The advanced integration and cross-compatibility of personal assistance and health features, rising awareness on health and fitness, and improving smartwatch automotive control capabilities are some of the factors behind the growth of the smartwatch market. In 2017, the market attained a size of $10,223.9 million, and it is predicted to generate a $43,800.0 million revenue by 2023, progressing at a CAGR of 22.7% during the forecast period (2018–2023).
Based on product, the smartwatch market is categorized into extension, classic, and standalone. Out of these, in 2017, the extension category held the largest revenue share of more than 50.0% in the market, and it is expected to continue dominating it during the 2018–2023 period. This can be ascribed to the launch of next-generation smartwatches that can be employed as an extension of smartphones or related products. These watches can receive alerts, calls, and notifications from a connected phone, and these have a better battery life as compared to others. Smartwatches offer a variety of features, such as time telling, calculator, camera, text messages, GPS navigation, SD card, touchscreen, and find the phone.
On the basis of operating system, the smartwatch market is classified into iOS, Android, and others. Among these, in 2017, the iOS classification registered the dominating revenue share of more than 40.0% in the market, and it is anticipated to maintain its lead during the forecast period. Due to Apple iOS’s brand popularity and the existence of other devices with incompetent features, this classification is expected to grow more. These watches have an exceptional battery, considering active running hours.
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One of the prime trends being witnessed in the smartwatch market is the advanced integration and cross-compatibility of personal assistance and health features in a single smartwatch. With the rapid penetration of wearable technology around the globe, coupled with the speedy growth of wearable fitness-tracking electronics, manufacturers in the smartwatch and healthcare sectors are integrating each other’s features in a single compact product. Furthermore, key players operating in the market are heavily investing in the technology to cater to the large next-generation smartwatch market.
Besides, to meet the growing demand for smartwatches that are cross-platform-friendly, businesses in the smartwatch market are introducing new products that are compatible on different platforms. For instance, in August 2017, Fitbit launched its cross-platform Ionic smartwatch, integrated with health-monitoring and fitness features. This watch is the first to detect the blood oxygen content through a new SpO2 sensor. It also has various other tools, including GPS tracking and contactless payment. The continuous development of technology has influenced people to be more concerned about their health and fitness.
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With improved access to technology, people are heavily using upgraded gadgets to maintain their fitness level. Health and fitness-focused smartwatches aid people to track their daily activities and reduce bad practices that may cause health problems. The ability of smartwatches to smoothly integrate the day-to-day health-related activities into an application-based module, which is compatible with a smart device, including a tablet and smartphone, is contributing to their growing popularity. Thus, the rising awareness of consumers (especially in the age group of 15–35 years) on health and fitness is driving the market growth.
Thus, the integration and cross-compatibility of personal health and assistance features and increasing awareness of people on health are expected to fuel the market growth.
GLOBAL SMARTWATCH MARKET SEGMENTATION
By Operating System (OS)
- Others (Include Tizen, Pebble OS, and Firefox OS)
- Personal Assistance
- Others (Include Spiritual Wellness, Gaming, Kids’ Learning, and Fashion)
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