Global Smart Wearables Market - Segmented by Product Type (Wristwears, Eyewears, Footwears, Neckwears), By Applications (Fitness and Healthcare, General Consumer Electronics, Gaming and Recreational, Corporate and Industrial), By Technology (Sensing Technology, Display Technology, Computing Technology) and Region - Growth, Trends, and Forecasts (2018 - 2023)
The global smart wearable market was valued at USD 8.312 billion in 2017, and is expected to reach USD 35.36 billion by 2023, registering a CAGR of 27.29% over the forecast period of 2018-2023. The scope of the report considers solutions offered by the major players in the market. The study also emphasizes on latest trends and industry activities that have a lasting impact on the market.
Connected wearable products have been gaining significant traction in the market and have been around in various forms, for almost forty years. The pace quickened about a decade ago, with the start of the quantified‐self movement. However, over the past eighteen months, the arrival of new sensors and low-power radio chips has transformed the industry. In-line with the progression toward the Internet of Things, technology is becoming a more prominent part of the day-to-day life of people. One of the most interesting monumental shifts in technology is the smart wearable clothing technology, which amalgamates high-tech designs that cater to rising needs. The technology being used in health and wellness, infotainment, fitness, military, healthcare and medicals, and the industrial sectors, is constantly re-innovating itself, with ideas of a connected smart wearable technology using the global cloud, miniature, and distributed sensors, etc. The focus of the technology is now on creating new products with new form factors that augment our senses.
One of the most significant announcements in the market is the collaboration between Misfit and Swarovski, to produce a solar-powered version of the Shine fitness band. This watch uses a cut crystal to concentrate light on a photovoltaic cell, ensuring that the device never needs recharging and also offers the aesthetics of Swarovski, thus creating an edge in the market. The entrance of multiple new vendors, such as Louis Vuitton, Movado, Mont Blanc, Fossil, etc., owing to need for more natural fit, aesthetics, and style, has decreased the share of major tech vendors, such as Fitbit and Apple. Brand loyalties of these fashion vendors, which have the ability to provide a sophisticated watch and be connected, are aiding these vendors capture the share from the tech vendors.
Aging Population and Growing Awareness toward Health and Fitness
Over the past few decades, in Italy, the geriatric population has increased by over 50%, while the population above 80 years has grown threefold. The national healthcare systems are unable to manage this growing elderly population, through traditional methods. The trends, such as the older adult population and increasing costs in healthcare system, are forcing hospitals to decrease the house treatments, and use technological advancements to treat patients directly at their homes.
Wearable sensors facilitate continuous psychological monitoring for long durations, which is vital for the treatment of many chronic diseases, such as mental health issues and neurological disorders (including diabetes, empathy, communication, depression, drug addiction, problems with socials skills to some extent, and anxiety disorders). The companies that have recently entered the market are focusing on wearable sensors and progressively increasing the level of technology. Wearable technology, especially fitness monitors, are gaining a dominant position in the global consumer electronics market. The immense shift in the medical device industry is expected to give the new technology companies, a significant control over the future of intensive health monitoring. It has been observed that the convergence of fitness and health monitoring devices is setting up a platform for this technology. Further, the tendency to disrupt the traditional healthcare monitoring devices, has led to the entrance of new players in the market, such as Jawbone, Fitbit, Google, and Nike, which have now secured significant shares in the smart wearable market.
Increasing Demand for Wireless Sports and Fitness Devices
The meteoric rise in the demand for wireless sports and fitness devices is widely considered as one of the major drivers for the growth of the smart watch market. Currently, owing to their wide range of monitoring capabilities, the usage of smart watches among cyclers, runners, gym-goers, swimmers, and athletes has been increasing rapidly. GPS tracking, which can help track the distance, elevation climbed, and measure pace, is a key feature in the majority of the smart watches, which attract the athletes and climbers. Heart rate monitoring is a common feature in smart watches, which can monitor automatic, continuous wrist-based heart rates. Smart watches can easily track steps, calories burned, floors climbed, hourly activity, stationary time, and activity time. The wireless synchronization of these watches with smartphones enables users to control music, notifications, alarms, auto sleep, and other functions
Asia-Pacific to Witness the Fastest Growth during the Forecast Period
High growth countries, such as India and China, are driving the growth of the market, as these countries are reported to be one of the largest retail markets in the world. India is one of the largest software and services hubs in the world. With high technical expertise at a local level, the country has easy access to smartphones, at an economical cost. This encourages many app development companies and banking sectors to implement biometric security systems. Rising internet penetration levels in Asia-Pacific is driving the growth in the regional E-commerce sector, thus driving the growth in the market.
Key Developments in the Market