Smart bands: Key market research findings
- Proliferation of low-cost smart bands
- Incorporation of advanced technologies
Technavio has added released a new market research report on the global smart band market, which is expected to grow at a CAGR of 2% between 2016 and 2020. The market is witnessing the introduction of several new smart bands such as Epson’s Pulsense PS-100; Microsoft’s Microsoft Band; Jawbone’s UP3; Acer’s Liquid Leap Active, Liquid Leap Curve, and Liquid Leap Fit; and Xiaomi’s Mi Band 1S. The Americas lead the global market for smart bands, accounting for around 65% of the overall market share. The main reason for this region’s growth is the high presence of tech-savvy consumers with greater awareness of technologically advanced products such as smart bands.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Consumers prefer smart bands to smartwatch because smart bands are comparatively less expensive and have similar functions. Vendors are introducing new smart bands at low prices and with advanced wearable technologies. For instance, Disney’s MagicBand has radio-frequency identification and navigation technology. Various brands like Xiaomi and Lenovo are offering low-cost smart bands. Such proliferation of low-cost smart band will reduce the average selling price of smart bands leading to their high adoption during the forecast period,” says Navin Rajendra, Industry Manager, Hardware & Semiconductor, Hardware & Semiconductor, Technavio Research.
Of late, the smart band manufacturers are integrating advanced technologies such as haptics, gesture recognition, and voice recognition into smart bands. These technologies are expected to be the unique selling points (USP) for smart band vendors. Manufacturers are also developing smart bands using advanced actuator and sensors to provide a more natural sense of touch to human-computer interaction.
The leading vendors in the global smart band market include Fitbit, Xiaomi, Garmin, Jawbone, and Samsung. These major players account for 90% of the overall market share collectively. Intense comoetition prevails in this market because of the presence of multiple small and large vendors.
A more detailed analysis is available in the Technavio report, Global Smart Band Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Fitness Bands Market 2015-2019
- Global Smart Wearable Entertainment Devices and Services Market 2015-2019
- Global RF Devices for Smart TV Market 2014-2018
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