The connected devices and wearables category is expected to grow at a CAGR of 14.6% from 2023 to 2030. North America accounts for the largest share of the category. The increasing consumer expenditure on personal care, as well as the growing acceptance of wearable technology, are driving category growth. Major businesses are implementing numerous tactics, such as mergers and acquisitions, strategic alliances and agreements, and the development, evaluation, and release of new products. For instance, In September 2022, Fitbit upgraded its smartwatch range which has the latest aesthetics and functionality.
Head-mounted Displays (HMDs) provide information to the wearer in front of their eyes, allowing for hands-free operation. They can also be used to capture images and videos and to operate other devices. HMDs are used in training and simulation in fields, such as aviation, medicine, and the military. The integration of technologies such as Augmented Reality (AR) and Virtual Reality (VR) into these devices provides users with immersive learning experiences.
Companies are continuously focusing on partnering or developing their own technology. For instance,
• In September 2022, Apple launched the latest version of the Apple Watch SE and Apple Watch Series 8. These two products help users in knowing their health condition in real time which is synced to their smartphones and they access that data at any time.
• In June 2022, to enter the smart wearable industry, Mensa Brands, an e-commerce company, acquired the wearables manufacturer, Pebble. Pebble offers an offline distribution network for music, fitness trackers, and charging solutions. The company intends to expand Pebble's internet presence and capitalize on the growing consumer popularity of wearables
• In March 2022, Xiaomi Corp. unveiled the Xiaomi Watch S1 Series. It includes more than 100 workout modes and monitors blood oxygen saturation, health, and sleep. It comes with magnetic charging and Amazon's Alexa voice assistant
• In October 2021, Amazfit, a Chinese smart wearable company, released three new smartwatches, the GTR 3 Pro, GTR 3, and GTS 3, with revolutionary haptic technology.
Order your copy of the Connected Devices and Wearables Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Connected Devices and Wearables Sourcing Intelligence Highlights
• The global connected devices and wearables category is fragmented, with numerous large and medium-sized businesses accounting for most of the category revenue. Major businesses are implementing numerous tactics, including mergers and acquisitions, strategic partnerships and contracts, and the development, testing, and introduction of new products.
• This category is also attracting many startups. This has further intensified competition among the suppliers. This has reduced the bargaining power of suppliers as suppliers need to provide competitive prices to maintain their category share
• Hardware, software, and connectivity form the most significant cost component in providing connected devices and wearables. The overall cost also depends on factors such as manufacturing, marketing, and support services
• Vendors in this category offer services such as product design, software development, hardware engineering, testing & validation, and others
List of Key Suppliers
• Alphabet Inc.
• Samsung Electronics Co., Ltd.
• Sony Corp.
• Huawei Technologies Group Co., Ltd.
• Apple Inc.
• Xiaomi Corp.
• Adidas AG
• Nike, Inc.
• Fitbit, Inc.
• Garmin Ltd.
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Connected Devices and Wearables Procurement Intelligence Report Scope
• Connected Devices and Wearables Category Growth Rate: CAGR of 14.6% from 2023 to 2030
• Pricing Growth Outlook: 10% - 15% (annual)
• Pricing Models: Subscription-based pricing model, tier-based pricing model, fixed-fee pricing model
• Supplier Selection Scope: Cost and pricing, past engagements, productivity, geographical presence
• Supplier Selection Criteria: Technology, service, quality, service, reliability, technical expertise, security measures, cost and value, support and maintenance, regulatory compliance, and others
• Report Coverage: Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
