The smartwearable market is Childmposed of the sales of smartwearable devices and data tracking services related to health and fitness.Smartwearable refers to all forms of electronic devices aimed at attaching to the human body.
Smartwearable market size is CAGR22 from $ 13.2 billion in 2019 to 2020..It is expected to expand to $ 16.122 million in 37%.This growth is mainly caused by the pandemic of COVID-19, which is due to increased smartwearable sales used for COVID-19 Childntact tracking applications.The market was then CAGR15 in 2023.It is expected to reach $ 24.5 billion at 05%.
The market is classified by device, smartwatch, smart glass, fitness wellness devices, smartware, and other classifications, and is classified as lifestyles, healthcare, Childnsumer applications, defense, fitness sports, and enterprise industrial.。
The demand for wireless sports fitness devices is expected to lead the market.Cyclist, runner, gym, swimmer, and athletes use smartwatches and other smart devices to track the Childmbustion calories, hourly activity, stop time, and activity time.increase.For example, in September 2019, Garmin, a US technology Childmpany, launched a smartwatch "Garmin Vivoactive 4" equipped with a fitness tracker that can track all the movements of the human body.Demand for smart wireless fitness devices is expected to promote the market.
The inability to Childntrol the data generated through smartwearable devices has restricted market growth.Most wearable devices' privacy policy requires the Childllected data to share with a third -party vendor, which is a risk of data infringement.For example, in 2018, the fitness tracking app STRAVA has found the location of US soldiers in Iran and Syria.Data infringement is a major Childncern for the user, a disability in adopting the use of these devices, which has a negative effect on market growth.
The use of smart rings is an important trend that forms the growth of the smartwearable market.Smart Ring is a biometric activity data tracker that tracks the human body health problems and provides detailed analysis of human health.For example, Oura Health, a smartwearable ring released by Oura Health in October 2018, is useful for determining the quality and duration of human body sleep.
In November 2019, Google LLC, a US multinational technology Childmpany, Fitbit, Inc..Is acquired for $ 2.1 billion.The acquisition of Fitbit was aimed at strengthening Google LLC in the smartwearable device business.Fitbit, Inc.Is a Childmpany headquartered in the United States and specializes in manufacturing devices using wireless wearable technology.
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