Press release
Smart Wearables Market Size, Share, Trends, Insights And Forecast To 2033
Smart Wearables Market
The smart wearables market size is expected to see strong growth in the next few years. It will grow to $37.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing adoption of 5g networks, increasing smart cities, increasing smart cities and internet of things (iot). Major trends in the forecast period include investing in ai solutions to provide better and more convenient services and to be competitive in the market, adopting 5g services to enhance sales, improve operational efficiencies, increase customer satisfaction and provide better service to customers, adopting beacon technology to analyze data better, improve operational efficiencies, increase customer satisfaction and provide better service to customers, dropping their prices and adding more features to increase markets share, enhance sales, improve operational efficiencies, increase customer satisfaction and provide better service to customers, working on the smart clothing and footwear segment, in order to further improve their business, acquire clients, and to form a smart ecosystem for their own brand to sell their products and services, working on smart rings, in order to give more options to premium clients and to increase sales, and acquiring smaller tech companies that offer niche services to increase their share in the market..
Market Overview -
Smart wearables are defined as devices that are integrated with advanced technologies to keep a track of real-time information on activities.
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Surge In Demand For Wireless Sports And Fitness Devices Fueling The Smart Wearables Market
The increasing demand for wireless sports and fitness devices is projected to drive the smart wearables market. There is a rapid growth in the use of smart devices such as smartwatches among cyclists, runners, gym-goers, swimmers, and athletes to track the calories burnt, hourly activity, stationary time, and activity time. For instance, in December 2021, Xiaomi, a China-based consumer electronics company launched three new smartwatches with fitness trackers. This product allows users to make contactless payments on any MasterCard terminal, and 6 NFC also has a microphone, with support for Amazon Alexa that allows users to control their smart home devices. Therefore, the demand for smart and wireless fitness devices is expected to propel the smart wearables market.
Competitive Landscape -
Major companies operating in the smart wearables market report are Apple, Fitbit Inc, Garmin Ltd., Xiaomi, Samsung Electronics Co., Huawei Technologies Co. Ltd., Fossil Group Inc., Qualcomm Inc., Sony Corporation, LG Electronics, Titan, Pebble Technology Corp., BioTelemetry, Inc, Lifesense , Sotera Wireless, Adidas, Microsoft , Nike, Ava, GymWatch, KardiaMobile, Motiv, My Skin Track UV, Owlet, TempTraq, Withings, Bionym, Recon Jet, InteraXon, Carré Technologies, PUSH, Kiwi Wearables, Mouser Electronics, Inc, Google, Jawbone, United Matbouli Group, aDawliah Universal Electronics, Modern Electronics Co. Ltd, Alesayi Electronics Co. Ltd, Pioneer Corp., Digital & Electronic Solutions Development Co. Ltd, Misfit
Development Of Smart Rings In Wearable Technology
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 May 2022, Gucci x Oura, a Finland-based fitness tracker company launched a smart ring for $950. This product is made from black PVD-coated titanium and helps to discover self with highly personalized and responsive capability featuring the designer's logo in 18-karat yellow gold, running along the outside of the band.
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Key Segments -
The smart wearables market covered in this report is segmented -
1) By Device Type: Smart Watches, Smart Glasses, Fitness & Wellness Devices, Smart Clothing, Others
2) By Technology: Memory And Storage Technology, Speech And Pattern Recognition Technology, Communication And Networking Technology, Computing Technology, Sensing Technology, Display Technology
3) By Application: Healthcare, Consumer Smart Wearables, Defense, Fitness And Sports, And Enterprise And Industrial Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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