Sales of wearable devices have increased by over 30% all over the world during the year 2020 as more and more people have looked towards these devices for their fitness and health tracking.
Samsung Electronics’ Senior Vice President, Mr. Taejong Jay Yang stated that consumers are tracking their health with the help of fitness tracking wearables now more than ever due to the prevailing circumstances of COVID-19 pandemic across the globe.
“Although a majority of consumers plan to spend less this year due to the pandemic, wearable device sales have grown by 30% or more compared to last year,” Mr. Yang spoke in an interview to CNBC.
“What this data indicates is that even when millions of consumers are re-evaluating their spending habits, they continue to prioritize wearable technology products over others,” he added. “Samsung will continue to invest in these advanced technologies.”
Smart wearable’s industry is expected to grow even further during next five years and by the year 2025, it is expected to value as much as 70 billion US dollars. This prediction is made by IDTechEx, which is a well known firm in the field of market research. According to it, the dominant section of this wearable market will be made up of health, fitness and well-being centered wearables.
Samsung is competing with Google and Apple in smart watches and smart fitness band market. Smart Watches have created a huge market for itself which has grown over two times in last 36 months and valuing over 13 billion US Dollars, as reported by the research conducted by Euromonitor. As of now, Smart Watches account for the largest chunk of wearables market around the globe while smart fitness bands are also making the space for themselves. And all the predictions and forecasts point towards the fact that this growth is not going to slow down anytime soon, at least in next five years.