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.
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 MARKET TRENDS- Growth determinants and Challenges
Every market has its growth determinants and challenges. one of the major factor that has fuelled the market growth is the increase in demand for wireless fitness and sports devices.
Also, the rise in health awareness among the consumers and the increase in technological advancements in smartwatch market has fuelled the market growth over the forecast period.
Additionally, the rise in emphasis for connected devices among various industries have offered many opportunities for the market growth.
On the flipside, the high initial cost of the technology and the problems that are related to power consumption and low battery life acts as a restrain to the market growth.
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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.
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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