A buyer tries out a Samsung Electronics, Galaxy smartwatch on the firm’s D’gentle flagship retailer in Seoul, South Korea, on Monday, Jan. 28, 2019.
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Samsung Electronics’ wearable system gross sales are up by greater than 30% this 12 months, a senior govt on the world’s largest client electronics and smartphone firm informed CNBC.
Taejong Jay Yang, senior vp at Samsung Electronics, stated customers are shopping for wearable merchandise that they’ll use to observe their well being through the coronavirus pandemic.
“Though a majority of customers plan to spend much less this 12 months because of the pandemic, wearable system gross sales have grown by 30% or extra in comparison with final 12 months,” Yang informed Chery Kang, in a CNBC interview as a part of the annual East Tech West convention.
“What this information signifies is that even when thousands and thousands of customers are re-evaluating their spending habits, they proceed to prioritize wearable expertise merchandise over others,” Yang added. “Samsung will proceed to spend money on 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 turn 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 12 months. The system features a blood oxygen monitor, in addition to options for sleep and blood strain.
Samsung sees these medical features as a “key energy” for its wearable gadgets. With the “information collected we are able to create a number of nice providers and merchandise for customers to assist them dwell more healthy lives,” Yang stated.
The corporate 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 — known as AIA Vitality. The app encourages individuals to steer wholesome life by providing insurance coverage reductions.