Smart Wearables Global Market Report 2021: COVID-19 Growth And Change To 2030

Major players in the smart wearables market are, Apple Inc. , Samsung, Google, Xiaomi, Nike, Motorola Solutions Inc. , Garmin, Jawbone, and Misfit. The global smart wearables market is expected grow from $14.

New York, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Wearables Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151546/?utm_source=GNW
93 billion in 2020 to $17.35 billion in 2021 at a compound annual growth rate (CAGR) of 16.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $30.88 billion in 2025 at a CAGR of 16%.

The smart wearables market consists of sales of smart wearable devices and related services for tracking vital pieces of data related to the health and fitness of the human body. Smart wearables are any form of an electronic device intended to be worn on the human body.

The smart wearables market covered in this report is segmented by devices into smartwatches smart glasses fitness & wellness devices smart clothing others and by application into lifestyle healthcare consumer applications defense fitness & sports enterprise & industrial.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The lack of control over the data generated by owners through their smart wearable device’s constraints the growth of the market.The privacy policy of most wearable devices states that data collected would be shared with a third-party vendor, inherently giving way for the data breach.

For instance, in 2018, Strava, a fitness tracking application revealed the location of the US soldiers in Iran and Syria. Data breaches are a big concern to the users making it an obstacle for people to adopt the use of these devices and thus, impacts market growth negatively.

In November 2019, Google LLC, a US-based multinational technology company, acquired Fitbit, Inc. for $2.1 billion. The acquisition of Fitbit was aimed to strengthen Google LLC in the business of smart wearable devices. Fitbit, Inc., a US-based company, is specialized in the production of wireless wearable technology devices.

The increasing demand for wireless sports and fitness devices is projected to drive the smart wearables market.There is a rapid growth in the use of smart devices such as smartwatches among cyclists, runners, gym-goers, swimmers, and athletes to track the calories burnt, hourly activity, stationary time, and activity time.

For instance, in September 2019, Garmin, a US-based technology company, launched the Garmin Vivo active 4, a smartwatch that is featured with a fitness tracker to track every move of the human body. Therefore, the demand for smart and wireless fitness devices is expected to propel the smart wearables market.

The use of smart rings is a key trend shaping the growth of the smart wearables market.A smart ring is a wearable electronic device equipped with mobile devices such as sensors and NFC chips that are used as a peripheral tool to assist mobile devices for a variety of purposes, often monitoring everyday tasks.

For example, in September 2019, Amazon introduced the Echo Loop Smart Ring with the intention of keeping Alexa on finger. The Echo Loop Smart Ring vibrates to alert users to notifications, while built-in microphones and speakers will be enabled to communicate with Alexa.

The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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