Middle East and Africa Smart Wearables Market: Industry Analysis and Forecast (2023-2029)
Middle East and Africa Smart Wearables Market is estimated to grow at a CAGR of 12.1% during the forecast period. Middle East and Africa Smart Wearables Market is expected to reach US$ 8.66 Bn. in 2029 from US$ 3.89 Bn. in 2022.
Format : PDF | Report ID : SMR_747
Middle East and Africa Smart Wearables Market Overview:
During the projected period, the Middle East and Africa Smart Wearable Market is expected to grow at a CAGR of 12.1%. (2022 - 2027). The need for smart wearables has been driven by the growing desire for aesthetically appealing technological products with the potential to better satisfy consumers' expectations, such as time schedules and numerous capabilities in one device, as a result of rising urbanization rates. Furthermore, due to increased spending for their regular work hours tracking and luxury expectations, the region's massive millennial population has been adopting smart wearables.
According to Cisco, the Middle East and Africa's wearables market is undergoing a substantial shift, with the number of connected wearable devices estimated to reach 46 million by 2022. Fitness bands are giving way to smart wearables such as watches on the market. South Africa is likely to be the next significant market for smart wearables. Wearable technology usage is currently low in South African households. However, as the technology spreads and becomes more widely available and affordable, this is estimated to increase. Smartwatches and other wearables may soon transition from consumer devices to valuable enterprise tools, according to Samsung Enterprise Mobility, and South African CIOs are preparing to manage and secure the wave of new enterprise technologies, which is expected to provide massive opportunities for vendors in the forecast period.
The ageing population, which is afflicted with a variety of ailments, is causing a transition in in-house care toward a more precision-based personal care approach. The population of the Middle East, for example, is quickly ageing. Because age is one of the key risk factors for cancer, the disease's incidence and prevalence are rising among all residents of the region. According to UN estimates, the population of the Middle East and Africa (MEA) is estimated to grow from 443 million to 654 million by 2050. By 2050, the GCC is predicted to have about 18 million people over the age of 60, accounting for 25% of the total population and a considerable increase over the current amount.
Middle East and Africa Smart Wearables Market Dynamics:
During the forecast period, the ageing population in the Middle East and Africa may necessitate more frequent monitoring, driving demand for innovative smart wearables for health tracking. Smart wearables for medical purposes are in high demand in the region. A slew of new use cases are gaining popularity, and users are rapidly seeing the real-world health and fitness benefits that wearables can deliver.
COVID-19 recently spread over the world, affecting a variety of businesses. The electronics industry has been impacted by production site closures. Apple and Samsung, for example, had shut down their manufacturing units. In the initial half of 2020, demand for smart wearables, laptops, and other devices was modest. Wearables sales, on the other hand, increased in the second half of the year as products, such as the Apple Watch, were updated.
When compared to traditional LCDs, AMOLED screens offer a variety of advantages, including higher display quality, lower cost, more brightness, and faster response time. All of these advantages, combined with the fact that AMOLED screens do not require backlighting, which saves a significant amount of battery life, are expected to lead to more smartwatches in the region adopting AMOLED screens.
Apple released the Watch Series 5 in September 2019, which is the first of Apple's smartwatches to feature an always-on display, eliminating the need to lift the wrist to check the time. Apple achieved this by using low-temperature polycrystalline silicon (LTPS), a power-efficient technology featured in many high-end OLED phone backplanes (including iPhones), to regulate whether a pixel is on or off.
The Amazfit X is the latest wearable from Huami, a Xiaomi-backed company. The Amazfit X, which was funded through Indiegogo, includes a curved display that is said to provide a more convenient fit on the wrist. The Amazfit X, for example, has no hardware buttons and navigates the user interface purely through movements made on the AMOLED screen and the pressure-sensitive side. Huami provided shipment for the Amazfit X in the Middle East, with a planned delivery date of August 2020.
To build a presence in the region, businesses have been rapidly launching new items. Fitbit, for example, announced the release of the Fitbit Versa 2 in September and October 2019 in the United Arab Emirates. It's the next iteration of Fitbit Versa, the company's best-selling smartwatch. Versa 2 has a redesigned swim-proof design, breakthrough sleep features like Sleep Score and Smart Wake, and even more advanced health, fitness, and smart features to enhance every moment.
Middle East and Africa Smart Wearables Market Segment Analysis:
Based on Product, the Middle East and Africa Smart Wearables Market is segmented into neck-wear, foot-wear, wrist-wear, body-wear, eye-wear, and head-wear, and others. Wrist-wear segment holds the highest market share in Middle East and Africa Smart Wearable Market as smartwatches and wrist bands are becoming more and more trendy among the consumers. Traditional watch makers are also shifting towards making smartwatch variants also.
Based on Application, The Middle East and Africa Smart Wearables market is segmented into healthcare, enterprise, and industrial application, consumer electronics, and others. Consumer Electronics is expected to dominate the Middle East and Africa Smart Wearable Market as there is an increasing trend of consumer electronics such as smartwatches, smart glasses, etc. which have become of utility in day-to-day activities.
Middle East and Africa Smart Wearables Market Regional Insights:
Wearable technologies, such as smartwatches or fitness trackers, are considered an effective means to monitor one's health by 45 percent of GCC citizens, according to Arab Health, one of the largest gatherings of healthcare and trade experts. The market's growth is likely to be supported by rising consumer expenditure in nations such as the United Arab Emirates. In 2018, consumer spending in the UAE climbed to AED 434015.66 million, up from AED 426882.68 million the previous year.
Furthermore, smart wearables, according to Samsung Gulf Electronics, are no longer merely a utility or a tool, but are now a fashion that is part of consumers' daily lives. In the United Arab Emirates, smart wearables are driven by a combination of style and usefulness. Consumers are increasingly seeking sleek designs, modern interfaces, and a variety of strap kinds and colors. The adoption of smart wearables by value-seeking consumers and existing fitness band owners wishing to upgrade to smart wearables now that they provide a superior value proposition is predicted to drive the next wave of growth for the smart wearable industry.
Furthermore, as of January 2021, the United Arab Emirates is predicted to have 9.85 million internet users. Between 2020 and 2021, the no. of internet users in the United Arab Emirates increased by 128 thousand (+1.5%). Smart wearable vendors in the region would benefit from the region's growing internet population. Furthermore, changes in purchasing patterns in the region were largely influenced by rapid urbanization and the expansion of retail facilities and malls.
The objective of the Middle East and Africa Smart Wearables report is to present a comprehensive analysis of the Middle East and Africa Smart Wearables market to the stakeholders in the industry. The Middle East and Africa Smart Wearables report provides trends that are most dominant in the Middle East and Africa Smart Wearables market and how these trends will influence new business investments and market development throughout the forecast period. The Middle East and Africa Smart Wearables report also aids in the comprehension of the Middle East and Africa Smart Wearables Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Middle East and Africa Smart Wearables market report will assist in understanding which market segments, regions, and factors affecting the Middle East and Africa Smart Wearables market, as well as key opportunity areas, might drive the industry and market growth over the forecast period. The Middle East and Africa Smart Wearables report also includes the competitive landscape of key industry players, as well as their recent developments in the Middle East and Africa Smart Wearables market. The Middle East and Africa Smart Wearables report investigates factors such as company size, market share, market growth, revenue, production volume, and profits of the market's key players.
The report includes Porter's Five Force Model, which aids in the development of market business strategies. The report assists in determining the number of competitors, who they are, and the quality of their products in the Middle East and Africa Smart Wearables market. The report also examines whether it is easy for a new player to gain a foothold in the Middle East and Africa Smart Wearables market, whether they enter or exit the market on a regular basis, whether the market is dominated by a few players, and so on.
The Middle East and Africa Smart Wearables report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Middle East and Africa Smart Wearables market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Middle East and Africa Smart Wearables market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Middle East and Africa Smart Wearables market is aided by legal factors.
Middle East and Africa Smart Wearables Market Scope:
Middle East and Africa Smart Wearables Market Scope
Market Size in 2022
USD 3.89 Bn.
Market Size in 2029
USD 8.66 Bn.
Middle East and Africa Smart Wearables Market Key Players:
Frequently Asked Questions
The Middle East and Africa Smart Wearables Market is segmented by Product, Application and Countries.
U.S. is expected to hold the highest share in Middle East and Africa Smart Wearables Market.
The Middle East and Africa Smart Wearables Market is expected to grow at a CAGR of 12.1% during the forecast period. Middle East and Africa Smart Wearables Market is expected to reach US$ 8.66 Bn. in 2029 from US$ 3.89 Bn in 2022.
- Scope of the Report
- Research Methodology
- Research Process
- Middle East and Africa Smart Wearables Market: Target Audience
- Middle East and Africa Smart Wearables Market: Primary Research (As per Client Requirement)
- Middle East and Africa Smart Wearables Market: Secondary Research
- Executive Summary
- Competitive Landscape
- Stellar Competition matrix
- Key Players Benchmarking: by Product, Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
- Mergers and Acquisitions in Industry: M&A by Region, Value, and Strategic Intent
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- PESTLE Analysis
- PORTERS Five Force Analysis
- Value Chain Analysis
- Middle East and Africa Smart Wearables Market Segmentation
- Middle East and Africa Smart Wearables Market, by Product (2022-2029)
- Eye-wear, and head-wear
- Middle East and Africa Smart Wearables Market, by Application (2022-2029)
- Enterprise, and industrial application
- Consumer electronics
- Middle East and Africa Smart Wearables Market, by Country (2022-2029)
- Saudi Arabia
- Rest of Middle East and Africa
- Middle East and Africa Smart Wearables Market, by Product (2022-2029)
- Company Profiles
- Key Players
- Apple Inc. (U.S.)
- Company Overview
- Product Portfolio
- Financial Overview
- Business Strategy
- Key Developments
- Apple Inc. (U.S.)
- Honor (UAE)
- Fitbit Inc. (U.S.)
- Fossil Group Inc. (U.S.)
- Garmin Ltd. (U.S.)
- Google LLC (U.S.)
- Huawei Technologies Co. Ltd. (China)
- Microsoft Corporation (U.S.)
- Qualcomm (U.S.)
- Samsung Electronics Co. Ltd. (South Korea)
- Sony Corporation (Japan)
- Key Players
- Key Findings