Smart Sleep Technology Market Size, Share & Industry | 2031

Report Description

The global smart sleep technology market size was USD 15 Billion in 2022 and is likely to reach USD 62.1 Billion by 2031, expanding at a CAGR of 17.4% during 2023–2031. The market is driven by the ­­increasing prevalence of sleep disorders, growing awareness about the ill effects of untreated sleep apnea, and technological advancement.

Increasing awareness of the importance of sleep for overall health and well-being is driving the demand for smart solutions that help individuals to improve their sleep quality. With rising sleep disorders, consumers are actively seeking ways to track, analyze, and optimize their sleep patterns. In addition, smart sleep technology has potential applications in healthcare, including sleep disorder diagnosis and treatment. The ability to collect continuous sleep data outside of a clinical setting can lead to more accurate diagnoses and more effective treatment plans. All of these factors are leading to the growth of the smart technology market.

Get Free Sample Report

Ongoing research and innovation in the field of sleep science and technology have led to the development of new and improved smart sleep solutions. This continuous innovation is resulting in an increase in opportunities for market players,as it is attracting both consumers and investors.Furthermore, smart sleep technology has started integrating with larger smart home ecosystems. This integration allows users to create optimal sleep environments by controlling factors such as lighting, temperature, and noise, further enhancing the overall sleep experience. For Instance,

• In January 2022, the National Institute of Health reported that around 30-50% of consumerstrust sleep tracker apps. The growing development of a variety of sleep-aiding and tracking applicationsis likely to increase awareness about sleep hygiene and sleep patterns.

The research report finds that the COVID-19 pandemic has boosted the market. The pandemic brought about significant stress and anxiety for many individuals due to health concerns, economic uncertainties, and lockdown measures. With a significant portion of the workforce transitioning to remote work arrangements, there was a potential impact on sleep patterns.

Sleep disturbances and in somnia cases were reported during the pandemic period. This has driven consumers to seek outsleep technology solutions to help them manage these issues. The global supply chain disruptions caused by the pandemic have affected the production and availability of certain smart sleep technology products, leading to supply constraints in some cases.

Artificial Intelligence Impact on Smart Sleep Technology

The overall impact of AI on the smart sleep technology market has been significant. AI has revolutionized sleep tracking, analysis, and optimization. It has enabled personalized sleep insights, real-time monitoring, and the detection of sleep disorders. AI-powered devices provide actionable recommendations, creating a more holistic approach to sleep health. The integration of AI with smart sleep technology has improved user experiences and driven innovation, making sleep tracking more accessible, accurate, and effective. For instance,

• One of the key market players, Eight Sleep, an American technology-based company, specializing in manufacturing and developing smart mattresses,has integratedAI technology in its smart mattresses and sleep tracking solutions to adjust mattress temperature and provide personalized sleep recommendations.

Smart Sleep Technology Market Dynamics

Get Free Sample Report

Major Drivers

Rising trend toward personalized health and wellness solutions has extended to the sleep space, which is expected to propel the market during the projection period. Consumers are looking for tailored solutions to address their specific sleep issues, leading to the adoption of smart sleep technology that can provide personalized recommendations for better sleep.As technology advances and becomes more accessible, smart sleep devices havebecome more affordable for a broader range of consumers, contributing to market growth.

Rising availability of sleep-specialized smart gadgets and digital solutions is expected to drive the market. Wearable devices, such as smartwatches and fitness trackers, have become more sophisticated in tracking sleep metrics. These devices can monitor sleep duration & sleep stages, and even provide insights into sleep disturbances, leading to an increased interest in this technology. Wearable smart sleep technology solutionsincluding tracking devices are experiencing steady growth in the market. For instance,

• On August 10, 2022, Samsung Electronics announced Galaxy Watch5 and Galaxy Watch5 Pro. These devicesbring features forinsightful sleep tracking, enhanced durability, and personalized design options to shape wellness and health habits.

Existing Restraints

Inaccurate data or ineffective recommendation sare likely to undermine user trust, which is likely to restrain the market.Ensuring the accuracy and validity of sleep tracking metrics, as well as the effectiveness of AI-driven recommendations, is crucial. Some users might lose interest or stop using this technology after the initial period, and this is anticipated to hinder market growth.
Privacy and data security concerns are anticipated to hamper the market. Collecting and analyzing sensitive health data, such as sleep patterns, raises privacy concerns. Users are likely tobe hesitant to share such personal information, especially given the potential for data breaches or misuse.

Emerging Opportunities

Continued advancements in AI algorithms are anticipated to create lucrative growth opportunities in the market. These technology advancements can enhance the accuracy of sleep tracking and personalized recommendations, leading to more effective sleep improvement strategies.In addition, the integration of smart sleep technology with telemedicine services presents a significant opportunity for the market players. Remote monitoring and diagnosis of sleep disorders can increase accessibility to healthcare professionals and streamline the treatment process.

Scope of the Smart Sleep Technology Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Product Type Segment Analysis

Based on product type, the smart sleep technology market is bifurcated into wearable productsand non-wearable products. The wearable products segment is further divided into such as smart watches, bands, and others.as the non-wearable products segment is further categorized into smart gadgets, smart mattresses, digital tools, sleep monitors, and others.

Get Free Sample Report

The wearable products segment is expected to expand at a significant growth rate during the projection period,owing to the increasing awareness of technologically advanced products andthe prevalence ofa sedentary lifestyle.Smartwatches, bands, and fitness tracker are gaining popularity, owing to lower cost and convenient portability. These devices help the consumer to track their sleeping patterns and are the most commonly used wearable devices, which in turnbooststhe market. For instance,

• In May 2021, Partron, a Korean electronics company launched the Urban HR smartwatch and We-temp band. These tools areequipped with a body temperature measurement feature.the Urban HR is first of its kind smartwatch, with a temperature measurement feature.

Non-wearable segment is anticipated to holda significant market share in the forecast period.Devices includingsleep monitors, smartphone apps, and smart beds are becoming well-known among people and fit easily into their daily lives. The advancements in non-wearable devices such as sleep monitors, hi-tech beds, and sleep trackers are gaining consumer awareness and increasing popularity.

Distribution Channel Segment Analysis

On the basis of distribution channel, the smart sleep technology market is segmented into clinics, hospitals, sleep centers & fitness centers. The hospital segment holds a key share of the market and is expected to register a robust growth rate during the forecast period. The growth of the segment is attributed to the rising flow of patients with sleep disorders across hospitals, advanced facilities, and the availability of specialists providing better sleep care solutions and professional expertise for healthcare experts.

Get Free Sample Report

The sleep centers & fitness centers segment is anticipated to grow rapidly in the coming years, owing to the rising number of patients preferring to visit these facilities. The affordable, high-quality treatment for sleep disorders and the availability of sleep apnea treatments along with advanced devices are propelling the segment. The secenterscater to the broad range of patient populations, whichis expected to augment the segment growth in the market throughout the forecast period.

Regional Outlook

In terms of region, the global smart sleep technology market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period,owing to rising awareness regarding early disease detection, high occurrence of sleep disorders, and the presence of key market players.
A significant proportion of the adult population in the region experiences insomnia disorder, as a result, the use of smart sleep technology devices for the treatment of such disorder has grown significantly in the region. For instance,

• In November 2021, the American Academy of Sleep Medicine (AASM) published a report, that states that over 75% of adults above 65 age and 20% of preteens suffer from insomnia symptoms.

The market in Europe is projected to grow at a significant rate during the forecast period, owing to prominent support to the market players for developing smart sleep solutions from countries in the region, such as Franceand the UK. Growing connectivity and smartphone penetration are expected to further augment the market growth in the region.

Get Free Sample Report