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.

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.

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.

Market Segmentation:

The report segments based upon geographics, demographics, benefits and volume etc., identifies the most attractive segments and sub-segments and have different driving factors. The segmentation mentioned in the report has been arranged in such a way that it can help users to be more efficient in terms of time, investment, and other resources. It also allows the businesses to learn more about their target audience so that they can tailor their strategies, and campaigns in increasing their market share and revenue.

Based on the application segment, the wearable smart devices market is segmented into identification & tracking, fitness & wellness, medical diagnosis & treatment, safety & security, and others. The fitness & wellness segment accounted for the largest market share in 2021 due to the rise in demand for healthy activities among consumers.

North America accounted for the largest market share of more than 33.33% in 2021, owing to the presence of well-established players in the market, and increase government expenditure on the healthcare industry coupled with advanced and well-developed healthcare infrastructure.

However, the Asia Pacific region is anticipated to witness the highest CAGR during the forecast period due to growing disposable income, and increasing government on healthcare in growing emerging economies such as China, and India.

Report Customization Options

Stratview Research offers one of the following free customization options to the users along with this detailed report:

Company Profiling

·       Detailed brief of additional market players.

·       SWOT analysis of key players.

·       Competitive Benchmarking

Benchmarking of the market key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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 sales@stratviewresearch.com.