Global Smart Wearables Market Trends And Strategies
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%. The increasing demand for wireless sports and fitness devices is projected to drive the smart wearables market. However, the lack of control over the data generated by owners through their smart wearable devices constraints the growth of the market.
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.
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The global smart wearables market is further segmented based on type and geography.
By Devices: Smartwatches, Smart Glasses, Fitness & Wellness Devices, Smart Clothing, Others
By Application: Lifestyle, Healthcare, Consumer Applications, Defense, Fitness & Sports, Enterprise & Industrial
By Geography: The global smart wearables market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American smart wearables market accounts for the largest share in the global smart wearables market.
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Trends In The Smart Wearables Market
The use of smart rings is a key trend shaping the growth of the smart wearables market. Smart rings are enabled with biometric activity data tracker that will track health issues of a human body and give a detailed analysis of the person’s health.
Smart Wearables Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides smart wearables market overviews, analyzes and forecasts smart wearables market size and growth for the global smart wearables market, smart wearables market share, smart wearables market players, smart wearables market size, smart wearables market segments and geographies, smart wearables market trends, smart wearables market drivers and smart wearables market restraints, smart wearables market’s leading competitors’ revenues, profiles and market shares. The smart wearables market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.