Samsung Electronics’ wearable machine gross sales are up by greater than 30% this 12 months, a senior government on the world’s largest shopper electronics and smartphone firm informed CNBC.
Taejong Jay Yang, senior vp at Samsung Electronics, stated shoppers are shopping for wearable merchandise that they’ll use to watch their well being through the coronavirus pandemic.
“Although a majority of consumers plan to spend less this year due to the pandemic, wearable device sales have grown by 30% or more compared to last year,” Yang informed Chery Kang, in a CNBC interview as a part of the annual East Tech West convention.
“What this data indicates is that even when millions of consumers are re-evaluating their spending habits, they continue to prioritize wearable technology products over others,” Yang added. “Samsung will continue to invest in these advanced technologies.”
Wearables are anticipated to develop to an virtually $70 billion market globally by 2025, in response to market analysis agency IDTechEx, with the dominant sector being healthcare — which incorporates medical, health and wellness.
Competition within the sector is intense, as Samsung jostles with U.S. rivals —Apple and Google amongst them — out there for smartwatches and health bands. The smartwatch market alone has grow to be extra aggressive — practically doubling in measurement to $13 billion in three years, in response to market analysis agency Euromonitor.
Samsung Electronics debuted the Galaxy Watch Active three this 12 months. The machine features a blood oxygen monitor, in addition to options for sleep and blood strain.
Samsung sees these medical features as a “key strength” for its wearable units. With the “data collected we can create a lot of great services and products for consumers to help them live healthier lives,” Yang stated.
The firm will proceed to arrange partnerships with different healthcare companies to make merchandise, Yang stated.
This 12 months, Samsung partnered with AIA Korea on the life insurer’s healthcare app — referred to as AIA Vitality. The app encourages folks to steer wholesome existence by providing insurance coverage reductions.