Smartwatch Industry


Sampeerzade1022

Uploaded on Dec 2, 2020

Category Technology

The global market for smartwatches is expected to grow from USD 41.86 billion in 2017 to USD 109.28 billion by 2023, at a compound annual growth rate (CAGR) of 17.34% during the forecast period

Category Technology

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Smartwatch Industry

Market Highlights The demand for smartwatches is at an all-time high due to comfortability with electronics; this development is expected to motivate the smartwatch market 2020. The semiconductors and electronics industry reports are created by Market Research Future, which centers on market choices for expansion. The market will gain revenue of USD 109.28 billion by 2023, with a 17.34% CAGR in the forecast period. Technological advancements are expected to provide impetus to market growth over the next couple of years. The integration of innovative features such as tracking, notifications, alerts, etc. is poised to boost the revenue growth of the smartwatches market in the years to come. The rising awareness about the benefits of health monitoring, in conjunction with the rising prevalence of diseases, is likely to benefit the expansion of the market across the review period. Market participants are emphasizing on the development of wearable devices for different operating systems. The availability of a wide range of products is prognosticated to encourage consumer behavior in favor of the proliferation of the smartwatch market in the foreseeable future. Also, the utilization of technologies such as Internet of Things (IoT) is expected to uplift the status of the market over the next few years. Key players are also focusing on the brand value and aesthetic appearance of the product. It is anticipated to appeal to a larger customer base over the forecast period. Thus, it assures a lucrative growth trajectory for the smartwatch market in the upcoming years. Introduction of hybrid watches is also poised to gain traction and lead to the generation of massive revenues in the years to come. However, the price of these watches is slightly on the higher side, which remains an impediment to market growth. Segmentation: The segments of the global smartwatch industry include iOS, Tizen, Linux, Android, and others. The key applications identified in this MRFR report for a segmental analysis of the smartwatch market are health/wellness, personal assistance & safety, media and entertainment, communication, sports, and others. Regional Analysis: The regional investigation of the smartwatch market is conducted for regions like Europe, Asia- Pacific, North America, and the rest of the regions. The North American region is accountable for the principal market segment due to a better quality of life in the region with regards to the high disposable income levels. The European region is also regarded as the next principal market for smartwatches in countries like France, Italy, Germany, which have demonstrated a high adoption of wearable technologies. The Asia Pacific region is projected to be the fastest mounting region due to technology progresses by the regional companies and the subsequent entry of global players, and collective demand for luxury wearable devices. Furthermore, the growing competition between important players to unveil smartwatch designs with exclusive and cutting-edge features is improving the progress of the smartwatch market in the Asia-Pacific region. Competitive Dashboard: Huawei Technologies Co., Ltd. (China), Pebble (US), Qualcomm (US), Fossil Group (US), Samsung Electronics Co. Ltd. (South Korea), ConnecteDevice Ltd. (Japan), Sony Corporation (Japan), Apple Inc. (US), LG Electronics (South Korea), Fitbit, Inc. (US), and Motorola (US) are few of the top players operating in the global smartwatch market. These players and their strategies are assessed in this MRFR report for presenting a detailed share analysis of the market. Some of these growth strategies that are expected to fuel competition in the smartwatch market over the assessment period are mergers & acquisitions, product launches, technological advancements, product innovation, collaborations, product portfolio development, partnerships, etc. market participants are also anticipated to capitalize on the cross-border growth opportunities by investing in regional expansion plans for the next few years.