The size of the North American smart wearables market is predicted to showcase a prominent growth rate from 2021 to 2026.
A few of the significant factors that are expected to drive the growth of the North American smart wearable devices market are introducing innovative products used in daily life, such as activity monitoring, heart rate monitoring, and others.
Many prominent players are creating smart wearables expected to take wearable technologies to another level in the future. Smart wearable devices have also emerged in the entertainment industry with newer developed techniques to experience digital technology such as virtual reality headsets and augmented reality glasses. Industries such as defense, lifestyle, fitness, sports, etc., also use smart wearable devices. One of the factors is the increased awareness of wearable devices and technological advancements expected to drive the smart wearable device market. Smart wearable devices allow users to check health-related information on their smart wearable devices. Obesity has become a major concern in many parts of the world, and as a result, people are choosing wearable technology to monitor health and fitness data.
With technological advancements and product innovations, small and medium-sized businesses are increasing their market presence by securing new contracts and entering new markets. Emerging wearable medical devices include wearable AI-enabled devices, portable and portable dialysis machines, and a wearable sweat sensor to notify athletes of electrolyte and water loss. In addition, the growing need to reduce hospital stay, the increasing prevalence of chronic diseases and patients requiring long-term care, and a higher proportion of the elderly are expected to drive health products during the forecast period.
However, the initial cost of manufacturing portable devices is very high, resulting in high prices for end consumers. Companies have to spend a lot of funds on research, marketing, and promotion, shipping, licensing, software, and the development of wearable devices.
The main challenge affecting smart wearable technology is the need for security, protection, and privacy of customer information as portable devices are equipped with lithium batteries and are connected close to the body, which can create a potential risk to the customer. In addition, the security and privacy of the user are also hampered due to the increased risk of hackers, who can manipulate the data. Security and privacy are also a common factor that threatens the use of wearable technology. It also leads to a lack of end-to-end information encryption, unsecured communication, and the formation of cyber vulnerabilities.
Impact of COVID-19 on the North American Smart Wearables Market:
Amid the Covid-19 pandemic, companies are grasping the opportunity by launching smartwatches &fitness trackers that monitors and guides the user based on their measurements. The COVID-19 outbreak and worldwide shutdown restrictions have affected industrial activities around the world. The electronics industry is severely affected with significant influence on its supply chain and production facilities. Production was halted in China and Taiwan in February and March, influencing various OEMs around the world.
This research report on the North America Smart Wearables market has been segmented and sub-segmented into the following categories:
Geographically, the North American region is expected to experience significant growth due to various advancements in wearable technologies in smart devices and leading companies in the United States. In addition, North America is home to some of the most innovative smart wearable brands that invest huge capital in research and development activities keep the region at the forefront of technological innovation in the industry. For example, in 2020, Apple Inc. invested $ 16.255 billion in research and development, representing 6.33% of its total revenue. Likewise, Garmin has invested $ 610 million in innovation, or 16.5% of the total revenue generated in 2019.
Canada and Mexico are also expected to experience a healthy and lucrative growth rate over the next forecast period.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the North American 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.