Smart Sleep Tracking Device Market is estimated to be 13.3 Billion by 2029 with a CAGR of 18.6% during the forecasted period

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Published Date: April 2023

Increasing adoption of personalized healthcare devices, explosion of interest in gadgets and rising disposable income of the population are some of the major factors driving the growth of the market.

The smart sleep tracking device market accounted for US$ 2.1 billion in 2019 and is estimated to be 13.3 billion by 2029 and is anticipated to register a CAGR of 18.6%. The report. "Global Smart Sleep Tracking Device Market, By Global Smart Sleep Tracking Device Market, By Type (Wearable Devices and Non-Wearable Devices), By Technology (Sensing Technology, Computing Technology, and Display Technology), By Distribution Channel (Hypermarket/Supermarket, Online Retail, Sports Store, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.

Key Highlights:

On June 2019, Garmin launched Advanced Sleep Monitoring, an improved capability to more accurately identify sleep stages. Developed against truth data generated by a clinical device, the feature is the result of a sleep study by Garmin Health conducted under the supervision of Dr. Suzanne Stevens, Director of the University of Kansas Medical Center (KUMC) Sleep Medicine Clinic with certifications by the American Board of Psychiatry and Neurology and the American Board of Sleep Medicine.
On September 2019, Royal Philips, a global leader in health technology, launched its expanded SmartSleep suite of solutions in the U.S. In January 2019, it was first introduced at the Consumer Electronics Show. Philips SmartSleep solutions mission is to improve the millions consumers lives by giving a breadth of solutions to improve sleep issues varying from difficulty falling asleep to snoring.

Analyst View:

Smart sleep tracking devices has various benefits. For example, smart sleep tracking devices enables the person to know the time and duration of deep sleep along with heart rate count per section of time. Smart sleep tracking devices also includes sensors, which tell us about the movement of an individual while sleeping. Some smart sleep tracking devices are so exact that they also provide data regarding heart rate and sleep conversion rate on one side of the bed to the other side of the bed. Further, there are various other beneficial features offered by smart sleep tracking devices such as sleeping coaching, sleep reminders, and others. Smart sleep tracking devices also provides in-depth tracking of light, deep and REM sleep stages, compare sleep score against the average for people with similar age and gender and measure noise, temperature, and light in the bedroom. The devices can be also be synchronized with a person’s breathing to produce relaxing sounds through the phone.

Apple Inc., has announced that it is testing a sleep monitor for a future version of its smartwatch. This feature will drive the company’s in the health- and fitness-tracking market.
From several months Apple Inc. has been offering the sleep-tracking feature with testers at secret sites around its Cupertino, California, headquarters according to the people familiar with the work. The company plans to add it to the Apple Watch by 2020, if its functionality is successful in the testing stages

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Smart Sleep Tracking Device Market”, By Type (Wearable Devices and Non-Wearable Devices), By Technology (Sensing Technology, Computing Technology, and Display Technology), By Distribution Channel (Hypermarket/Supermarket, Online Retail, Sports Store, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Key Market Insights from the report:

The global smart sleep tracking device market accounted for US$ 2.1 billion in 2019 and is estimated to be 13.3 billion by 2029 and is anticipated to register a CAGR of 18.6%. The market report has been segmented on the basis of type, technology, distribution channel, and region.

By type, he wearable devices segment is expected to have lucrative growth over the forecast period, due to growing popularity of wearable devices among the consumers as well as the lightweight and compact design of these devices.
By technology, the target market is segmented into sensing technology, computing technology, and display technology
By distribution channel, the target market is segmented into hypermarket/supermarket, online retail, sports store, and others
By region, North America is projected to be the smartest segment in terms of value in the smart sleep tracking device market, owing to technological advancements being made in the region, rapid urbanization and increase in sleeping disorders

Competitive Landscape:

The prominent player operating in the global smart sleep tracking device market includes Apple Inc., Phillips Healthcare, Fitbit Inc., Emfit Ltd., Samsung Electronics Co., Ltd., Garmin Ltd., ResMed Inc., Nokia Corporation, and Sleepace.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period