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From smart jewelry, to fitness trackers, AI hearing aids, wireless earpieces and smart clothing. There exists an increasing popularity for smart wearables, especially with the recent development in flexible and affordable electronic displays. In 2019, the global smart wearables market was valued at 216 million units and it is projected to reach 648 million units by 2025, with a CAGR of 19.48% during the forecast period 2020 to 2025. This growth is driven by the surge in demand for IoT devices across various sectors such as healthcare, beauty and fitness. Smart wearables no longer cater primarily to health and fitness. Instead, with the rise of IoT and interconnectedness, the wearables market is transitioning into a mass-market device category.
In the sports industry, the smart wristband allows real-time tracking and monitoring of the user’s physical indicators, becoming a key metric which fitness enthusiasts use to understand their performance. Furthermore, the cost advantage of smart wristbands have made it the product of choice among consumers.
In large professional healthcare institutions, smart wristwatches have also become the product of choice since they allow real-time monitoring of multiple patient’s physical indicators. This allows medical professionals to respond quickly since an alert will be shown should abnormal physical indicators be detected. Furthermore, with the rise of telemedicine, smart wearables will remain a popular option in monitoring one’s health.
In the wellness industry, smart patches have allowed monitoring of an individuals sleep cycle, respiration rate, body temperature, blood glucose level, electrocardiogram, blood pressure etc. The possibilities of monitoring are endless therefore, there would be a continued demand for such smart wearable devices.
In the gaming industry, augmented reality (AR) headsets value adds to a player’s gaming experience, allowing integrating of digital content into physical reality, enabling the player to interact with and among real-world and virtual objects.
Zooming in on the Chinese smart wearable market, according to market research company International Data Corp (IDC) China, in Q3’2020, 6.77 million units of smart wearable device units were shipped from China to around the world, posting a 10.6% year-on-year growth.
However, with the convergence of all computing devices into one wearable device, the largest challenge which the smart wearable industry faces is the high power consumption of the device. The absence of a reliable and efficient battery which does not compromise the compactness of smart wearables require further R&D before the mass production stage can be achieved.
To conclude, smart wearables have grown to become a critical part of people’s daily lives and with the increasing connectedness, facilitated by the rise of IoT and 5G, the demand for smart wearables is set to increase in the future.
If your company has a unique smart wearable device which you think will better the lives of people, feel free to contact us at info@summeratlantic.com for a free evaluation of your company’s product potential in the Chinese market.
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