“Smart Sleep Tracking Device
Market: Global Demand Analysis & Opportunity Outlook 2024”
The
global sleep tracking device market is segmented into product type such as wearable
devices and non-wearable devices. Among these segments, wearable devices segment is expected
to occupy the top position in the market. Moreover, non-wearable device segment
is believed to capture the highest CAGR over the forecast period i.e.2017-2024.
The rise of the wearable devices
segment is backed by its compact and lightweight design. Moreover, growing
popularity of wearable devices among the population is also fostering the
growth of wearable devices segment.
Global smart sleep tracking device market is expected to register a CAGR
of 18.5% over the forecast period. Moreover, the global smart sleep tracking device market is projected to expand at USD 4,297.1
Million by the end of 2024. Apart from this, the market of smart sleep tracking device is
expanding on the back of rising personal disposable income coupled with growing
adoption of smart gadgets.
The sensors segment is estimated to
register a CAGR of 19.2% during the forecast period. Moreover, the sensors segment is expected to account
for the largest share of revenue across the globe. Factors such as rising purchasing
power and rapid urbanization are expected to propel the growth of this segment.
Further, populations across the globe are adopting advanced technology to track
their sleep, fitness level and others. Further, high adoption rate of smart
devices for tracking is believed to intensify the growth of smart
sleep tracking device market.
Increasing Healthcare Awareness
Rising awareness among people
to get their sleep patterns checked is one of the key growth drivers for global
smart sleep tracking device market. Further, increasing concerns over sleep
related problems such as obesity, restless legs syndrome and others is
propelling the growth of the global smart sleep tracking device market. Furthermore,
growing aging population across the globe coupled with rising demand for sleep
tracking device due to numerous sleep disorders is envisioned to bolster the
growth of smart sleep tracking device market by the end of 2024.
Technological Advancement in
Sleep Tracking Device
Rising integration of
technology into healthcare devices for better tracking such as smart sleep
tracking device is predicted to fuel the growth of smart sleep tracking device
market. Apart from this, increasing research and development activities related
to tracking devices by major key players such as Philips healthcare is
bolstering the growth of smart sleep tracking device market.
On the contrary, high cost
associated with smart sleep tracking device and less disposable income in rural
regions is expected to limit the growth of smart sleep tracking device market
by 2024. Further, rising concern regarding the risks associated with data
privacy and security among the consumers related with smart sleep tracking
device is envisioned to restrain the growth of smart sleep tracking device
market.
The
report titled “Smart Sleep Tracking Device Market: Global Demand Analysis
& Opportunity Outlook 2024” delivers
detailed overview of the global smart sleep tracking device market in terms of
market segmentation by product type, by technology, by distribution channel and
by region.
Further, for the in-depth
analysis, the report encompasses the industry growth drivers, restraints,
supply and demand risk, market attractiveness, BPS analysis and Porter’s five
force model.
This report also provides the
existing competitive scenario of some of the key players of the global smart
sleep tracking device market which includes company profiling of Apple Inc.,
Samsung Group, Philips Healthcare, Nokia Corporation, Fitbit, Inc., Emfit Ltd.,
Garmin Ltd., ResMed and Sleepace. The profiling enfolds key information
of the companies which encompasses business overview, products and services,
key financials and recent news and developments. On the whole, the report
depicts detailed overview of the global smart sleep tracking device market that
will help industry consultants, equipment manufacturers, existing players
searching for expansion opportunities, new players searching possibilities and
other stakeholders to align their market centric strategies according to the
ongoing and expected trends in the future.
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