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Blockchain Press Releases

Expanded Use Cases and Ecosystem Integration to Reignite Wearable Market with 689 Million Shipments in 2028

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NEW YORK, Aug. 17, 2023 /PRNewswire/ — Wearable demand growth declined to 14.6% YoY in 2022 from 27.7% YoY in 2021 due to the economic slowdown and reduced spending after the peak of the COVID pandemic. This trend persisted in the first half of 2023, as longer replacement cycles and a lack of compelling features suppressed consumer demand. However, global technology intelligence firm ABI Research predicts that the overall wearables market will rebound, reaching 689.33 million shipments by the end of 2028, with a CAGR of 11.3% between 2023 and 2028. In 2023, the wearable market is projected to grow by approximately 10.2% YoY, with shipments expected to exceed 400 million units. The market is forecasted to recover in the latter half of 2023 and continue growing in the subsequent years, driven by expanded use cases and ecosystem integration.

“Advancements in areas such as connectivity and integrated sensors, followed by the availability of advanced features at low price points and user upgrades, will help drive consumer interest and result in the growth of the wearables sector in the coming years,” says Sachin Mehta, Senior Analyst, Consumer Technologies at ABI research.

In 1Q 2023, the smartwatch and activity fitness tracker sectors experienced YoY declines of 3% and 9%, respectively. These declines were primarily due to seasonal factors and an excess inventory buildup in the channel. The smartwatch market has been evolving with new use cases, features, and sensors. Emerging countries, particularly India, offer significant growth potential, with India contributing one in four smartwatches shipped globally. Fire-Boltt, an Indian brand, has made a remarkable ascent, securing the second spot in the global smartwatch market with a 10.1% share, just behind Apple (21.6%) and ahead of Samsung (9.2%).

According to Mehta, “On the other hand, activity and fitness trackers are facing a downward trend due to competition from smartwatches. However, the category is expected to persist as it caters to a dedicated user base seeking simplicity and affordability with basic functionalities.” In 2022, Xiaomi (35.2%) led activity and fitness tracker shipments, followed by Huawei (23.7%) and Fitbit (15.8%).

Smart rings, a newly tracked category in wearables, have experienced a recent surge in demand, promising to drive future growth in the wearables market. In 2022, 17.2 million smart rings were shipped, and this is projected to grow by 10.0% YoY, reaching 18.9 million units in 2023 and exceeding 50 million units by the end of 2028, with a CAGR of 21.9% between 2023 and 2028.

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Despite being a niche and relatively new segment compared to other wearables, smart rings have great potential, serving various use cases such as contactless payments, access control, health tracking, and smart home integration. However, their higher cost due to premium materials, advanced sensors, and some models having additional monthly subscriptions make them relatively expensive for the masses. “Nevertheless, ongoing technological advancements and the rise of new brands are expected to bring down smart ring prices, leading to increased adoption and better price parity than other wearables. The sector’s growth will likely be accelerated with the introduction of an Apple smart ring patent and the launch of smart rings by numerous start-ups, establishing a significant portion of the wearables market,” Mehta says.

Introducing 5G in wearables and accessories will be pivotal in this market’s evolution. Real-time data transmission and processing capabilities will unlock a wide range of new functionalities and use cases for wearables. Health care will be at the forefront of this transformation, with exciting prospects for remote patient monitoring and advancements in fitness applications. As a result, high-end wearables sales are likely to experience a surge in the coming years due to increased demand for advanced use cases.

“Although it may take some time for 5G Advanced and the 5G RedCap feature to fully integrate into devices like smartwatches, TWS headsets, and personal tags, once it happens, there will be a noticeable incremental jump in shipments within this sector. The implementation of 5G technology is expected to have a significant impact, revolutionizing wearables’ capabilities and driving further market growth,” Mehta concludes.

These findings are from ABI Research’s Wearables and Mobile Accessories Market Share and Forecasts market data report. This report is part of the company’s 5G Devices, Smartphones & Wearables research service, which includes research, data, and analyst insights. Market Data spreadsheets comprise deep data, market share analysis, and highly segmented, service-specific forecasts to provide detailed insight into where opportunities lie.

About ABI Research

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ABI Research is a global technology intelligence firm delivering actionable research and strategic guidance to technology leaders, innovators, and decision makers around the world. Our research focuses on the transformative technologies that are dramatically reshaping industries, economies, and workforces today.

ABI Research是一家国际科技情报公司,为全球科技领袖、创新人士和决策者提供实用的市场研究和战略性指导。我们密切关注一切为各行各业、全球经济和劳动市场带来颠覆性变革的创新与技术。

For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.

Contact Info

Global
Deborah Petrara
Tel: +1.516.624.2558
[email protected]

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Blockchain Press Releases

KuCoin Shines at The Gateway Event, Advocating for Blockchain Innovation Through TON

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DUBAI, UAE, Nov. 2, 2024 /PRNewswire/ — KuCoin, a global leader in the cryptocurrency exchange arena, is thrilled to announce its active participation at this year’s premier TON community event, The Gateway. The annual conference, renowned for uniting key players in the TON ecosystem, aligns perfectly with KuCoin’s mission to democratize cryptocurrency and expand its reach across the globe.

Representing KuCoin at the event was Alicia, who took part in the insightful panel discussion on “Perspective Sectors on TON for VCs and Exchanges.” Her presence underscored the vibrant potential of the venture capital market within emerging blockchain technologies, particularly the TON ecosystem. Alicia’s discussion highlighted how TON’s seamless integration with Telegram presents unique opportunities for innovation and user engagement, resonating with KuCoin’s strategic initiatives to bridge social connectivity with financial transactions.

“TON’s integration with Telegram not only simplifies the user experience but also amplifies it, making it a gateway for millions to engage with Web3 technologies,” Alicia stated. She emphasized KuCoin’s commitment to leveraging this synergy to enhance secure, user-friendly trading experiences, thus furthering its mission of putting crypto in every pocket.

KuCoin’s participation in The Gateway event reinforces its dedication to fostering a secure, robust, and accessible trading environment, paving the way for a new era of crypto and blockchain integration.

About KuCoin

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Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/

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Blockchain Press Releases

UBS Asset Management launches its first tokenised Money Market Fund, available through DigiFT

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SINGAPORE, Nov. 2, 2024 /PRNewswire/ — UBS Asset Management, launches its first tokenized investment fund “uMINT”, made available through authorized distribution partner, DigiFT.

With DigiFT, investors can subscribe to uMINT using their preferred custody wallet solution, gaining access to real-time redemption capabilities via DigiFT’s platform. uMINT, a Money Market investment underpinned by high quality money market instruments based on a conservative, risk-managed framework, is built on Ethereum distributed ledger technology and issued under UBS Tokenize, UBS’s in-house tokenization service, a full service offering for digital asset services, that seeks to open the door to the world of decentralized finance to a broader range of market participants.

“We’re honoured to be an authorized distribution partner for UBS Asset Management in launching their first tokenized money market fund. This is a significant milestone in the world of Web3, and a testament of our ability to transform capital markets. Not only does this partnership bridge traditional finance with digital and decentralized technologies, it also demonstrates our ability to deliver next-generation investment solutions on an open network – for a new generation of global investors,” said Henry Zhang, Founder & Chief Executive Officer of DigiFT.

As part of the partnership, DigiFT will provide infrastructure for managing and monitoring on-chain distribution activities and transactions for the new tokenized money market fund. Enabled by blockchain technology, DigiFT’s best-in-class, open infrastructure ensures all transactions are stored and recorded on an immutable ledger, providing real-time operational and audit visibility. Beyond streamlining administrative processes, DigiFT is able to leverage smart contracts and facilitate automated compliance and operational efficiencies, further allowing investors to invest and explore new financial Web3 use cases.

DigiFT is the first exchange deploying smart contract methods and processes, with an automatic market-making mechanism, to be recognized as a Recognised Market Operator (RMO) and awarded the Capital Markets Services (CMS) license by the Monetary Authority of Singapore.

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About DigiFT

DigiFT is the first exchange for on-chain real-world assets to be licensed by the Monetary Authority of Singapore. Find out more www.digift.sg

For media enquiries, please contact [email protected]

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Blockchain Press Releases

Bybit Protects First-Time Copy Traders Against Potential Fiat Losses in Limited-Time Offer

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DUBAI, UAE, Nov. 1, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has introduced new fiat protection for trading novices to counter potential market risks. First-time depositors may enroll to protect their investment in Bybit’s Fiat Loss Coverage Frenzy campaign this season.

From now to Dec. 1, 2024, Bybit is offering up to 100 USDT in Fiat Loss Coverage Vouchers (“the Voucher”) for as little as 100 USDT in first-time trading. Users making a first-time deposit and lured by the power of Copy Trading may sign up for the exclusive event for a confidence boost as well as potential capital protection.

The generous offer is available for eligible users only and the number of Vouchers is limited. Users may follow three simple steps to seize an opportunity to minimize their risk of asset devaluation:

  1. Deposit: Users making a first-time deposit of at least 100 USDT in any currency via Bybit P2P, Fiat Deposit or One-Click Buy
  2. Claim the Voucher: Access the “Claim” button at the Bybit Copy Trading page for up to 100 USDT in Fiat loss coverage
  3. Explore Copy Trading: Choose the first Master Trader wisely and execute the first copy trade in the amount of at least 100 USDT in either Smart Copy Mode or Advanced Copy Mode. Should the trade result in a loss, holders of the Voucher will be reimbursed up to the Voucher value.

Fiat and crypto solutions on Bybit come with copious benefits and rewards, including innovative mechanisms to enhance Bybit’s protection of users’ interests. The exchange is also trusted for its deep liquidity and tried-and-tested reliability, 24/7 customer support, and diversity of products and solutions.

“Investing comes with risks, and for retail investors starting to diversify into crypto, we’ve got their back. This campaign is a gesture of support and an invitation into the world of digital assets for new users, and Bybit serves to take away some of the stress for a better trading experience,” said Joan Han, Sales and Marketing Director at Bybit. “I hope it offers extra protection for new traders as they embark on their journey,” she added.

Visit Bybit Fiat and explore Bybit Copy Trade for more information, terms and conditions apply.

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About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube 

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