Stratview Research releases a new report on the Wearable Smart Device Market that shows lucrative growth opportunities in the global industry during the next five-year period. This report ensures reliable information related to the present and future market trends. The following summary will give an overview of the challenges, dynamics, and more details mentioned in the report.
Wearable Smart Device Market Insights:
The wearable smart device market was estimated at USD 68.82 billion in 2021 and is likely to grow at a CAGR of 14.7% during 2022-2028 to reach USD 180.3 billion in 2028.
The Wearable Smart Device Market size depends upon several factors that have a direct or indirect influence on the demand and supply chain. The report published by Stratview Research throws light on the vital extracts of many such factors derived using different types of analysis like supply chain analysis, etc. These methods help in analyzing the core strength of the companies, identifying their growth strategies, and recognizing their gaps as well as opportunities to lay out an effective roadmap that leads to higher profitability.
What are wearable smart devices?
Wearable smart devices are smart electronic devices enabled with wireless technologies such as GPS, Bluetooth, and others that transmit relevant information that is worn close to the surface of the skin and receive information through analytics. The wearable smart device market is doing great in gathering and relaying vital health statistics related to human health for the past few years and it has future opportunities to gain vital clinical information for real-time decision-making.
COVID-19 IMPACT
Industrial activities across the globe were impacted by the outbreak of the Covid-19 pandemic. The electronics industry is severely hit with a significant impact on its supply chain and production facilities. However, the pandemic had a moderate impact on the wearable smart device market. The increasing demand for wearable devices in various sectors like infotainment, telemedicine, and navigation, growing health awareness, and also the adoption of smart clothing is likely to drive the market growth at a healthy rate in the forecast period.
Key Players
The report also highlights the topmost linchpins active in the market. According to the list, here are few key players mentioned in the report -
- Apple Inc.,
- LG Electronics Inc.,
- Sony,
- Fitbit Inc.,
- Adidas Group,
- Garmin Ltd.,
- Xiaomi Technology Co. Ltd.,
- Misfit Inc.,
- Lifesense Group, and
- Samsung Electronics Co. Ltd.
Market Dynamics
Multi-featured and hybrid application mobile devices are generating great opportunities for the key market players.
- In the current scenario, the veterinary wearable market is in its expansion stage which is driven by the growing adoption of the internet of things and connected devices, advanced technological devices such as GPS and RFIDs, increasing awareness about various smart wearable devices, technological advancement in electronic devices, and increasing government initiatives and expenditure towards behavioral monitoring.
- The high cost of wearable smart devices and the lack of proper wireless infrastructure in developing countries are the major restraining factors hindering the growth of the wearable smart device market.
Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].
