Samsung Electronics‘ wearable device sales are up by more 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, mentioned 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 nearly $70 billion market globally by 2025, in accordance with 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. opponents —Apple and Google amongst them — available in the market for smartwatches and health bands. The smartwatch market alone has grow to be more aggressive — almost doubling in measurement to $13 billion in three years, in accordance with market analysis agency Euromonitor.
Samsung Electronics debuted the Galaxy Watch Active 3 this 12 months. The device features a blood oxygen monitor, in addition to options for sleep and blood stress.
Samsung sees these medical capabilities 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 mentioned.
The firm will proceed to arrange partnerships with different healthcare companies to make merchandise, Yang mentioned.
This 12 months, Samsung partnered with AIA Korea on the life insurer’s healthcare app — known as AIA Vitality. The app encourages folks to steer wholesome existence by providing insurance coverage reductions.