Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Smartwatch Market– Global Industry Analysis, Market Size, Opportunities And Forecast, 2020-2027”
LOS ANGELES, Feb. 11, 2021 (GLOBE NEWSWIRE) -- The Global Smartwatch Market is anticipated to grow at a CAGR of around 20.1% during the forecast period 2020 to 2027 and to reach around US$ 88.7 Bn by 2027.
Rising demand for wearable devices with advanced smart features is the major factor expected to drive the growth of the global smartwatch market.
The market in North America is expected to account for major revenue share in the global smartwatch market due to gradual increase in number of consumers adopting smart devices. Consumers inclination towards use of smart devices that facilitate health monitoring, finding a phone, etc. with the rising technological advancements manufactures are focused on introduction of devices that emphasize on the various mode of operations.
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Government expenditure on development of smart cities and easy availability of advanced infrastructure that help in connecting with the internet, various applications is expected to increase demand for smartwatches. Consumer spending on healthcare is increasing with the gradual increase in geriatric population with various old age problems and rising heart associated troubles among young population is resulting in demand for smart watches.
Increase in home healthcare approach among consumers is resulting in adoption of watches that helps in sharing health data with the professionals and alarm the emergency service in times of need these are factors expected to impact the growth of the target market. In addition, major players approach towards enhancing the business through strategic merger and partnerships is expected to augment the growth of smartwatch market.
The market in Asia Pacific is expected to witness faster growth in the target market due to high penetration of internet and smartphones. Increasing spending capacity of consumers, increasing demand for smart devices and introduction of innovative solutions are factors expected to augment the growth of regional smartwatch market.
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In 2020, Xiaomi a device manufacturing company launched a smartwatch called Mi Watch Color in China that comes with a 1.39-inch AMOLED display. This product launch is expected to help the company to enhance the business in China market.
In addition, the company is also expected to launch another smartwatch in the Indian market. The product launch is expected to help the company to increase the customer base in the country.
In 2020, boAt a company providing wearable in India launched boAt Enigma features a 1.54-inch square-shaped color screen with support for touch inputs and AOD (Always-on Display) in India market. This product launch is expected to help the company to enhance the business in the country and increase the customer base.
Increasing penetration of sensors technology in various industry verticals, rapid technological advancements in electronic devices, and increasing demand from consumers for wireless fitness and sports devices are major factors expected to drive the growth of global smartwatch market.
In addition, high spending capacity and rising health awareness is resulting in demand for smart wearable devices this is expected to augment the growth of global smartwatch market. Factors such as high cost of devices and high competition on low profit are expected to hamper the growth of global smartwatch market. In addition, technological glitches are expected to challenge the growth of target market. However, high investment by major players for product development activities and introduction of innovative solutions is expected to create new opportunities for players operating in the target market. In addition, increasing partnerships and agreements between regional and international players is expected to support the revenue growth of smartwatch market.
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The global smartwatch market is segmented into product, application and operating system. The product segment is bifurcated into extension, standalone, and classical. Among product type the standalone segment is expected to account for major revenue share in the global market. The application segment is divided into personal assistance, wellness, healthcare, sports, and others. Among application the personal assistance segment is expected to account for major revenue share in the target market. The operating system segment is bifurcated into WatchOS, Android, RTOS, Tizen, and others. Among the operating system the Android segment is expected to account for major revenue share in the target market. Players operating in the global smartwatch market are Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International and Amazon. The market is highly competitive due to presence of large number of players operating on global level.
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