Smart Wearable Market to grow from a market value of USD 8.312 billion in 2017 to USD 35.36 billion by 2023| Dominant Vendors – Apple, Samsung, Xiaomi, Microsoft, Google, Sony Electronics, Adidas, Nike, Fitbit, Qualcomm, BBK, Huawei, amongst others

Market Analysis:

Asia-Pacific to witness the Fastest Growth
High growth countries, such as India and China, are driving the growth of the market, as these countries are reported to be one of the largest retail markets in the world. Rising internet penetration levels in Asia-Pacific is driving the growth in the regional E-commerce sector, thus driving the growth in the market.

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The trends, such as the older adult population and increasing costs in healthcare system, are forcing hospitals to decrease the house treatments, and use technological advancements to treat patients directly at their homes. Wearable sensors facilitate continuous psychological monitoring for long durations, which is vital for the treatment of many chronic diseases, such as mental health issues and neurological disorders (including diabetes, empathy, communication, depression, drug addiction, problems with socials skills to some extent, and anxiety disorders). Wearable technology, especially fitness monitors, is gaining a dominant position in the global consumer electronics market. The immense shift in the medical device industry is expected to give the new technology companies, a significant control over the future of intensive health monitoring. The meteoric rise in the demand for wireless sports and fitness devices is widely considered as one of the major drivers for the growth of the smart watch market.

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Market Segments:
Smart Wearable Market is segmented by:
1. Product Type: Wrist wear, Eyewear, Footwear, Neckwear, Body wears and Textile Products, Other Product Types
2. Application: Fitness and Healthcare, General Consumer Electronics, Gaming and Recreational, Corporate and Industrial Applications, Research and Development Applications, Military and Intelligence, Other Applications
3. Technology: Sensing Technology, Display Technology, Computing Technology, Communication and Networking Technology, Speech and Pattern Recognition Technology, Memory and Storage Technology, Other Technologies
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• January 2018 - Google recently rolled out the update for Android smart wearable devices. The new upgrade aims to make reading on the smart watch simpler, compared to its predecessor.
• July 2017 - Huawei launched Watch 2 mid-2017, which will be the first 4G SIM-enabled smart watch available in the Australian market.

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