Smart Wearables Industry 2020 is expected to reach $24.5 billion in 2023

 The increasing demand for wireless sports and fitness devices is projected to drive the smart wearables market. There is a rapid growth in the use of smart devices such as smartwatches among cyclists, runners, gym-goers, swimmers, and athletes to track the calories burnt, hourly activity, stationary time, and activity time. For instance, in September 2019, Garmin, a US-based technology company, launched the Garmin Vivoactive 4, a smartwatch, that is featured with a fitness tracker to track every move of the human body. Therefore, the demand for smart and wireless fitness devices is expected to propel the smart wearables market.

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The global smart wearables market is expected to grow from $13.2 billion in 2019 to $16.12 billion in 2020 at a compound annual growth rate (CAGR) of 22.37%. The growth is mainly due to the COVID-19 outbreak that has led to that has increased sales of smart wearables that help trace the contact for COVID-19. The market

is then expected to reach $24.5 billion in 2023 at a CAGR of 15.05%.

The smart wearables market consists of sales of smart wearable devices and related services for tracking vital pieces of data related to the health and fitness of the human body. Smart wearables are any form of an electronic device intended to be worn on the human body.