Global Smart Band Market Trends, Segment, Key Player and Forecast to 2023
by Rahul Rastogi Market Research AnalystThe
global smart band market has experienced a healthy growth over the past few
years. The demand for smart bands is growing worldwide on account of enhanced
activity tracking features and the declining prices of smart bands.
According
to the latest report by IMARC Group, titled “Smart Band Market: Global Industry Trends, Share, Size, Growth,
Opportunity and Forecast 2018-2023”, the global smart band market reached
a volume of 43.6 Million Units in 2017. Smart band, also known as an
activity or fitness tracker, is a wireless device equipped with sensors which
helps the wearer to track a number of physical and physiological parameters,
such as heart rate, quality of sleep, step count, average speed, and distance
covered while walking, jogging or cycling. It also provides access to social
networking websites, such as Twitter, Facebook, etc., where the users can share
their progress. The increasing number of tech-savvy consumers with greater
technology awareness are majorly contributing to the growth of smart band
market across the globe. Additionally, the lowering prices of smart bands and
availability of innovative designs have escalated the demand for smart bands
among the mass consumers.
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Global Smart Band Market Trends:
Owing
to sedentary lifestyles, and a consequent rise in the prevalence of
non-communicable diseases, the consumers have become more focused towards their
fitness and physical well-being. This has led to the uptake of devices such as
fitness trackers which encourage physical activity through their game-like
interface. Further, the advancements in technology and growing penetration of
Internet of Things (IoT) have broadened the application areas of smart bands.
For instance, these bands can be used to view notifications for incoming calls
and messages on the connected smartphone. The manufacturers are also developing
smart bands with improved water resistance that can be used during rains and
for monitoring the pool performance of swimmers, which will drive their demand
among professional athletes. In addition, collaborations between smart band and
smartphone manufacturers have created a positive outlook for the market. Owing
to these factors, the market is projected to reach volume of 50.8 Million Units
by 2023, exhibiting a CAGR of 3.9% during 2018-2023.
Global Smart Band Market Summary:
Based
on type, the market has been segmented into with screen and without screen
smart bands. Amongst these, with screen smart bands represent the most popular
product type in the global smart band market.
On
the basis of distribution channels, online stores account for the majority of
the smart band sales worldwide, on account of their convenience and wide range
of products. Online stores are followed by specialist retailers, company
outlets and others.
Region-wise,
North America is the leading smart band market, holding the largest share. The
other major regions include Latin America, Asia Pacific, Europe, and Middle
East and Africa.
The
competitive landscape of the market has also been examined with some of the key
players being Garmin, Fitbit, Samsung Electronics, Jawbone, Xiaomi, Apple, LG,
Lenovo, Razer, Nike and Sony.
view original content: http://www.abnewswire.com/pressreleases/smart-band-market-overview-2018-global-market-demand-trends-growth-share-opportunities-and-forecast-to-2023_269956.html
source: imarc
group
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Created on Nov 1st 2018 01:19. Viewed 287 times.