The global smart wearable bands market size was valued at USD 45.9 million in 2021. The market is projected to grow from USD 45.9 million in 2021 to USD 58.41 million by 2028, exhibiting a CAGR of 4.10% during the forecast period.
 
The growing awareness of people for health and fitness is one of the main factors driving the global smart wearable band market growth. As a result, the demand for fitness accessories like smart bands has significantly increased. The need for reminders that promote healthy living, optimal sleep patterns, and connectedness has also been prompted by changing lifestyles and stressful schedules. Additionally, the market is being stimulated by expanding Internet of Things (IoT) and better internet accessibility, which have inspired customers to incorporate smart wearable bands into their daily lives. In addition, smart band prices have fallen in recent years, making them more accessible to the general public.

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COVID-19 IMPACT

Due of the increase in COVID-19 cases, the market for smart wearable bands saw increased sales. The sales of fitness tracking equipment grew due to greater health awareness brought forth by COVID-19. Revenue for businesses like Apple and Garmin increased by 20% in 2020 compared to the prior fiscal year. Even though COVID-19 has impacted a number of enterprises and there is still uncertainty regarding the economy and client demand, manufacturers are creating cutting-edge goods and services to assist customers in these trying times.
 
DRIVING FACTORS

Growing Interest in Fitness and Health will Increase Demand for Smart Wearable Bands

The market is expected to develop as there is a growing awareness of the need to maintain fitness and health. These bands have advanced significantly from being merely simple pedometers to becoming intelligent gadgets with a colored display that track sleep patterns, measure heart rates, activity monitor, and others. The fitness business in India, which is still in its infancy, anticipates significant growth, particularly among the younger population. In order to reduce the negative impacts of a busy lifestyle, people are now more likely to frequent health clubs and gyms. Additionally, frequent exercise lowers tension, anxiety, and sadness. People are being pushed toward exercise activities as well as a nutritious diet by rising health concerns. They can track their workouts using smart wearable bands, which is driving up demand for fitness-tracking goods. Thus, it is projected that rising health consciousness will propel market expansion.
 
RESTRAINING FACTORS

Security and Privacy Issues Could Restrain Market Expansion

Smart wearable bands primarily capture personal data about their users, such as their weight, date of birth, photographs, GPS coordinates, social media accounts, steps, heart rate, and background data that the gadget uses. Data theft is the main worry, in addition to the extremely personal information. Leaving them vulnerable to invasions of their privacy that could hurt them. However, users of smart wearable bands are probably unaware of the privacy implications of how the data may be mishandled if gathered over time or combined with other data. For instance, in 2018, Strava posted a heat map of anonymous user fitness tracking data to its website. Therefore, the market's expansion is anticipated to be hampered by the above security concerns.

LIST OF KEY COMPANIES PROFILED:

Fitbit
Garmin
Jawbone
Samsung Elect


ronics
Apple
Xiaomi
Lenovo
LG
Nike
Razer
Sony

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