Wearable Smart Device Market Report

Market Insights

The global wearable smart device market is expected to grow from USD 38.54 billion in 2020 to USD 103.79 billion in 2026 at a CAGR of 15.3%.

Figure 01: Global Wearable Smart Device Market Size, 2020-2026 (USD Million)

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What are Wearable Smart Devices?

Wearable smart devices are smart electronic devices enable 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 gaining vital clinical information for real-time decision making.

Key Players

Key players operating in the global wearable smart device market are-

• 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 behavioural monitoring.
• The high cost of wearable smart devices and lack of proper wireless infrastructure in developing countries are the major restraining factors hindering the growth of the wearable smart devices market.

Segment Analysis

Application Trend

Based on the application segment, the wearable smart devices market is segmented into identification & tracking, fitness & wellness, medical diagnosis & treatment, safety & security, and others. Fitness & wellness segment accounted for the largest market share in 2020 due to the rise in demand for healthy activities among the consumers.

Regional Trend

North America dominated the wearable smart device market and is expected to account for the largest revenue share during the forecast period owing to the presence of well-established players in the market, 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, increasing government on healthcare in growing emerging economies such as China, and India.

COVID-19 Impact on Global Wearable Smart Device Market

The recent pandemic outbreak of COVID-19 across the globe constitutes to have noteworthy distress and loss in almost every country across the globe. The pandemic has rapidly affected the global economy by directly affecting the production and demand, deranging the supply chain and market, and by its effect on financial markets & firms.

Critical Questions Answered in the Report

• What are the key trends in the global wearable smart device market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global wearable smart device market?
• What are the key strategies adopted by the major vendors to lead in the global wearable smart device market?
• What is the market share of the top vendors?

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Target Audience

The following is a list of the customers that the Global wearable smart devices market aims to convert the most:

• Manufacturers
• Suppliers
• End-users
• Retailers
• Consumers

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