Smart Wristband Market Size, Share, Growth, and Industry Analysis, By Type (Waterproof OLED, 3D Hook Face, and Others), By Application (Movement, Health Monitoring, Entertainment, and Others) Regional Forecast To 2031

Updated On: 08 April 2024

Smart Wristband Market Report Overview

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The global smart wristband market size was USD 1.927 billion in 2021 and the market is projected to touch USD 2.698  billion by 2030, exhibiting with a growing Compound annual growth rate (CAGR) of 3.72% during the forecasting period. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A smart wristband offer a local touchscreen interface for daily usage, while an associated smartphone app offers management and telemetry. A smart wristband is a wearable computer in the shape of a watch (such as long-term biomonitoring). Early models of smartwatches were capable of simple tasks like math calculations, telling the time digitally, translating, and playing games. However, since their release in 2015, smartwatches have advanced functionality more akin to smartphones, including mobile apps, a mobile operating system, and WiFi/Bluetooth connectivity. With FM radio and Bluetooth headset playback of digital audio and video files, several smartwatches double as portable media players. Some watch phones (also known as phone watches) incorporate mobile cellular features like call making.The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The smart wristband market is anticipated to expand at a compound annual growth rate from 2022 to 2031, according to the study's forecast. The market's expansion can be primarily attributed to the rising global usage of consumer electronics including smartphones, TVs, and security systems. As of 2022, there were more than 6 billion smartphone users in the entire world. Comparatively more people, estimated at roughly 7 billion users, own both smartphones and feature phones.

COVID-19 Impact: The Pandemic Upsurged the Wearables Market Growth

Wearable technology, such as smartwatches and other wearables that continually monitor users' heart rates, skin temperatures, and other physiological markers, can assist identify coronavirus infections days before a person is diagnosed. According to studies from renowned medical and academic organisations, devices like the Apple Watch, Garmin, and Fitbit watchescan identify whether an individual is positive for COVID-19 even before they are ill or the virus is detectable by tests. Wearable technology, according to experts, could be crucial in containing the pandemic and other contagious diseases. In contrast to COVID-negative individuals, those with COVID-19 had decreased heart rate variability, or less change in the interval between heartbeats, the study revealed. Having a high heart rate variability does not indicate having a high heart rate. It shows that a person's neurological system is active, flexible, and more stress-resistant.

LATEST TRENDS

"The Technological Innovations and Adoptions to Advance the Market Share"

Along with continued R&D efforts in the semiconductors sector, there is a rise in the usage of technologies like artificial intelligence (AI), the internet of things (IoT), and wireless communication. In turn, these are anticipated to present a plethora of potential for the growth of the smart wristband market in the ensuing years. Along with these, rising industrial robots use and an increase in integrated circuit component production, particularly in Asian nations like China and Japan, are also projected to fuel market expansion in the near future. Further propelling the growth of this market are technical developments like integration with mobile payments.

Smart Wristband Market Segmentation

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• By Type Analysis

Based on type, the smart wristband market is subdivided into Waterproof, OLED, 3D hook face and others.

• By Application Analysis

Based on the applications, the smart wristband market is subdivided into movement, health monitoring, entertainment and others.

DRIVING FACTORS

"The Health Monitoring Feature to  Amplify the Market Share"

Due to growing consumer awareness of their health conditions and subsequent efforts to improve them through lifestyle changes like diet and exercise in addition to routine medical checkups, the health monitoring application segment is also anticipated to experience significant growth over the forecast period. Wearable devices that track various biometric data points, such as heart rate, blood oxygen saturation levels, and steps taken by users, are becoming more and more popular as a result of this feature. increasing attention paid to preventative healthcare globally since it lowers long-term healthcare expenditures borne by both individuals and governments. This is also contributing to the  smart wristband market growth.

"The Entertainment Segment to Create Opportunity and Attract the Market Share"

The global smart wristband market was dominated by the entertainment segment in terms of revenue, and it is anticipated to expand significantly throughout the forecast period. The popularity of fitness bands and activity trackers as a gaming, music, and social networking platform has raised demand for these gadgets.

RESTRAINING FACTORS

"The Battery and Configuration Limitations to Restrain the Market Growth"

One of the biggest drawbacks of a smartwatch is this. Smartwatches typically have a battery life of 1 to 2 days after a full charge. Some don't even last a day, especially if you utilise features that consume a lot of power. You'll wake up the next morning with a dead watch if you neglected to charge it. In addition to screen constraints making it more difficult to do routine internet browsing, certain devices have battery life difficulties that further restrict their usability for data-intensive activities. However, the largest drawback so far seems to be that smartwatches are still not often fully independent gadgets. This is due to the fact that many smartwatches require a related phone or computer to accomplish several crucial features.

Smart Wristband Market Regional Insights

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"North America to Lead  With Presence of Large Number of Consumers and Major Key Players"

In 2017, North America had the majority of the worldwide smart wristband market share, and it is anticipated that the region would continue to hold this position during the projected period. Fitness clubs and health facilities are widely available in North America, which will promote regional development. The region is expected to experience significant growth over the course of the forecast period as a result of rising disposable income levels, increasing consumer adoption of wearable technology, rapid technological advancements like Bluetooth Low Energy (BLE) technology and component miniaturisation, as well as an increase in the region's manufacturing capacity for smart accessories.

KEY INDUSTRY PLAYERS

"The Prominent Players Contributing in the Market Growth"

The report covers the information on the advancement outlooks with new inventions and SWOT analysis.The market elements situation, with the development areas of the market in the upcoming years. Market segmentation information including the subjective and quantitative research including the effect of financial and strategy viewpoints are discussed in the report. The report also disseminates the information on the regional and nation level assessment incorporating the demand and supply dominators that are affecting the development of the market. The competitive landscape including market share of major players, along with the new research methodologies and strategies adopted by players for the  forecasted period is listed in the report.

List of Market Players Profiled

• Xiaomi (China)
• Lg Electronics (South Korea)
• Samsung Group (U.S.A)
• Fitbit (U.S.A)
• Asus (Japan)
• Motorola (U.S.A)
• Omate (China)
• Apple (U.S.A)
• Sony (Japan)
• Lenovo (China).

REPORT COVERAGE

The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.