Global Smart Necklace Market 2019-2023
About this market
Increasing crime rates increases the demand for women safety devices to drive market growth. With the rising incidences of crime on women, it is necessary to have smart technology to combat constant threats to their ability to move around, to work, and lead a normal life. Technavio’s analysts have predicted that the smart necklace market will register a CAGR of close to 2% by 2023.
Increasing popularity of e-commerce channels
The penetration of the Internet and the availability of smart gadgets increase consumer access to online shopping platforms. Retailers utilize online platforms to expand their geographical reach and consumer base. The convenience of online shopping and improved security features of e-commerce platforms also boost the market. Wider Internet penetration, consumer trust in online retail, faster shipping services, and the fragmentation of consumer choice play a significant role in market growth.
Availability of substitutes
The end-users of smart necklaces are the same as the end-users for other smart wearables such as smartwatches. With no special change in features and notifications, smart necklaces have limited features when compared with smart wrist wear devices such as watches and bands. This makes the acceptance of smart necklaces harder for new end-users, who are new to the smart wearables market.
For the detailed list of factors that will drive and challenge the growth of the smart necklace market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Ninestar and Totwoo the competitive environment is quite intense. Factors such as the increasing popularity of e-commerce channels and the increasing crime rates increases the demand for women safety devices, will provide considerable growth opportunities to smart necklace manufactures. Bellabeat, Huami, Misfit, Ninestar, and Totwoo are some of the major companies covered in this report.
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