Smartwatch Market:
The GMI Research’s latest analysis reveals that the Smartwatch Market is slated to register a significant CAGR over the forecast period. This is attributed to the rising disposable income, growing health awareness among consumers, high adoption of smartphones, and the easy availability of fast internet connectivity solutions.
Smartwatch Market’s leading Manufacturers:
- Apple Inc.
- Samsung Electronics Co. Ltd
- Titan Ltd
- Garmin Ltd
- Fitbit Inc.
- Fossil Group Inc.
- Huawei Technologies Co. Ltd
- Sony Corporation
- Lenovo Group Limited
- Huami Corporation
- LG Electronics Inc
Smartwatch Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The global smartwatch market is predicted to witness an upsurge in demand during the forecast period due to the rising disposable income and growing health awareness among consumers. Furthermore, the high adoption of smartphones and the easy availability of fast internet connectivity solutions will further boost the growth of the smartwatch market size. Nowadays, the strong demand for wireless sport and fitness devices is the emerging smartwatch market trends that will further stimulate the growth of the global smartwatch market share in terms of revenue. For example, smartwatches are being preferred by runners, gym-goers, cyclers, athletes, and swimmers due to their capability to monitor daily activities, thus aiding in improving their performance level.
As per the smartwatch market statistics, the increasing initiatives taken by multiple governments to fuel the IoT technology are also surging the growth of the global smartwatch market. For example, the US is an early adopter of niche technology and is offering technical resources to favor IoT with guidance on the standards development and interoperability. The compatibility concerns regarding operating systems will hamper the market growth. Additionally, the high cost regarding the smartwatch devices, coupled with restricted strong internet connectivity, are the factors hindering the growth of the smartwatch market. The outbreak of the COVID-19 pandemic has negatively influenced the demand of the market due to the shutdown of the manufacturing factories, thus leading to delays in the production process. However, the market is projected to rise from 2021 significantly.
Product Segment Drivers
Based on the product, the standalone is predicted to increase at a higher CAGR over the coming years due to its advanced features, including sim card acceptance, wireless operations, and access capability for the internet. Furthermore, the strong demand for an intelligent-based device for tracking daily activities is further energizing the growth of the market.
Regional Drivers
Based on the region, North America is anticipated to rise at a higher CAGR over the coming years due to the US’s continuous developments in wireless network infrastructure. Moreover, the factors accelerating the growth of the smartwatch market are the high adoption of technology and the introduction of build-in LTE smartwatches.
Smartwatch Market Segmentation:
Segmentation by Product:
- Extension
- Standalone
- Classical
Segmentation by Application:
- Personal Assistance
- Wellness
- Healthcare
- Sports
- Others
Segmentation by Operating System:
- WatchOS
- Android
- RTOS
- Tizen
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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