Published on : Apr 19, 2018
ALBANY, New York, Apr 19, 2018 : ResearchMoz.us has added new a market study, titled, “Smart Wrist Wearable: Global Forecast, Value Chain Analysis, and Opportunities and Challenges,” to its vast repository. It endeavors to capture the key facets of the market for smart watches and smart wristbands – which are often referred together as smart wrist wearable to understand what is fueling their demand.
The report finds that with the smartphone market having reached a point of saturation, keen players in the information communication technology (ICT) market have now fixed their gaze upon the new applications of Internet of Things (IoT). This has led to a focus on smart wrist wearable, which apart from being a fashion accessory and communication and payment tool, can also double up as a monitor to track various bodily functions of the wearer such as pulse rate, temperature, blood glucose, and so on. It can also track physical activities by counting the number of steps and sleep patterns. Such unique perceived benefits, combined with increasing disposable incomes of people, rising health consciousness, and the proliferation of products is expected to result in phenomenal double digit market growth in the next couple of years.
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However, despite high volumes of shipment by the companies, the market is still in its infancy and far from tasting its full potential. But with new and old entrants betting big on it, smart wrist wearable is expected to become mainstream soon. Consumers are now more aware of their benefits and are increasing ordering one suited to their budget.
Currently, North America and Europe are the biggest market for smart wrist wearable because of a large pool of tech-savvy health conscious people who also have the means to spend on such fancy high-end gadgets. Presence of some of the cash-rich well-entrenched players, namely Apple, in the region has also propelled their markets. Going forward, Asia Pacific is expected to emerge as a key region too on the back of the fast-expanding large and highly populated economies of China and India. Besides, many nations in the region including China are home to both new and old players in the domain such as Xaomi and Huawei. This has also stoked the growth of smart wrist wearable market in the region.
At present, the smart wrist wearable market is highly fragmented with both new and old players competing against one another. This is because of the tremendous growth potential and reduced entry barriers of the market. In order thrive in such a cutthroat environment, astute companies are seen banking upon aggressive marketing strategies and strengthening their distribution networks.
They are also eyeing strategic alliances to enhance their positions. Some of the key players in the market are Apple, Garmin, Fitbit, Lenovo, Xiaomi, and Samsung Electronics.
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