The global wearable device market is expected to grow to nearly 70 billion U.S. dollars
This article comes from Tencent Technology King, reviewing Golden Deer.
On November 21, Taejong Jay Yang, senior vice president of Samsung Electronics, confirmed in an interview that during the new crown pneumonia epidemic, as more and more people are buying wearable devices to monitor their personal health, this year Worldwide sales of wearable devices have increased by more than 30%.
At the annual East Tech West conference, Taejong Jay Yang said: “Although most consumers plan to reduce spending this year due to the outbreak, the sales of wearable devices have increased compared with last year. This data shows that even if millions of consumers are re-evaluating their consumption habits, they will still give priority to wearable technology products over other products. Samsung will continue to invest in these advanced technologies.”
Tech giants have all seen huge long-term potential, so they have paid great attention to the healthcare industry. Almost all participants in the wearable device market have adjusted their devices to monitor health-related data.
Data compiled by market research company IDTechEx shows that by 2025, the global wearable device market is expected to grow to nearly 70 billion U.S. dollars. The leading industry is healthcare, including medical treatment, fitness and health. The competition in this industry is very fierce. Samsung has launched fierce competition with American competitors in the smart watch and fitness wristband market. These rivals include giants such as Apple, Amazon and Google.
Data from market research company Euromonitor shows that competition in the smartwatch market alone has become more intense, and the market size in this field has almost doubled in the past three years, reaching $13 billion. Almost all of these companies have smart watches with data and tracking functions related to healthcare.
Samsung debuted the Galaxy Watch 3 this year. The device includes a blood oxygen monitor, as well as sleep and blood pressure tracking functions. Samsung sees these health-care functions as a “key advantage” of its wearable devices. Taejong Jay Yang said that with the collected data, we can create many great services and products for consumers and help them live a healthier life.
Taejong Jay Yang also said that Samsung will continue to establish partnerships with other healthcare companies to continue to develop and improve products. This year, Samsung cooperated with AIA Korea to develop the life insurance company’s medical application, AIA Vitality. This app encourages people to live a healthy lifestyle by offering insurance discounts.
In September 2020, Apple released the Apple Watch Series 6. This smart watch is also equipped with ECG applications and blood oxygen monitoring and other health functions. In addition, e-commerce and technology giant Amazon has also released Halo Band activity tracker and smart health subscription service.
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