Smart Bottle Market - Registering a CAGR of 14.3% Between 2016 and 2024

Albany, NY -- (SBWire) -- 08/31/2018 --Smart bottles, the technologically advanced bottles that encompass wireless communication capabilities for connecting with computing devices such as smartphones or wearables and an artificial memory that helps provide alerts through display or sound system, are one of the most popular products in the world's technology-obsessed circles. With applications presently spanning across the drinking water, pharmaceutical, and alcoholic beverages sectors, smart bottles are increasingly gaining traction and are observing vast developments in terms of innovation and technology advances.

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The local and global players are expected to experience good scope of growth in several regions due to less stringent regulations with respect to quality and features comprised in products mandatory for sale. Manufacturing of cost-effective products along with new facilities are anticipated to give an upper hand to regional organizations in contrast with the global ones that are paying more sums for the process of research and development. Global players are foreseen to benefit from associations, mergers with other major companies in the field of health, fitness, and technology.

According to a recent report published by Transparency Market Research (TMR), the global market for smart bottles is expected to expand at a CAGR of 14.3% during the forecast period from 2016 to 2024. In 2016, the market was valued around US$88.8 mn. This figure is likely to reach around worth of US258.8 mn before end of forecast period.

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Among the major factors driving the demand for smart bottles all over the world, are rise in awareness regarding the entire body fitness and healthcare in the people in almost all regions, around the globe. Moreover, rise in number of tech-savvy consumers and increase in willingness to spend more for the premium and advanced products.