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Smart Clock Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Smart Clock Global Market Report 2024
According to The Business Research Company's, the smart clock market size has grown rapidly in recent years. It will grow from $0.95 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 18%. The growth in the historic period can be attributed to increasing consumer demand for convenience, growing adoption of smart home devices, rising awareness of health and fitness, expanding internet connectivity.
The smart clock market size is expected to see rapid growth in the next few years. It will grow to $2.14 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to integration with virtual assistants, emergence of 5G technology, expanding smart home ecosystem, customization and personalization options, growing demand for remote work solutions. Major trends in the forecast period include rise of sleep tech and sleep optimization features, increasing focus on eco-friendly and sustainable smart clock designs, expansion of smart clock applications beyond timekeeping, integration with smart appliances and IoT devices, development of AI-driven predictive features.
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Market Drivers and Trends:
The increasing demand for smart and connected devices is expected to fuel the growth of the smart clock market going forward. Smart and connected devices refer to appliances that are enhanced with internet connectivity and advanced computing capabilities. The increasing adoption of connected devices can be attributed to a combination of factors such as convenience, health monitoring, remote work, and evolving lifestyle trends. Smart clocks can be integrated into a broader smart home ecosystem, allowing them to interact with other connected devices such as smart lights, thermostats, and security systems. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion IoT connections in 2025. Therefore, the increasing demand for smart and connected devices across the globe is driving the smart clock market.
Smart Clocks Revolutionizing Outdoor Recreation A Catalyst for Market Growth
The increasing use of smart clocks for outdoor recreation is expected to propel the growth of the smart clock market going forward. Outdoor recreation refers to recreational activities that take place in natural or outdoor environments, away from urban and indoor settings. The combination of physical, mental, and social benefits, along with a growing appreciation for the natural world, has led to a surge in outdoor recreation as a popular and fulfilling way for people to spend their leisure time. Smart clocks provide navigation assistance, fitness tracking, safety features, and valuable data that enhances the overall outdoor experience. For instance, in 2022, according to the Outdoor Industry Association, a US-based nonprofit organization, in 2021, a record-breaking 164.2 million Americans, comprising 54% of those aged 6 and above, participated in outdoor recreation at least once, marking a 6.9% increase since March 2020. Therefore, the increasing awareness about health and fitness across the globe is driving the smart clock market.
Major companies operating in the smart clock market are focused on developing innovative products with advanced technologies, such as digital alarm clock with wireless charging to increase their profitability in market. Integration of wireless charging into the smart clock, users can easily incorporate charging into their daily routines without the need for separate charging pads or cables, creating a more cohesive and user-friendly experience. For instance, in January 2024, Portronics, an India-based company that provides innovative, digital, and portable solutions, launched Bella. This is a versatile 3-in-1 wireless charger with a clutter-free design, digital alarm clock, and adjustable display brightness. It intelligently fast charges Qi-enabled smartphones, TWS earphones, and smartwatches with wide compatibility and convenient features such as auto time saving, it offers convenience and durability.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Sony Corporation, Withings SAS, Lenovo Group Limited, LG Electronics Inc., Xiaomi Corporation, Anker Innovations Limited, Koninklijke Philips N.V., AsusTek Computer Inc., Harman International, Roku Inc., Bose Corporation, Timex Group USA Inc., Casper Sleep Inc., InFocus Corporation, Panasonic Holdings Corporation, iHome Inc., Hatch Retail Inc., Ultimate Ears Inc., Clockwork Synergy Inc
Smart Clock Market 2024 Key Insights:
• The smart clock market is expected to grow to $2.14 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%.
• Connected Devices Behind the Growth of the Smart Clock Market
• Increasing Focus On Smart Clocks With Wireless Charging Technology
• North America was the largest region in the smart clock market in 2023
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