The global smart sleep tracking device market is estimated to register a Y-O-Y growth rate of 19.8 percent in 2024 as compared to 16.5 percent registered in 2017. Factors such as growth in awareness about sleeping disorder and its harmful impact on the body among a large section of population and the increase in demand from among a sizeable section of the global population who are already attracted towards owning smart devices are some of the factors that are anticipated to drive the growth of the market.
The global advancements in technology is further anticipated to increase the demand among the global population for such smart sleep tracking devices over the forecast period (2017-2024).
The market is anticipated to post a formidable growth in the coming years, owing to several factors such as occurrence of various sleep disorders that has crept into the bodies of several middle aged and older adult population over the past few decades, on account of stress and hectic lifestyle schedules affecting their daily lives across the world.Further,many factors such as obesity, restless legs syndromeand others along with the advantages of owning such sleep tracking devices that can motivate individuals to stay updated and healthy is driving the demand for such tracking devices in the market among the global population.
However, despite several benefits offered by these devices to the global population, lesser rate of adoption of smart devices among the population in underdeveloped regions and the expensive price tags offered by these smart sleep tracking devices that is not affordable to a majority of the global population are anticipated to operate as major restraints to the growth of the market over the forecast period.
The global smart sleep tracking device market is comprised of three segments which are segmented by product type, technology and by distribution channel. The wearable smart sleep tracking device forming part of product type segment is predicted to generate global revenues to the tune of USD 3016.50 million from revenues of USD 831.2 million generated in 2016, owing to increase in demand from individuals all over the world to own such wearable devices that offers many benefits for individuals. On the other hand, sensors forming part of technology segment are anticipated to grow at a CAGR of 19.2 percent over the forecast period.
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