A smartwatch is a wearable device that offers various features and benefits to its users and works as companion devices with the smartphones. It requires pairing with the smartphones using wireless technology such as Bluetooth and NFC. Smartwatches are widely used in tracking activities in sports, medical application for monitoring heart rate and pulse rate. Furthermore, smartwatches also be used as GPS devices, fitness tracker and accessing notification from smartphones. The global Smartwatches market is anticipated to grow with a CAGR of 21% during the period 2017-2022. Increasing internet penetration across the globe, growing trend of smartphones and growth in IoT technologies are estimated to be the key motivators of the market. Moreover, technological advancement, changing the technological preference of young population and increasing interest of multinational companies in the smartwatch market are also estimated to be the major factors that are contributing significantly towards the growth of the smartwatch market across the globe.
However, there are certain factors that are hindering the growth of the market. Lack of fully developed application system and limited battery life and limitation on the size of power source are the major constraints in the growth of the Smartwatches market. Besides these constraints, fall in the price of Smartwatches and cross-platform are estimated to develop numerous growth opportunities for the market during the forecast period.
Global Smartwatches market is studied in detail on the basis of critical criteria such as products, operating systems and applications. On the basis of the product, the market is segmented into classic smartwatch, fitness band smartwatch, and standalone smartwatch. On the basis of the operating systems, the market is bifurcated into android, IOS, windows and others. And on the basis of the applications, smartwatch market is segmented into medical/ health, personal assistance, sports, wellness and others.
On the basis of the geography, the smartwatch market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America is estimated to be leading region in the global smartwatch market owing to the high adoption rate of smartwatches in the region due to the presence of health conscious and tech-savvy population. Further, high purchasing power is also estimated to be the major factor driving the growth of the smartwatches market in North America region. The Asia Pacific is estimated to be the fastest growing region during the forecasted period, increasing disposable incomes and increasing penetration of internet and smartphones in the region are estimated to be the major factors that are driving the growth of the market.
Key vendors of the smartwatch market are Alcatel, Apple Inc., Asus, Casio, Connected devices Ltd., Fitbit, Fossil, Garmin, Google inc., LG, Martian watches, Meta watch Ltd., Motorola, Neptune computer inc., Nike, inc., Pebble, Qualcomm inc., Samsung electronics co. ltd., Sony Corporation, TAG Heuer, Timex group, Tissot and so on. In 2017, Apple launched a new apple series 3 smartwatch featuring OS4, improved exercise tracking system, and decent battery life than series2.
OMR Report Covers:
- Comprehensive research methodology of global smartwatch market
- This report also includes detailed and extensive market overview with analyst insights & key market trends.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global smartwatch market
- Insights about market determinants which are stimulating the global smartwatch market
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.