The smart wearables market consists of sales of smart wearable devices and related services for tracking vital pieces of data related to the health and fitness of the human body. Smart wearables are any form of an electronic device intended to be worn on the human body.
The global smart wearables market is expected to grow from $13.2 billion in 2019 to $16.12 billion in 2020 at a compound annual growth rate (CAGR) of 22.37%. The growth is mainly due to the COVID-19 outbreak that has led to that has increased sales of smart wearables that help trace the contact for COVID-19. The market is then expected to reach $24.5 billion in 2023 at a CAGR of 15.05%.