The size of the smart wearables market in MEA is forecasted to register a notable CAGR during the forecast period.
Due to the increasing penetration rates of urbanization, the demand for advanced aesthetically attractive products that can better meet the demands of consumers, such as schedules, multiple functions in one device, has driven the demand for smartwatches. Additionally, the region's huge millennial population has embraced smartwatches due to increased spending on keeping track of their regular working hours and luxury standards.
The geriatric population suffering from many illnesses is driving the evolution of home care towards a more precise model of personal care. For example, the population of the Middle East is aging rapidly. Since aging is one of the main risk factors for cancer, the incidence and prevalence of this disease are increasing among all region inhabitants. According to UN figures, the MENA region's population is expected to grow from 445 million to 664 million by 2050. It is expected that there will be nearly 19.6 million people over the age of 60 living in the GCC by 2050, representing 27.4% of the total population and a significant increase from the current number.
The regional aging population may require increasingly constant monitoring, which will drive demand for new smartwatches for health monitoring purposes during the forecast period. As a result, the region is witnessing the demand for smart wearables for healthcare purposes. Many new use cases are starting to gain demand, and more and more users can see the real health and fitness benefits that smart wearables offer.
However, the high cost and the availability of alternative substitutes are expected to restrict the smart wearables market in this region during the forecast period.
Impact of COVID-19 on the MEA smart wearables market:
The recent global COVID-19 outbreak has affected several industries. The shutdowns of production plants affected the electronics industry. Companies, including Apple and Samsung, have closed their production plants. Smartwatches, laptops, and other devices are expected to experience weak demand in the first half of 2020; however, sales of smart wearables are expected to improve in the second half when devices such as the Apple Watch are updated.
This research report on the MEA Smart Wearables market has been segmented and sub-segmented into the following categories:
Geographically, South Africa is expected to be the next big market for the smart wearables market. The level of adoption of wearable technology is currently low among South African households. However, this is expected to increase as the technology becomes more mainstream and more affordable. According to Samsung Enterprise Mobility, smartwatches and other wearable devices may soon move from consumer devices to valuable business tools, and CIOs in South Africa are gearing up to manage and secure the wave of new business technologies. They are expected to offer more huge opportunities to suppliers.
According to Arab Health, 47% of GCC residents find smart wearable technologies, such as smartwatches or fitness trackers, to be an effective way to monitor their health. Rising consumer spending in countries like UAE is expected to drive market growth. Consumer spending in the UAE increased to AED 434,215.66 million in 2019 from AED 426,982.68 million in 2018.
In addition, it is expected that there will be 9.78 million internet users in the UAE in 2020. The number of internet users in the UAE increased by 128,500 (+ 1.4%) between 2019 and 2020. The growing internet population would create opportunities for smart wearables in the region. In addition, rapid urbanization and the growth of shopping centers and shopping malls have played a fundamental role in changing shopping habits in the region.
Companies are launching more and more new products to establish themselves in the region. For example, Fitbit announced the Fitbit Versa 2 in the United Arab; these show the great opportunities for market growth in the MEA region.
KEY MARKET PLAYERS:
A few of the promising companies operating in the MEA smart wearables market profiled in this report are Apple, Covidien Plc, Philips Electronics, Fitbit Inc., LifeWatch AG, Polar Electro, Jawbone, Sotera Wireless, Pebble Technology Corp., Drägerwerk AG & Co. KGaA, Omron Corp., Samsung, Huawei, Lifesense Group, Adidas Group, Qualcomm Technologies, Inc, Sony Corporation, Garmin, Nokia Technologies, Vital Connect, and Everist Genomics.