Thanks to the interesting developments that have kept this business animated, wearable technology has developed into one of the biggest industries in the world. Indeed, research carried out by Statista showed that in 2017 there were 526 million wearable users linked to the 4G network, and by 2022 it is projected that by 89 million the market would expand and will connect more than 900 million people. These data show that demand for wearable electronics is steadily growing: a growing tendency to become a need for life.
Market Overview
During the projected period, the market in the smartwatch industry is predicted to expand by 14.5% (2020 – 2025). IoT-powered Fare a major trend that works with other IoT devices, not only as a standalone technology but also to improve a user’s quality of life.
The desire for aesthetically appealing sophisticated goods that are able to satisfy the demands of customers better, such as time schedules, various functions in one device, drive demand for smartwatches internationally because of the increasing rates of urbanized penetration.
Smartwatches like Huawei Watch are seeing new customers, especially the elderly, increase because wearable manufacturers like Apple and Fitbit, among others, are integrating medical monitoring to appeal to older people and keeping them updated on their health in real-time.
For example, Apple has an Apple Watch Series 4 fall detection app as well as an EKG monitor, while Fitbit has introduced a sleep apnea detection tool.
In 2019, wearable use significantly rose from 24 percent in 2018 to 33 percent in 2019, according to the Rock Health Survey on digital health adoption. More customers use such gadgets instead of fitness tracking to meet key health demands.
In the current year and in the first two quarters of the year because the supply chain faced an enormous disruption since the COVID-19 was designated a pandemic, the COVID-19 is projected to have a major influence on the market.
In order to monitor the infection rate of coronavirus via wristwatch, however, the current customers are always striving to develop new improvements.
The ECG smartwatch maker, Vagus, for example, launched a crowd-sourced data-collecting effort in March 2020 that was to be conducted via the ECG watches. This is to collect ECG data readings from Covid-19 before, during, and after infection.
Recent Market Trends
The most useful element of wearable technology was health monitoring. In addition to giving health data, it helps exercise enthusiasts but also provides patients with insights into their problems. People have greater concerns about their health and the shipping of fitness trackers has increased. Each wristwatch contains a fitness tracker component. As it provides diverse functionality to record health data, its popularity is growing substantially.
Time and resources saving, smartwatches allow doctors to provide important and complex information. Medical experts get this data in solving challenges, such as the consequences of a new medicine or the continual monitoring of a patient’s recovery state, and much more.
The in-smart accelerometers can be used to detect convulsions and shock, especially in situations like epilepsy. Fast and efficient treatment is a key component of ensuring that chances of long-term harm are reduced if epileptic episodes occur. Smartwatches can be used to warn family, friends, and healthcare professionals about seizures that can significantly affect the recovery of the patient.
For its software for the detection of health problems such as sleep apnoea and atrial fibrillations, Fitbit is working on clinical validation and regulatory approval to assist foster medical fitness and the development of the market.
The introduction of sports smartwatches like the Huawei GT2 Sport Smart Watch brought a change in sports fields too. As noted previously, when you work out, a smartwatch can measure your progress. It also maintains your progress so that you may check it whenever you like.
You can add enhancements or minimize your effort when you are working out information tracking. Another advantage. With the help of a computer, smartwatch, and fitness designer, an efficient system can be dramatically designed which allows you to correctly workout.
Conclusion
Their affordability, the usage of wearable technology increase and become necessary. These gadgets can now record many data with the newest advancement and are more advanced than their previous version. The market is influenced by the new advancements in technology. This increases the market grows rapidly.
