Global Smart Necklace Market Size, Growth Prospects, Share, Region-wise and Country-wise Revenue Growth, and Global Market Forecast to 2028
The global smart necklace market is projected to be valued at US$ XX Mn in 2028, and register CAGR of XX% over the next 10 years. The global smart necklace market report has been segmented on the basis of demography, technology, end-use, distribution channel, and region.
Product Overview: Smart Necklace
Smart Necklace is a combination of fashion and technology integrated with digital technology, and it allows user to track individuals via GPS, send SOS alerts, send and receive messages, store message, monitor sleep patterns, snap selfies, and can also function as hydration reminder, safety, and smart camera. Smart necklace is one of the most preferred complete healthcare devices for wearers.
Dynamics: Drivers, and Challenges for Growth of the Target Market
Increasing incidence and number of rapes, acid-attacks, women abduction for ransom, and women-trafficking for sexual exploitation, coupled with growing need to ensure safety of women from anti-social elements are major factors expected to drive growth of the global smart necklace market to a significant extent. Smart features of the product such as trigger alarms in case of emergency, send signals to pre-determined contact numbers, track a person using GPS or aid in GPS navigation is expected to result in increasing popularity of smart jewelry among women, thereby driving growth of the target market.
Smart necklaces can also prove to be beneficial for geriatric population, thus these devices are being increasingly adopted for aged people by their families, as these devices can act as a virtual caretaker. Some of the smart necklaces also help in monitoring human parameters, remind about medicine schedules and doctor’s scheduled appointments, track individuals or patients suffering from Alzheimer’s disease and dementia.
High cost of the devices and easy availability of substitutes with smart wearable technology with advanced features similar to smart necklaces such as smartwatches and smart goggles could hamper revenue growth of the global smart necklace market.
However, increasing focus of manufacturers to widen the scope of smart necklace and expand their customer base, coupled with rising awareness about benefits of smart necklaces among healthcare providers such as old age homes and among mental asylums to track patients or monitor their health is expected to create new opportunities in terms of revenue for players operating in the target market.
Moreover, new entrants are bringing innovation with them in this field and development of smart necklaces with innovative digital features and new enhanced designs is another factor expected to create significant revenue opportunities for players entering the target market.
Among the demography segments, the women segment is expected to generate major revenue contribution in the global market, owing to increasing crime rates across the globe.
Among the technology segments, the Bluetooth segment is expected to contribute higher revenue share in the global smart necklace market as compared to Near-Field Communication (NFC) segment. Certain advantages offered by Bluetooth technology such as better energy efficiency, faster speed of data transfer and longer working-range makes them more popular as compared to NFC based smart devices.
Among the end-use segments, the health and movement segment is expected to dominate in the global smart necklace market owing to rising number of health-conscious individuals and rising adoption of smart devices by geriatric population to get help in their day to day needs.
By Distribution Channel:
Among the distribution channel segments, the online segment is expected to register significant growth rate over the next 10 years owing to increasing Internet penetration, coupled with rising preference among consumers to purchase on E-commerce websites or apps due to several reasons. Moreover, advent of 5G technology is expected to boost adoption of online platforms for shopping purposes.
The North America market is expected to account for major revenue share in the global smart necklace market over the forecast period. Presence of well-established manufacturers in countries such as the US and Canada, and early and higher adoption of technologically advanced wearables, and increasing crime rate in the region are major factors expected to drive growth of the North America market.
The Asia Pacific market is projected to register significant growth rate over the next 10 years, owing to increasing incidence of crime against women, growing penetration of Internet, and rising awareness regarding benefits of smart necklaces among individuals in countries such as China and India in the region.
Global Smart Necklace Market Segmentation
Segmentation, by Demography
Segmentation, by Technology:
Segmentation, by End-Use:
- Health and Movement
- Device Control
Segmentation, by Distribution Channel
- Online Stores
- Offline Stores
Segmentation, by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
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