Our-in depth analysis of the global smart sleep tracking device market includes the following segments:
Global smart sleep tracking device market is further classified on the basis of region as follows:
Smart sleep tracking device market valuing USD 1,121.5 Million in 2016 is anticipated to record a significant CAGR of 18.5% over the forecast period. People are becoming increasingly aware to get their sleep patterns checked and regulated. Increasing occurrence of sleep related health problems such as obesity, restless legs syndrome and others is pushing consumers to adopt sleep tracking devices.
Global smart sleep tracking device market is segmented on the basis of product type into wearable devices and non-wearable devices. Wearable devices segment (74.1% share in 2016) occupies the largest market of smart sleep tracking device across the globe. Rising demand for innovative and comfortable wearable sleep tracking device is providing many opportunities for the smart sleep tracking device manufacturers to grow and diversify their portfolio. Moreover, population across the globe is adopting advanced technology to track their sleep, fitness level and others. Such factors are intensifying the growth of smart sleep tracking device market.On the basis of geography, global smart sleep tracking device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. CLICK TO DOWNLOAD SAMPLE REPORT
North America is slated to account for a leading share of 54.5% in the terms of Size by 2024 in the smart sleep tracking device market. The growth in the region is anticipated to be fostered by the increasing awareness about the harmful effects of sleeping disorder. Besides, rising disposable income coupled with availability of innovative smart sleep tracking device in the market is also expected to impel the growth of smart sleep tracking device market in the North America.Asia-Pacific is expected to showcase lucrative growth over the forecast period i.e. 2017-2024 by registering a CAGR of 21.3% over the forecast period. Rising affluent middle class population coupled with increasing healthcare concerns are expected to fuel the demand for smart sleep tracking device in the Asia Pacific region.
Rising number of sleep related diseases such as sleep apnea, insomnia etc., is anticipated to foster the growth of the smart sleep tracking device market all over the globe. Furthermore, growing aging population across the globe coupled with rising demand for sleep analysis due to increasing incidence of sleep disorders in the older adults is envisioned to bolster the growth of smart sleep tracking device market by the end of 2024. Further, rise in personnel disposable income of developed and developing nations such as U.S., China and others are opening new opportunities for consumer electronic industry players.
Apart from this, increasing research and development activities related to tracking devices to enhance their accuracy, compatibility with devices and other abilities by major key players are predicted to bolster the growth of smart sleep tracking device market. Technological advancements have made these devices compact, comfortable, and easy to use is expected to foster the demand for smart sleep tracking device market. However, factors such as cost constraints related to smart sleep tracking device and lower adoption of smart sleep tracking device by consumers due to higher cost are envisioned to hinder the growth of smart sleep tracking device market across the globe.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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