Smartwatch market is valued at USD 29.52 billion in 2022 and is projected to reach a value of USD 123.60 billion in 2030 expanding at a CAGR of 19.6% over the forecast period of 2022-2030.
An atomic clock-accurate digital device worn on the wrist is called a smartwatch.
It is connected to a smartphone and gets alerts for new emails, messages, and phone calls.
There are several apps in it that offer extra functionality like showing stock prices, maps, and weather updates.
Additionally, it has the ability to send and receive text messages as well as phone calls.
Due to the fact that it comes with fitness trackers and health monitoring tools to assist customers in keeping track of their health, its popularity is expanding globally.
Smartwatch Market- Overview
Smartwatches are predominantly designed to, make phone calls and send and receive text messages. These are designed to be worn on their own or when they are paired with a smart phone.
They provide features, such as connecting to the internet, to run mobile apps, or to make calls, checking caller ID, accessing stock & weather updates, also the provision of fitness monitoring capabilities, offering GPS coordinates & location directions, and many more functions.
A smartwatch is defined as a wrist-worn digital device, which provides atomic clock accuracy. It is also linked to a smartphone and helps in receiving notifications for e-mails, texts, and incoming phone calls.
A smartwatch includes a number of apps that provide added features, such as presenting weather updates, maps, and stock values.
The popularity of these watches are growing around the world because it includes fitness trackers and also helps in monitoring devices to help consumers track their health.
Key Trends of Global Smartwatch Market:
• Rise in demand for wireless sports and fitness devices
Rise in demand for wireless sports and fitness devices, increase in health awareness among end users, and surge in technological advancements by market players are anticipated to boost the growth of smart watch market. Additionally, rising emphasis on connected devices and smart systems among several industries, and growing demand for connected ecosystem are projected to offer significant opportunities for smart watch market globally.
The increase in data dependency among end users and huge investments in building smart cities by the government of various countries are the key success areas that bolster the demand for smart wearable devices.
• Evolving Technologies
As technologies continue to evolve and merge in an ever changing digital world, a number of theoretical models have been proposed to study the user’s adoption of new technologies. Wearable technologies such as smart watches are also a new form of fashion accessories for users. Led by inventions, smart watch manufacturers are investing heavily on the R&D activities.
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Segmental analysis of the Market
Based on product
- Extension
- Standalone
- Classical
Extension smartwatches have dominated the market growth. This is because of its various features and the growth of well-equipped smartwatches.
Based on application
- Personal Assistance
- Wellness
- Healthcare
- Sports
- Others
Healthcare segment has dominated the market over the forecast period. This is because of the rise in awareness among the consumers regarding their health and fitness.
Based on operating system
- Watch IOS
- Android
- REAL-TIME OPERATING SYSTEM
- Tizen
- Others
WatchIOS segment has dominated the market growth over the forecast period. This is because IOS has gained the maximum popularity among consumers.
North America is anticipated to amplify at a considerable CAGR
North America, Europe, Asia pacific, and Middle East and Africa are the major regions constituting the geographical landscape of smartwatch market. Among these, North America has dominated the regional market share. This is because of the rise in number of users in the region.
Table of Contents
- Global Smartwatch Market Introduction and Market Overview
- Global Smartwatch Market - Executive Summary
- Smartwatch Market Trends, Outlook, and Factors Analysis
- Global Smartwatch Market: Estimates & Historic Trend Analysis (2018 to 2021)
- Global Smartwatch Market Estimates & Forecast Trend Analysis, by Deployment
- Global Smartwatch Market Estimates & Forecast Trend Analysis, by Component
- Global Smartwatch Market Estimates & Forecast Trend Analysis, by Content Type
- Global Smartwatch Market Estimates & Forecast Trend Analysis, by End Use
- Global Smartwatch Market Analysis and Forecast, by Region
- North America Smartwatch Market: Estimates & Forecast Trend Analysis
- Europe Smartwatch Market: Estimates & Forecast Trend Analysis
- Asia Pacific Smartwatch Market: Estimates & Forecast Trend Analysis
- Middle East & Africa Smartwatch Market: Estimates & Forecast Trend Analysis
- Latin America Smartwatch Market: Estimates & Forecast Trend Analysis
- Competitive Landscape
- Company Profiles
- Assumptions and Research Methodology
- Conclusions and Recommendations
Competitive Landscape
The prominent players influencing the competitive hierarchy of the market
sphere are Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International and Amazon.
Major questions answered in this report
- What is the growth rate of Smartwatch market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- Smartwatch market is projected to register at a CAGR of 19.6% over the forecast period of 2022-2030.
- The increase in demand for wireless sports and fitness devices is aiding
- market progression.
- Healthcare segment has poised to expand significantly over the forecast period.
- North America is anticipated to amplify at a considerable CAGR.
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