Global Smartwatch Market: Industry Size, Growth, Analysis and Forecast of 2027


iCrowdNewswire   Feb 22, 2021  5:00 PM ET

Global Smartwatch Industry

 As per the Wiseguy Report, The market is projected at USD 109.28 billion by 2023 and is expected to achieve a CAGR of 17.34%.

The report defines smartwatch as a wearable device that offers various features and benefits to its users and works as companion devices with smartphones. It requires pairing with smartphones using wireless technology such as Bluetooth and NFC. Smartwatches are mostly used for activities in sports, medical application for monitoring heart rate and pulse rate. Furthermore, smartwatches also are used as GPS devices, fitness tracker and accessing notification from smartphones. 

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Smartwatches have been the recent market trends with their Integrated Circuits (IC) technology. This can be the main factor with a definite pull that would further propel the smartwatch industry. The world has already known the significance of communication technologies, and this factor acts as an added boost to the smartwatch market’s development.

However, there are certain factors that are hindering the growth of the market. due to the absence of a developed application system along with limited battery life and Limited size of power source are the major constraints in the growth of the Smartwatches market. Along with these constrained there has also been a continuous fall in the price of the smartwatches and it has been estimated that the cross-platform might develop multiple opportunities during the forecast period.

Market Trends & Segmentation of Global Smartwatches

The global smartwatches are analysed in detail depending upon certain criteria such as products, operating systems and applications. On the basis of the product, the market is segmented into a classic smartwatch, fitness band smartwatch, and standalone smartwatch. On the basis of the operating systems, the market is divided into android, IOS, windows and others. And on the basis of the applications, the smartwatch market is divided into medical/ health, personal assistance, sports, wellness and others.

In 2017, Apple launched a new Apple series 3 smartwatches featuring OS4, improved exercise tracking system, and decent battery life than series2.

Global & Regional Market Trends

Depending upon the geography, the smartwatch market is divided into North America, Europe, Asia Pacific and Rest of the World. North America is determined as the leading region in the global smartwatch market due 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 found to be the main attribute that is driving the growth of the smartwatches market in the North America region. The Asia Pacific is determined to be the fastest-growing region during the forecasted period, increasing disposable incomes and increasing penetration of internet and smartphones in the region are found to be some factors that are increasing the growth of the market.

So by increasing internet penetration across the globe, the growing trend of smartphones and growth in IoT technologies are found to be the major motivators in the market. Also during technological advancement, by changing the technological preference of young population. Also, by increasing interest of multinational companies in the smartwatch market, it is determined that the major factors that are contributing significantly towards the growth of the smartwatch market across the globe.

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Wise Guy Reports is part of the Wise Guy Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Wise Guy Reports understand how essential statistical surveying information is for your organization or association. Therefore, we have associated with the top publishers and research firms all specialized in specific domains, ensuring you will receive the most reliable and up to date research data available. We also provide COTS (Commercial off the Shelf) business sector reports as custom exploration agreeing your particular needs.

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