The use of smartwatches has increased due to their prestige factor, and this is estimated to affect the global smartwatch market 2020. The semiconductor and electronics industry reports are produced by Market Research Future, which highlights market options for expansion. A USD 109.28 billion income by 2023 is likely to be accomplished with a CAGR of 17.34%.
Smart watches have various connectivity technologies in-built and in order to exchange information, it establishes connection with a smartphone in order to work to its full potential. the popular technologies by which smart watches gets connected with smartphones are Bluetooth, wi-fi and some devices also allow quick and easy setup using NFC. Once the smart watch is connected with smartphone, user can choose the functionality of smart band such as notification like messages, emails, calls and other. Some smart watches also allow users to control the functionality of their smartphones such as making calls, reading messages and controlling the music of the smartphone. Users can also capture photos remotely through their smart watches.
The rise in high demand for consumer smartphones and decrease in prices can promote the expansion of the smart watches market in the foreseeable future. The rise in per capita income and the presence of effective supply chain logistics can spur the expansion of the smart watch market through the study period. The increase in support by government and high investment in R&D by top notch companies can promote the expansion of the smart watch market across the study period. The rapid adoption of technological advancements and the high penetration of smartphones and smart watches can drive the smart watch global market across the review period.
The segmentation study of the smartwatch market is conducted on the basis of the operating system, region and application. The operating system based segmentation of the smartwatch market is segmented into Android, Tizen, iOS, Linux, and others. Based on the application, the smartwatch market is segmented into communication, health/wellness, personal assistance & safety, sports, media and entertainment, and others. Based on the regions, the smartwatch market is segmented into Europe, North America, Asia-Pacific, and the rest of the regions.
Smart Watches Global Market Regional Analysis
Smart Watches Market in the North America region is expected to rise at the highest pace in the near future. The growing awareness about benefits and advantages of smart watches among the young generation can promote the expansion of the smart watch market in the years to come. The rapid rise of the smart watch market in North America can be attributed to the increase in the per capita income and luxurious way of living. Europe smart watch market can garner high revenue, following the rapid rise of the smart watches market in the APAC region.
The incidence of options that can be favorably capitalized on is aiding the market players in improving their overall position in the market. The balance in demand and supply in the market will prove as an encouraging growth factor in the forecast period. The market is expected to record a stable growth rate in the coming years. Market competitors are expected to play a vital role in the development of the global market. The development of adequate sources of raw material is predicted to transform the market in the upcoming period further. The availability of strong government support and the presence of encouraging policies is expected to enliven the growth prospects in the approaching period. The competition in the market is manageable, which is inducing the entry of new players in the global market. The upgrades in production methods are estimated to transform the potential of the market in the forecast period.
The major smartwatches market companies are Fossil Group (US), Pebble (US), Sony Corporation (Japan), Qualcomm (US), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co. Ltd. (South Korea), Fitbit, Inc. (US), LG Electronics (South Korea), Apple Inc. (US), ConnecteDevice Ltd. (Japan), and Motorola (US), among others.