New report on Smart Devices provide enhanced features such as optimized display, in-house health monitoring, etc. Since these advanced features are attracting consumer attention towards these devices, it is a key driver for the market growth. Additionally, possession of these smart devices is considered as a status symbol, which encourages consumers to buy these products. Another key driver for the market growth is that companies are developing several products that can perform multiple functions. For example, Google is developing smart contact lenses for monitoring blood glucose levels and they are looking forward to integrate other features such as blood pressure monitoring. However, the cost of the products is currently very high as compared to conventional devices which are the key restraint for the market. Moreover, the commercialization of most of the wearable devices is expected to take a long time as additional research is required, which is another restraint for the market growth.
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Smart Devices are devices that perform various smart functions such as health monitoring, people tracking, driving directions, etc. Apart from smart TVs, most of these wearable devices can be worn on eyes, wrist, ankles, etc. The report analyzes the current and future growth prospects of the market. Most of the products are under research and development or at a pre-commercialized stage and the study provides a futuristic market estimations based on some assumptions. Since most of the products are wearable devices, companies need to seek government approval in order to sell these products in the market. The report provides the implications of the government regulation on the market growth. The study analyses such key opportunities so that companies can plan their strategies to capture potential markets.
The market is segmented on the basis of geographic regions such as North America, Europe, Asia-Pacific and Rest of the World (RoW). The North American region has seen high commercial acceptance of most of the smart devices due to early availability and higher buying power. However, the Asia-Pacific region would have the highest year-on-year growth rate as the cost of smart devices reduces and the market gets established. The price corrections would increase the affordability of these devices and the volume sales would be high in these regions due to its vast population.
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