The global smart wearables market is worth US$ 59.07 Billion as of now and is expected to reach US$ 369.82 Billion by the year 2033 at a stellar CAGR of 20.1% between 2023 and 2033.
Wearable technology, through its capacity of being worn on any part of the body, is all set to alter the lifestyles with integration of electronics with daily activities. Smart wearable technology is popular amongst the ones aged between 18 and 55 who actually choose wearing smartwatches in the form of fashion statement.
Participants like Adidas and Nike are into handsomely investing in creation of T-Shirts abreast sensors to monitor health-related factors such as calories, heart rate, and the other metrics. The market is thus growing even at a faster rate owing to growing popularity of the wearable ECG monitors in healthcare vertical.
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However, probability of data breach could restrain the smart wearables market going forward. On this count, in the year 2021, customers of Fitbit and Apple were worried about their information that was stored in unprotected database with more than 61 Million records regarding wearables, wellness apps, and health being made public
Future Market Insights has walked through these findings with future perspectives in its latest market study entitled ‘Smart Wearables market’. It has its team of analysts and consultants to deploy a 360-degree approach in its primary, secondary, and tertiary modes of research.
“Growing demand for wearable operating systems apart from Google and Apple, the global smart wearables market is expected to grow on a substantial note in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Smart Wearables Market
- North America holds the largest market share due to the US witnessing a higher demand for smart wearables.
- Europe and the Asia-Pacific are expected to grow at a sizable rate in the smart wearables market along the similar grounds.
Competitively Smart Wearables
- U&i, in September 2022, did announce releasing three high-end wearables to have an active lifestyle. This wristwatch does have Sports Modes capable of detecting several physical actions such as running, walking, jogging in real-time.
- Samsung, in August 2021, tabled the Galaxy Watch 4 Classic and Galaxy Watch 4. Such new-fangled WearOS watches came out of collaboration with Google and also operate on One UI Watch user interface. They do offer a smoother and connected user experience due to improvised hardware performance.
- Fitbit Inc., in August 2022, did announce that it had introduced its range of watches comprising Inspire 2, Sense 2, and Versa 4.
- Samsung introduced the Galaxy Watch LTE and Galaxy Watch Active 2 all across India in October 2019. The cost-effectiveness does make way for novel prospects regarding wearable technology.
- Garmin, in October 22022, did announce launching two novel wearables called nu SQ 2 Music and Venu SQ 2 Edition for the market of India. The smartwatches are equipped with health monitoring and connected features along with all-day fitness tracking.
- Samsung Electronics Co. Ltd., in February 2022, updated its Galaxy Watch 4 with ‘Sleep Coaching’ feature that displays animal icons and indicate sleep style of users. A novel variety of official watch bands is also in the offing from Galaxy Watch 4 inclusive of link bracelet, fabric, and sports band options, that too, in new colors.
- Vuzix Corporation, in May 2022, announced signing an agreement with Atomistic SAS to leverage on custom backplane design of the latter.
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What does the Report wear?
- The research study is based on operating system (Wear OS, Watch OS, Tizen OS, Fitbit OS, and likewise), by end-user (individual, industrial and commercial (transportation, military, sports and fitness, healthcare, and likewise)), by product type (smartwatches, basic smartwatches (cellular and non-cellular), advanced smartwatches (cellular and 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, and emerging wearables), by connectivity (Wi-Fi, cellular data, Bluetooth, and near field communication), by application (infotainment, healthcare & medical, fashion & lifestyle, fitness & wellness, safety & security, and auxiliary applications), and by sales channel (modern retail (online (e-Commerce stores), offline (hypermarkets, supermarkets, and specialty and discount stores), and conventional retail (retail stores)).
- With opportunities for tremendous data transfer across devices and networks, the global smart wearables market is bound to grow on a graceful note in the forecast period.
Key segments
By Operating System:
- Wear OS
- Watch OS
- Tizen OS
- Fitbit OS
- Others
By End User:
- Individual
- Industrial and Commercial
By Product Type:
- Smartwatches
- Basic Smartwatches
- Advanced Smartwatches
- Glasses
- Wearable Cameras
- Ear Wearables (Hearables)
- Smart Clothes
- Footwear and Shoes
- Patient Gowns and Vests
- Caps and Gloves
- Auxiliary 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
- 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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About Us
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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