LONDON, Oct. 28, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the smart wearables market, 5G services being rolled out globally since the beginning of 2023 largely help the market. 5G faster speeds mean more reachable data, and access to far richer and more diverse data sources from our wearables and mobile devices. Just as the last generations of mobile data transfer (3G and 4G) made streaming music and streaming videos, a practical, everyday possibility, 5G – potentially offering speeds up to 100 times greater than previous standards – will make it possible to create entirely new types of services and experiences for consumers worldwide.
Another advantage of 5G networks is that they allow a far higher number of devices to operate within a geographical area. In busy urban areas, it’s often possible that our mobile data signal is compromised purely because there are too many devices nearby all trying to connect to the same network. In the world of wearables, where we may often have several devices on us that are all fighting for bandwidth, 5G should provide a solution to that problem.
One more exciting effect is that wearables will also become smaller and lighter, as there will be less need for them to contain powerful data-processing hardware in the devices themselves. There will be plenty of bandwidth for it all to be done in the cloud. This hopefully means potentially smaller smartwatches, smart glasses, VR and AR headsets, and the emergence of devices that are more comfortable to live with and carry in person.
The Business Research Company’s report titled Smart Wearables Global Market Report 2023 – By Devices (Smart Watches, Smart Glasses, Fitness & Wellness Devices, Smart Clothing), By Application (Lifestyle, Healthcare, Consumer Applications, Defense, Fitness & Sports, Enterprise & Industrial.), COVID-19 Growth And Change covers major smart wearables companies, smart wearables market share by company, smart wearables manufacturers, smart wearables market size, and smart wearables market forecasts. The report also covers the global smart wearables market and its segments.
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The global smart wearables market is expected grow from $14.93 billion in 2020 to $17.35 billion in 2023 at a compound annual growth rate (CAGR) of 16.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart wearables market is expected to reach $30.88 billion in 2025 at a CAGR of 16%.
North America is the largest market for smart wearables, accounting for 38.4% of the global market. It was followed by Asia Pacific, Western Europe and other regions. Going forward, the Middle East and Asia Pacific will be the fastest growing markets in the smart wearables market, where growth will be at CAGRs of 24.2% and 18.5% respectively. This is followed by Eastern Europe and South America, where the market is expected to grow at a CAGR of 18.0% and 13.9% respectively.
The global smart wearables market is concentrated, with a small number of large players with innovative products. The top ten competitors in the market made up to 61.56% of the total market in 2020. Major players in the market include Apple, Fitbit Inc, Garmin Ltd., Xiaomi, Samsung Electronics Co., Huawei Technologies Co. Ltd., Fossil Group Inc., Qualcomm Inc., Sony Corporation, and LG Electronics. Smart wearables companies should consider adopting 5G services to enhance sales, improve operational efficiencies, increase customer satisfaction and provide better service to customers.
Smart Wearables Global Market Report 2023 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide smart wearables market overviews, smart wearables market analyze and forecast market size and growth for the whole market, smart wearables market segments and geographies, smart wearables market trends, smart wearables market drivers, smart wearables market restraints, smart wearables market leading competitors’ smart wearables market revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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