Samsung Electronics' wearable system gross sales are up by greater than 30% this yr, a senior government on the world's largest shopper electronics
Samsung Electronics’ wearable system gross sales are up by greater than 30% this yr, a senior government on the world’s largest shopper electronics and smartphone firm informed CNBC.
Taejong Jay Yang, senior vice chairman at Samsung Electronics, mentioned shoppers are shopping for wearable merchandise that they will use to observe their well being throughout the coronavirus pandemic.
“Though a majority of shoppers plan to spend much less this yr because of the pandemic, wearable system gross sales have grown by 30% or extra in comparison with final yr,” Yang informed Chery Kang, in a CNBC interview as a part of the annual East Tech West convention.
“What this knowledge signifies is that even when tens of millions of shoppers are re-evaluating their spending habits, they proceed to prioritize wearable know-how merchandise over others,” Yang added. “Samsung will proceed to put money into these superior applied sciences.”
Wearables are anticipated to develop to an virtually $70 billion market globally by 2025, in line with market analysis agency IDTechEx, with the dominant sector being healthcare — which incorporates medical, health and wellness.
Competitors within the sector is intense, as Samsung jostles with U.S. opponents —Apple and Google amongst them — available in the market for smartwatches and health bands. The smartwatch market alone has change into extra aggressive — almost doubling in dimension to $13 billion in three years, in line with market analysis agency Euromonitor.
Samsung Electronics debuted the Galaxy Watch Lively three this yr. The system features a blood oxygen monitor, in addition to options for sleep and blood strain.
Samsung sees these medical capabilities as a “key power” for its wearable gadgets. With the “knowledge collected we are able to create numerous nice companies and merchandise for shoppers to assist them stay more healthy lives,” Yang mentioned.
The corporate will proceed to arrange partnerships with different healthcare corporations to make merchandise, Yang mentioned.
This yr, 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.