Market assessment addresses consumer and industry trends in smart watch market
New research from Parks Associates reveals that the top use cases for wearables involve health and activity tracking, while 22% of US internet households (25 million households) using their wearables for safety reasons. The international research firm’s study Smart Watches and Wearables Market Assessment reveals adoption of smart watches increased from 16% of US internet households in 2020 to 29% in 2021.
“Connected health has become mainstream – with smart watches leading the way,” said Kristen Hanich, Research Director, Parks Associates. “The market is undergoing a period of terrific growth and change, with a focus on more powerful and high-performing end devices.”
The adoption of wearables leads the connected health category, with smart watches the number one most adopted connected health product overall. Smart watch owners are a particular enthusiastic core of the connected health market, owning a variety of other smart health products such as exercise equipment, weight scales, and smart thermometers. Parks Associates research finds smart watch owners in particular are likely to own and use other connected health products, with these consumers reporting owning an average of nearly seven devices.
“While consumer intention to purchase wearables has roughly doubled compared to 2020, traditional wearables players must still make an effort to better market and advertise to these new consumers, or risk losing them,” Hanich said. “This new research identifies key market drivers and barriers in the smart watch and wearables smart product category and includes five-year topline market forecasts.”
Parks Associates’ Smart Product Market Assessments provide a comprehensive and deep analysis of a single smart product market. This analysis includes consumer data for each product, including trending data across years and deep-dive questions on product usage, pain points, and preferences.
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.
The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
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