Consumer Smart Wearables Market Scope
Consumer Smart Wearables are body-borne computational and sensory devices that possess the ability to sense the wearers and their environment. These are electronic devices and components intended to be located near, on or in an organism that has intelligent functionality and/or maybe a part of an intelligent system via connectivity. Typically, smart wearables consist of a sensor, user interface, and computing architecture. These wearables provide unprecedented opportunities and can communicate either directly through embedded wireless connectivity or through another device. The growing adoption of consumer smart wearables is boosting the market growth.
According to AMA, the Global Consumer Smart Wearables market is expected to see growth rate of 29.17%
The manufacturers of the consumer smart wearables market continue to focus on innovation and technological advancements in the product. Such developments coupled with competitive pricing are likely to assist in increasing market share over the forecast period. The key players are investing heavily in research & development to enhance their product quality and features to maintain their market presence in altering consumer buying preferences. Research Analyst at AMA estimates that North America, Europe, and Asia Pacific Vendors will contribute to the maximum growth of Global Consumer Smart Wearables market throughout the predicted period.
Adidas AG (Germany), Apple Inc. (United States), Garmin Ltd. (United States), Jawbone (United States), Nike, Inc. (United States), Samsung Electronics (South Korea), Sony Corporation (Japan), LG Electronics Inc. (South Korea), Amiigo (United States), Fossil Group, Inc. (United States), Medtronic plc (Ireland), AIQ Smart Clothing Inc. (Taiwan) and Cyberdyne Inc.(Japan) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Consumer Smart Wearables market by Type (Smart Wristband, Smart Watch, Smart Eyeglasses, Smart Clothing, Smart Jewellery, Fitness Trackers and Others), by Application (Healthcare and Medical, Enterprise and Military, Infotainment, Fitness and Wellness and Other) and Region with country level break-up.
On the basis of geography, the market of Consumer Smart Wearables has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In November 2019, Alphabet Inc. subsidiary Google agreed to buy smartwatch maker Fitbit Inc. for USD 2.1 billion in an all-cash deal. This acquisition will shore up Google’s hardware business with smartwatch technology as well as potentially increasing its antitrust scrutiny.
In December 2018, Xiaomi entered into the partnership with Timex Group to develop new smart wearable products. This collaboration aimed to increase the promotion and distribution of Xiaomi’s smartwatches brand Huami’s global market share
Market Trend
- Trend to integrate Smart Wearables with IoT Technology
Market Drivers
- Increasing Demand from Healthcare and Sports Verticals
- Growing Use Smart Wearable Devices
Opportunities
- Growing Use of Smart Wearables for Daily Life Tracking Purpose
- Increasing Adoption of Consumer Smart Wearables
- Rapid Technological Advancements
Restraints
- High Cost of Consumer Smart Wearable Products
Challenges
Analyst View
In order to enhance the usage and adoption of consumer smart wearables, the companies are working hard to design more comfortable, reliable, useful, integrated, lighter, smaller, aesthetic and vogue product. This continuous updating of smart wearables with new technologies will drive the market in coming years.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Consumer Smart Wearables Manufacturer, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry