What Is The Current and Historic Market Size Analysis Of Smart Wearables Market?
The smart wearables market has seen considerable growth due to a variety of factors.
• The market size for smart wearables has seen considerable expansion in the past few years. The market is projected to escalate from a value of $25.94 billion in 2024 to a value of $29.12 billion in 2025, recording a Compound Annual Growth Rate (CAGR) of 12.2%.
The upsurge experienced in the historical timespan can be attributed to robust economic growth in budding markets, augmentation in internet usage, a rise in the millennial population, enhanced internet penetration, and wider adoption of smart technologies.
What Can Be Expected from the Smart Wearables Market in the Coming Years?
The smart wearables market is expected to maintain its strong growth trajectory in upcoming years.
• There's an anticipation of significant expansion in the smart wearables market in the coming years, with a projection to attain $39.19 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.7%.
The anticipated growth within the forecast period is largely credited to the escalating adoption of 5G networks, the increase in smart cities, and the proliferation of the Internet of Things (IoT). Prominent trends within this period include investment in AI solutions for enhanced and more convenient services, utilization of 5G services to boost sales and operational efficiency, heighten customer satisfaction and offer superior services to clients. The adoption of beacon technology stands to improve data analysis, operational efficiency, and customer satisfaction while offering improved services. Efforts in the smart clothing and footwear segment, alongside smart rings, and growing acquisitions of smaller technology companies with unique services, are also seen as efforts to increase market share.
What Are The Core Factors Supporting Growth In Smart Wearables Market?
A surge in the need for wireless sports and fitness gadgets is anticipated to fuel the growth of the smart wearables market. Smart devices like smartwatches are rapidly gaining popularity among cyclists, runners, gym enthusiasts, swimmers, and athletes for monitoring calories burned, activities per hour, static time, and overall activity duration. For example, data from the Australasian Society of Lifestyle Medicine, a non-profit organization based in Australia, revealed that roughly 500 million smartwatches had been distributed worldwide as of June 2022. They also forecast annual sales to surpass 250 million units by 2025. This suggests that the increasing preference for smart, wireless exercise tools is likely to boost the smart wearables market.
How Is the Smart Wearables Market segmented?
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
Subsegments:
1) By Smart Watches: Fitness-Focused Smartwatches, Smartwatches With Health Monitoring Features, Gps-Enabled Smartwatches For Navigation And Activity Tracking
2) By Smart Glasses: Augmented Reality (Ar) Smart Glasses, Virtual Reality (Vr) Headsets, Smart Glasses With Integrated Cameras And Display Functionalities
3) By Fitness And Wellness Devices: Fitness Trackers, Health Monitoring Devices, Sleep Trackers And Stress Management Devices
4) By Smart Clothing: Smart Shirts And Fitness Apparel With Embedded Sensors, Smart Shoes With Activity Tracking Capabilities, Wearable Technology For Medical Monitoring
5) By Others: Smart Rings And Wearables For Specific Health Monitoring, Wearable Patches And Biosensors, Hearing Aids And Other Specialized Smart Devices
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What New Trends Are Influencing the Smart Wearables Market?
The growth of the smart wearables market is significantly influenced by the increasing trend of smart rings usage. Defined as a wearable electronic gadget, a smart ring comes with mobile-device compatible features like sensors and NFC chips. These are commonly utilized as an auxiliary device for mobiles, aiding in a variety of activities, often related to the monitoring of daily tasks. To illustrate, in May 2022, the Finland-based fitness tracker company, Gucci x Oura introduced a smart ring priced at $950. Designed using black PVD-coated titanium, the product promotes self-discovery through its highly adaptive and personalized capabilities. The designer's logo, which is presented in 18-karat yellow gold, adds to the aesthetic appeal of the ring's exterior.
Who Are the Key Players in the Smart Wearables Market?
Major companies operating in the smart wearables market include:
• Apple
• Fitbit Inc
• Garmin Ltd.
• Xiaomi
• Samsung Electronics Co.
• Huawei Technologies Co. Ltd.
• Fossil Group Inc.
• Qualcomm Inc.
• Sony Corporation
• LG Electronics
• Titan
• BioTelemetry. Inc
• Lifesense
• Sotera Wireless
• Adidas
• Microsoft
• Nike
• Ava
• GymWatch
• KardiaMobile
• Motiv
• My Skin Track UV
• Owlet
• TempTraq
• Withings
• InteraXon
• Carré Technologies
• PUSH
What Is The Most Dominant Region In The Smart Wearables Market?
Asia-Pacific was the largest region in the smart wearables market in 2024. North America was the second-largest region in the global smart wearables market analysis. The regions covered in the smart wearables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
