The latest report by QYResearch states that the smart band market is expected to grow at an unprecedented rate in the coming years. This study would also help understand the current market and its projected growth on the basis of different regions and contemplate the various market drivers and impediments likely to influence the market. Smart bands are a new age technologically equipped watches which act as mobile devices in function. They have an LED display as its basic feature coupled with several other advanced features such as fitness tracking, heart rate monitoring, etc. It is a smartphone with the convenience of a watch.
Technological advancements in the market make it an evolving market space to invest in. There has also been a huge push globally towards a healthier lifestyle which has led to people investing inconvenient health monitoring tools such as the smart band. The smart bands combined with analytical apps which use artificial intelligence to monitor and chart out statistics on step count monitoring, calories tracking, quality of sleep etc prove to be extremely useful for health-conscious consumers. Smart band companies are continuously integrating automotive functions such as locking and unlocking cars using the smart bands which would be a big booster for the industry. The growth of the IoT (Internet of Things) industry and improved internet reliability are also seen as key catalysts for the spur in the smart band market.
The market is segmented on type as: with screen and without screen. The market is also segmented on the application as specialist retailers, factory outlets, and online stores. The market is fragmented based on device type as: fitness bands, smartwatches, and others. The market is segmented on the basis of display type as: monochrome display and colored display. The market can be fragmented according to sales channels as: online and offline. The market is also fragmented on compatibility as: iOS, android, windows, tizen and others. iOS was the highest contributor according to the compatibility type among all the other competitors.
Regionally, the market is segmented as Europe, North America, China, Japan, Southeast Asia, and India. Currently, America is a major contributor in the market. The demand for smart band devices is projected to rise exponentially in the near future in the already established American and European markets. However, the Asia-pacific regions’ sales would rise in the near future owing to technological advancements in the smart band field. The growing population size in these regions would also contribute positively to elevate the market size. The economy of these regions is also estimated to grow and hence, it would have a cascading effect on the smart band market as well.
August 2019: Lenovo launched a smart band called ‘Lenovo Smart Band Cardio 2’. The smart band comes inculcates a 24-hour continuous dynamic heart monitor, a battery that lasts for 20 days on one charge and ability to survive 50-meter water immersion. The smartwatch also monitors running, walking and swimming activities.
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