The global smart band market size reached 48.5 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 61.1 Million Units by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028. The growing awareness about health and fitness, increasing number of patients setting timers for taking medications and tracking physical activities, and rising number of innovative and affordable product variants represent some of the key factors driving the market.
A smart band refers to a wrist-worn device that can be connected to smartphones for monitoring the daily activities of an individual. It has a watch or wristband like structure and comprises sensors, microprocessor, wireless transceiver integrated circuit (IC), global positioning system (GPS) IC, display, and a wristband made from rubber or leather. It takes account of the distance covered while walking or jogging and monitors calorie intake, heartbeat, sleep cycles, and blood pressure. A smart band also enables users to locate their smartphones; allows them to make and receive phone calls without accessing the smartphone; and navigate social media, check notifications, set alarms, and interact with various apps effortlessly. It can also be connected to personal computers, laptops, and tablets for long-term storage of data. Furthermore, as a smart band is available in various fashionable designs, its demand is increasing around the world.
Smart Band Market Trends:
At present, the increasing demand for smart bands due to the rising awareness about health and fitness among the masses represents one of the key factors influencing the market positively. Besides this, the growing popularity of smart bands among fitness enthusiasts and athletes to maintain and track their daily workout routine is offering a favorable market outlook. In addition, changing lifestyles and hectic work schedules is driving individuals to set reminders that endorse healthy living and adequate sleep patterns and offer connectivity. Apart from this, the rising number of e-commerce brands and tech companies selling smart bands with innovative designs for affordable prices is propelling the growth of the market. Additionally, there is an increase in the utilization of smart bands in the medical industry to revolutionize the way healthcare facilities are delivered to patients by collecting patient data in real time and monitoring and tracking the activities and vitals of patients. This, along with the rising number of patients using smart bands to set timers for taking medications and tracking physical activities while recovering from an injury, is supporting the market growth. Moreover, key market players are improving the functionalities and accuracy of smart bands by incorporating internet of things (IoT) and artificial intelligence (AI) in their systems.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart band market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type, operating system and distribution channel.
Product Type Insights:
- With Screen
- Without Screen
The report has provided a detailed breakup and analysis of the smart band market based on the product type. This includes with screen and without screen. According to the report, with screen represented the largest segment.
Operating System Insights:
A detailed breakup and analysis of the smart band market based on the operating system has also been provided in the report. This includes Android, Windows, iOS, and others. According to the report, android accounted for the largest market share.
Distribution Channel Insights:
- Specialist Retailers
- Company Outlets
A detailed breakup and analysis of the smart band market based on the distribution channel has also been provided in the report. This includes specialist retailers, company outlets, online, and others. According to the report, specialist retailers accounted for the largest market share.
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. According to the report, North America was the largest market for smart band. Some of the factors driving the North America smart band market included the rising purchase of smart wearable devices, technological advancements, increasing health consciousness among the masses, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global smart band market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Fitbit, Garmin, Jawbone, Samsung Electronics, Apple, Xiaomi, Lenovo, LG, Nike, Razer, and Sony, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Million Units, US$ Million
||Product Type, Operating System, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Fitbit, Garmin, Jawbone, Samsung Electronics, Apple, Xiaomi, Lenovo, LG, Nike, Razer and Sony
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Key Questions Answered in This Report:
- How has the global smart band market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global smart band market?
- What is the impact of each driver, restraint, and opportunity on the global smart band market?
- What are the key regional markets?
- Which countries represent the most attractive smart band market?
- What is the breakup of the market based on the product type?
- Which is the most attractive product type in the smart band market?
- What is the breakup of the market based on the operating system?
- Which is the most attractive operating system in the smart band market?
- What is the breakup of the market based on the distribution channel?
- Which is the most attractive distribution channel in the smart band market?
- What is the competitive structure of the global smart band market?
- Who are the key players/companies in the global smart band market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the smart band market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global smart band market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the smart band industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.