Smart Wearables Market Trends

Growth Drivers

• Increase in Health Consciousness and Fitness Trends The increased convenience provided by smart wearables and their ability to track and monitor various metrics makes them a perfect fit for the healthcare and fitness segments. For instance, WHO has been promoting principles and action areas for health promotion across the globe.
• Increasing Urbanization- Urbanization has increased the number of consumers with disposable income, which is an important driving factor of the market. It has also provided a huge consumer population in urban areas, making urban markets more profitable for device manufacturers.
• Increasing Usage of AI and AR- rowing Geriatric Population- The AI and AR technology have provided a more convenient and customized experience for users, making the devices more attractive and useful. It has improved the product’s features such as fitness tracking and monitoring, and has enhanced the user experience through features like facial recognition. This technology has made the device more user-friendly and has enabled the introduction of various features such as gesture control, speech recognition, and many more.

Challenges

• High Purchasing and Maintenance Cost- The purchasing cost varies with different types of features, the brand recognition value and the competition to build it more miniature and much more integrated is the key. The frequent battery replacements, the sustainability so as it is environmentally friendly, expensive repairing and the commodities in demand.
•   Design challenges to create a User interface (UI) and User Experience (UX) that is intuitive and user-friendly.
• Intense competition among various brands and devices can lead to confusion for consumers and price wars.