Market Overview
Smartwatches have become ubiquitous since the proliferation of smartphones and other smart devices. The compatibility with mobile phones for being connected to work as well as simultaneously filter out important messages has propelled its use. Recent iterations of the devices have included the integration of electrocardiography sensor in Apple Watch and Fitbit are likely to drive its sales.
The Smartwatch Market report by Market Research Future (MRFR) looks at various changes in technology, developments in software and hardware. Consumer comfort for estimating size and revenue trajectories for the forecast period (2018-2023). The COVID-19 pandemic effect on Market has been explored with insights bound to assist manufacturers in formulating new production plans.
Market Scope
The global smartwatch market size is projected to experience an explosive CAGR of 17.34%. During the forecast period to reach a valuation of USD 109.28 billion by 2023. The market can expand owing to use of smart devices and a large tech-savvy populace. Rising awareness of health problems and need for monitoring health metrics through portable equipment can boost market demand significantly.
The integration of internet of things to smartwatches is likely to be a brand new growth opportunity for market leaders. Integration of new features such as EKG, fall detection, and heart rate are likely to attract new customers. Adoption of wearables and huge potential of the device in patient care can favor the market.
The COVID-19 pandemic cannot slowdown the market demand as its popularity had risen during worldwide lockdowns. The use of the devices for analyzing coronavirus patients pre and post infections can be a new niche for market
Segments:
Based on operating system, the market is segmented into Android, iOS, Linux, Tizen, and others. The iOS system can dominate the market owing to large sales of Apple Watch matched with subsequent sales of latest iPhones. On the other hand, the Android system can capture a relatively significant share owing to launch of new models with various color touchscreens.
On the basis of application, the smartwatch market Size is segmented into communication, personal assistance & safety, media and entertainment, sports, health/wellness, and others. The health/wellness segment is bound to dominate market revenues over the forecast period owing to the outbreak of the COVID-19 pandemic. Integration of health metrics as well as health priority by customers can drive the demand from this segment. On the other hand, the sports segment is bound to contribute to the market owing to its use by athletes and international teams to measure fitness levels. Improvements in processing and battery life are likely factors contributing to market sales.
Regional Analysis:
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions assessed for the global smartwatch market.
North America (NA) accounted for the largest market share and aims to dominate the market owing to large expendable income levels of customers. The large urban crowd and high levels of health consciousness can drive regional market demand. Improving luxury standards and procurement of the watches by millennials is expected to drive market innovation in the reigon.
Key Players:
Martian (U.S.), Pebble (U.S.), Qualcomm (U.S.), Samsung (South Korea), Sony (Japan), Connectedevice Ltd. (Japan), Apple (U.S.), Fitbit, Inc. (U.S.).
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