
- Healthcare
- Others
By Product Type:
- Smartwatches
- Basic Smartwatches
- Cellular
- Non-cellular
- Advanced Smartwatches
- Cellular
- Non-cellular
- Glasses
- Wearable Cameras
- Ear Wearables (Hearables)
- Smart Clothes
- Footwear and Shoes
- Patient Gowns and Vests
- Caps and Gloves
- Auxiliary Wearables
- Data Gloves
- Fitness & Wellness Devices
- Head-mounted Displays
- Smart Jewelry
- Health Wearables
- Emerging Wearables
By Connectivity:
- Wi-Fi
- Cellular Data
- Bluetooth
- Near Field Communication
By Application:
- Infotainment
- Healthcare & Medical
- Fashion & Lifestyle
- Fitness & Wellness
- Safety & Security
- Auxiliary Applications
By Sales Channel:
- Modern Retail
- Online (e-commerce stores)
- Offline
- Hypermarkets
- Supermarkets
- Specialty and Discount Stores
- Conventional Retail (Retail Stores)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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