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Smart Wearables Global Market Report 2020-30: Covid 19 Growth and Change

Smart Wearables Global Market Report 2020-30: Covid 19 Growth and Change

  • July 2020
  • 400 pages
  • ID: 5935473
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the smart wearables market are, Apple Inc., Samsung, Google, Xiaomi, Nike, Motorola Solutions Inc., Garmin, Jawbone, and Misfit.

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 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.

North America was the largest region in the smart wearables market in 2019. Asia Pacific is expected to be the fastest-growing region in the smart wearables market in the forecast period.

In November 2019, Google LLC, a US-based multinational technology company, acquired Fitbit, Inc. for $2.1 billion. The acquisition of Fitbit was aimed to strengthen Google LLC in the business of smart wearable devices. Fitbit, Inc., a US-based company, is specialized in the production of wireless wearable technology devices.

The smart wearables market covered in this report is segmented by devices into smartwatches; smart glasses; fitness & wellness devices; smart clothing; others and by application into lifestyle; healthcare; consumer applications; defense; fitness & sports; enterprise & industrial.

The lack of control over the data generated by owners through their smart wearable devices constraints the growth of the market. The privacy policy of most wearable devices states that data collected would be shared with a third-party vendor, inherently giving way for the data breach. For instance, in 2018, Strava, a fitness tracking application revealed the location of the US soldiers in Iran and Syria. Data breaches are a big concern to the users making it an obstacle for people to adopt the use of these devices and thus, impacts market growth negatively.

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. For instance, in October 2018, Oura Ring, a smart wearable ring launched by Oura Health, helps in determining the sleep quality and duration of a human body.

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 September 2019, Garmin, a US-based technology company, launched the Garmin Vivoactive 4, a smartwatch, that is featured with a fitness tracker to track every move of the human body. Therefore, the demand for smart and wireless fitness devices is expected to propel the smart wearables market.



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