Global Smart Sleep Tracking Products Market to Grow with a CAGR of 17.50% During 2020-2028; Increasing Use of the Internet to Drive the Market Growth
Kenneth Research published a report titled “Smart Sleep Tracking Products Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global smart sleep tracking products market in terms of market segmentation by product, connectivity, price range, end-user, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global smart sleep tracking products market is anticipated to grow with a CAGR of 17.50% during the forecast period, i.e., 2020 – 2028. The market is segmented by product into smart pillows, under mattress embedded sensors, smart mattress, strip-based sleep trackers, bedside sleep trackers, and wearable sleep trackers, out of which, the wearable sleep trackers segment is projected to garner the largest revenue of USD 5175.76 Million by the end of 2028. Moreover, in the year 2019, the segment garnered a revenue of USD 1165.08 Million.
The global smart sleep tracking products market is estimated to garner a revenue of USD 11234.55 Million by the end of 2028, up from a revenue of USD 2631.57 Million in the year 2019. Rising demand for smart wearables, backed by the surge in the number of internet users, followed by the growing ageing population worldwide are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, the global smart sleep tracking products market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is anticipated to garner the largest revenue of USD 4505.06 Million by the end of 2028. Moreover, in the year 2019, the market generated a revenue of USD 1008.01 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Concern for Sleep Related Disorders to Drive the Market Growth
Around 40% of single parents sleep less than 7 hours per night when compared to about 30% of adults with no children and about 35% of adults in 2-parent homes. Further, during 2017-18, about 30% of working adults stated that they slept less than 6 hours per night.
Lack of sleep is one of the major factors for several types of chronic diseases. With the rising awareness for sleep-related disorders around the globe, there is a growing need amongst individuals worldwide to adopt smart wearables that can help them monitor their sleep activities. Such a factor is anticipated to drive the demand for smart sleep tracking products, and in turn, contribute to the market growth.
However, the surge in concern for counterfeit products, along with the high price of smart wearables are expected to operate as key restraint to the growth of global smart sleep tracking products market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global smart sleep tracking products market which includes company profiling of Withings SA, Apple Inc., Fitbit Inc., Koninklijke Philips N.V., Sleep Number Corporation, SAMSUNG, URGOTECH, Nokia Corporation, and others. 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 products 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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