Smart wearables are equipped with multiple sensors, which facilitate the wearer with health & fitness monitoring, GPS navigation and a range of other benefits. Over the last couple of years, a variety of smart wearables including smartwatches, smart wristbands, smart glasses, smart garments and smart jewelry have been launched across the globe.
These smart wearables integrated with unique featuresfind applications in diverse sectors including consumer electronics, healthcare, defense and apparels. However, the global smart wearable market is still in its nascent stage, with major market traction being predominantly witnessed in North America and Europe. However, growing health concerns and rising number of smartphone users are driving demand for smart wearables in countries such as China, Japan, Korea, etc. Consequently, major smart wearable players are focusing on offering technologically advanced products at low price points to increase their foothold, globally.
According to the report “Global Smart Wearable Market Forecast & Opportunities, 2020”, the global market for smart wearables is projected to generate a revenue worth USD37 billion by 2020. Consumer electronics and healthcare segments have emerged as the major growth areas on account of significantly higher adoption of smart wearables in these sectors. Presently, smartwatches and smart wristbands cumulatively account for a lion’s share in the global smart wearables market. Moreover, in response to robustly growing demand for smartwatches, luxury watch manufacturers are also foraying in the segment and launching luxury smartwatches to lure the high income customers. Introduction of innovative products is expected to significantly influence the consumer interest in smart wearables in the coming years.
Source: ASDReports - Market Research
Date: Jun 9, 2015