North America held over 30% share in the smart wearables market due to the high per capita income of consumers in the region. The presence of major consumer electronics companies, such as Apple and Oculus, provided consumers with access to products at a lower price. Furthermore, the high adoption of smart wearables among consumers between the age group of 16 and 34 (millennials) also foster the smart wearables market growth.
The increasing concerns among consumers toward fitness & healthy lifestyle are promoting the adoption of smart wearable devices. With the rise in obesity & heart-related illnesses around the world, there has been a simultaneous growth in the adoption of smart wearable technology among consumers for health monitoring applications. The smartwatches and fitness bands are integrated with various sensory hardware, which can monitor several health-oriented vitals including blood pressure and heart rate, enabling consumers to inspect the health conditions on a regular basis without the involvement of any healthcare personnel. It also provides real-time health-based insights to users regarding their health conditions in an inexpensive manner.
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The smartwatches and fitness bands segment holds over 85% share in the smart wearables market. The continual advancements in the design & functionality of smartwatches and along with its availability at the inexpensive price have increased its usage among consumers. Particularly, the availability of LTE connectivity in smartwatches has offered customers an alternative to bulky smartphones. The head-mounted display market is projected to attain a CAGR of more than 38% over the projected time period due to its widespread adoption in the VR-based gaming sector as it provides the gamers with immersive & high-quality gaming experience.
The advent of high-tech gaming consoles has allowed users to communicate with the surroundings in the VR-based gaming environment in a better manner. The expensive nature of head-mounted devices is restricting its usage among consumers as they are unwilling to invest in screenless VR systems. The earwear segment in smart wearables market is expected to register a CAGR of over 43% over the projected time frame due to the rising availability of AI assistants in various smartphones. The AI assistants, such as Alexa and Siri, allow customers to conduct numerous actions through speech commands.
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The gaming market is projected to register a CAGR of over 35% during the forecast time period. This is attributed to the technological advancements in the AR/VR-based gaming software and hardware consoles. The integration of advanced video and audio graphics in the AR/VR-based immersive environments is rapidly gaining popularity in the gaming industry. The smart wearable device manufacturers present in the landscape are incorporating various next-generation technologies into their product offerings, such as interactive graphics and 3D effects, to offer more realistic experience to the gamers. The high cost associated with gaming components and the lack of standout content are hindering the use of wearable AI devices in the gaming landscape.
The players in the smart wearables market are forming partnerships with other companies present in the smart wearables market to gain an edge over their competitors. For instance, in April 2018, Oculus collaborated with Xiaomi to launch a new standalone head mounted display product specifically designed for the China market. This partnership will allow Oculus to leverage on the distribution network of Xiaomi in the Greater China region and better compete with various smaller regional smart wearable device manufacturers in the region.
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Some of the companies operating in the smart wearables market are Apple, Facebook, Garmin, Xiaomi, Bragi, ANTVR, Huami, Jabra, Microsoft, HTC, Huawei, Fossil, Fitbit, Samsung, and Google.
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