Market Trends of Europe Smart Watches Industry
Growing Adoption of Connected Wearables in European Countries is Expected to Drive the Studied Market
- The study conducted by Zebra Technologies shows that more than half of all manufacturing settings would be using wearable digital technology in just five years. Also, the study found that this year, 64 percent of the manufacturers it contacted expect to be 'fully connected' compared to just 43 percent today.
- In addition, 5G will be integral to the future of Europe's digital infrastructure. The ongoing deployment of 5G in European countries is expected to drive smartwatch sales because of better connectivity and speed.
- Private LTE and 5G networks can ensure guaranteed connectivity and privacy while supporting various applications and usage scenarios. Small-scale private LTE and 5G-ready networks are also beginning to be deployed in industrial IoT settings - where LTE and 5G can fulfill the stringent reliability, availability, and low latency requirements for connectivity.
- With the rise of 5G, a smartwatch may no longer need substantial physical storage to be built into them and can be used for additional sensors for advanced functionality. With faster connections, lower latency, and effective instantaneous transmissions, users could store all their apps and files on the cloud rather than requiring their smartphone or wearable device to include physical storage.
- Many vendors in the market are investing in IoT to increase the connectivity of their smartwatches to offer a better customer experience in the digitalized world. For instance, last year, Luxury smartwatch maker Withings released the ScanWatch Horizon, its latest hybrid smartwatch with various features and functionalities. The Withings ScanWatch Horizon is now on sale in Germany, the UK, and France,
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United Kingdom is Expected to Hold Significant Market Share
- The World Health Organization anticipates that the global elderly population 60 or older will grow to 2 billion by 2050 (World Health Organization (WHO). Like many other countries, the UK's age structure is shifting toward older ages. By 2050, it is projected that one in four people in the UK will be aged 65 years and over.
- The aging population has increased risks for chronic conditions, falls, disabilities, and other adverse health outcomes. Adults and older people have adopted wearable smart devices to address some of the difficulties related to detecting and managing unfavorable health conditions.
- According to the Office for National Statistics (UK), the United Kingdom contains one of Europe's largest fitness markets, with a total revenue of about EUR 5.3 billion (USD 5.64 billion). Since 2012, there has been a consistent increase in the number of fitness facilities in the UK. According to the Sports Think Tank, the total UK membership has broken the 10 million mark, and the industry is worth more than GBP 5 billion (USD 6.16 billion).
- Moreover, as per the Population Reference Bureau this year, many European countries were among the countries with the highest percentage of the older population in the world. This allows the region to have a conducive environment for market growth.
- According to the Office for National Statistics (UK), the resident population forecast of elderly people in the United Kingdom from 2020 to 2050 is increasing gradually. This is expected to be an overall growth in the number of elderly people in the country. It is estimated that all age groups over the age of sixty are expected to increase in number, most substantially, those aged over 80 years.
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