Smart Sleep Trackers Market Scope
A sleep tracker is a device that monitors one or more aspects that reflect your sleep patterns, habits, stages, quality, and/or duration. It is clear that sleep trackers are devices that are used to track the sleeping pattern of the wearer. Also, the sleep trackers are worn to determine the amount of sleep an individual needs in a 24-hour circle. The sleep trackers are embedded with sensors that record rapid eye movement sleep. In turn, the sleep trackers help to draw valuable information based on analytical know-how. Not just that, the sleep trackers, after observing the patterns of the wearer, suggest remedies in case of sleep disorders. This rise in sleep tracker value can be attributed to various factors such as the increased focus of the product manufacturers on innovations and technological advancements, the growing popularity of e-commerce platforms, especially in developing economies, and increasing personal disposable income
|Unit||Value (USD Million)|
|Key Companies Profiled||Fitbit, Inc. (United States), Kokoon Technology Ltd (United Kingdom), Garmin Ltd. (United States), Samsung Electronics. (South Korea), Apple Inc. (United States), Xiaomi (China), Microsoft (United States), Huawei Technologies Co., Ltd (China), Sleepace (China) and Polar Electro (Finland)|
Competition among existing players is due to the stiff market share occupied by leading players. The industry leader is engaged in offering innovative and superior-quality products to cater to the ever-growing demand for smart sleep trackers. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Smart Sleep Trackers market throughout the predicted period.
Fitbit, Inc. (United States), Kokoon Technology Ltd (United Kingdom), Garmin Ltd. (United States), Samsung Electronics. (South Korea), Apple Inc. (United States), Xiaomi (China), Microsoft (United States), Huawei Technologies Co., Ltd (China), Sleepace (China) and Polar Electro (Finland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are WHOOP (United States), Biostrap USA, LLC (United States), ResMed (United States), Emfit Ltd (Finland), Simmons Bedding Company (United States), Imagine Marketing Limited (India) and Noise (India).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Smart Sleep Trackers market by Type and Region with country level break-up.
On the basis of geography, the market of Smart Sleep Trackers has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesIn January 2022, Imagine Marketing Pvt Ltd, the parent company of consumer electronics brand, boAt, signed a definitive agreement to acquire Singapore-based KaHa Pte Ltd for an undisclosed amount
In March 2020, Fitbit launched Charge 4 fitness wearable with built-in GPS and enhanced battery life of up to seven days.
Influencing Trend:Growing popularity of e-commerce platforms especially in the developing economies
Market Growth Drivers:Increased focus of the product manufacturers on innovations and technological advancements
Challenges:High costs associated with the smart wearable technology
Restraints:The reliable and efficient battery system in smart sleep tracker
Opportunities:Increase in the prevalence of rapid eye movement sleep disorder
Key Target AudienceSmart sleep tracker Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations and End-Use Industries