A smartwatch is a wearable device which is worn on wrist just like a traditional wrist watch, they are usually paired with a smartphone using NFC or Bluetooth for greater functionality, it can be used as an extension to smartphone, smartwatches comes equipped with many features, but fitness has been given a major focus. Many smartphone manufactures have come up with their own smartwatches including google and apple. Some of the major features of smartwatches are fitness tracker, messaging, calling, controlling music, GPS, speaker, camera etc.
Youth population is adapting the technology at a rapid rate which are driving the sales, further increase in disposable income and changing is life style is further fuelling the demand for smartwatches. There is a tuff completion between the tech companies worldwide as they are investing heavily in R & D.
The important factors that are driving the smart watch market is increasing demand for smartwatch are easy for using and is portable and can be wore on the wrist without making it a hassle to carry it in your pocket. In addition, people are becoming health conscious all over the world due to rising health issues and smartwatch gives the best solution as it is also equipped with fitness tracker along with many other features which are similar to a smartphone. The high cost of smartwatch, very smaller in size for watching movies & photos and limited battery life due to constant used is the factor which hampers the market growth
Technological advancement towards development of smartwatch with machine learning abilities and embedded artificial intelligence technology are factors expected to create opportunities for major manufacturers in the global market. Moreover, development of internet of things (IoT) based smartwatch that can directly connect with smart homes and vehicles are the factors which are driving the growth of global smartwatch market.
$ 11,595.3 Mn
- By Type
- By Region
- By Application
$ 2,075,326.1 Mn
The global smartwatch market is segmented into type, operating system, application and region. Type segment is sub segmented into extension smartwatch, classic smartwatch, standalone smartwatch. Standalone smartwatch is growing due to wireless operations, sim card acceptance & can be used as mobile phone, and to access the internet coupled with rising demand for wireless fitness & sports devices, increasing health awareness among the consumer, and entrance of large number of players. Operating system is sub segmented into android, iOS, and others. Android smartwatch is growing as they are easy to use. Application segment is sub segmented into personal assistance, wellness, medical/health, sports, and others.
North America has the largest share for the smartwatch due to presence of major manufacturers such as Apple Inc. and high demand for smartwatch owing to high disposable income especially in US and Canada. Asia Pacific market register significant share due to of rising demand for smartwatch owing to shifting trend. Europe is also having the moderate growth share due to awareness about the smart watch and high adoption of these smart watches.