Smartwatch Market is Expected to Grow at a CAGR of 18.8% from 2022 To 2028
As stated in our extensive report; providing insights on Applications, Operating systems, and Products; the Global Smartwatch Market accounted for USD 28.5 Billion in the year 2021.
A Smartwatch is a wearable computing device that looks and functions similarly to a wristwatch or other timepiece. Many Smartwatches are Bluetooth-enabled watches and perform several functions in addition to telling the time. The watch transforms into a wireless Bluetooth adaptor, allowing the wearer's smartphone's functionality to be extended to the watch. The watch's interface can be used to make and receive phone calls from a mobile phone, read email and text messages, obtain weather updates, listen to music, compose email and text messages, along with asking a question to the digital assistant. Smartwatches offer many other features such as health informatics, such as heart rate, blood oxygen level, blood pressure, and temperature monitoring; contactless payment and digital wallet applications; along with location features, like a compass, maps, and an altimeter as well as GPS tracking. The increasing demand for wireless fitness and sports gadgets increased health awareness among users, and market players' technological developments in Smartwatches are likely to drive the market growth in the years to come.
The growing demand for wireless electronics along with a rapid surge in internet connectivity and adoption of digitalization is anticipated to augment the growth of the Smartwatch Market during the forecast period. Monitoring and measuring physical activities, sensing the surroundings, real-time data collecting, and communication are some of the primary applications that are expected to meet the major needs of customers in smart wireless fitness devices. The incorporation of AI has aided the advancement and quick development of healthcare. Smartwatches with AI, enable smart diagnostics and clinicians to keep track of their patients' health. Furthermore, the market is growing due to increased investment in techniques to build smart technologies for greater support in healthcare and fitness. Steps done, calories burned, distance traveled, and other fitness activities can be conveniently watched and tracked using a Smartwatch. The wristwatch may be simply connected to a smartphone via Bluetooth or wireless networking. This also aids the athlete or client in planning their daily activities. As a result, the growing demand for wireless fitness and sports gadgets is aiding the worldwide Smartwatch market's growth.
However, the market's growth is constrained by the technology's high initial cost, as well as issues with power consumption and battery life. Moreover, the rising importance of connected devices in many industries, as well as the growing demand for a connected ecosystem is likely to create opportunities for the growth of the market in near future. Furthermore, the implementation of advanced technologies such as IoT and analytics is also expected to support the growth of the market in near future.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) and is likely to continue with the same trend during the forecast period. This is attributable to the increase in the consumer electronics industry in emerging economies such as India and China in the region. Furthermore, the rising Smartwatch market vendors in the region are also expected to fuel the regional growth of the market. Additionally, the growing popularity of health and fitness devices to maintain a healthy lifestyle is also likely to fuel the growth of the market in the region.
Some of the prominent players operating in the Global Smartwatch Market include Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, Tom Tom International, Amazon. and others.
Browse the full Report - Smartwatch Market Size, Share & Trends Analysis Report by Application (Personal Assistance, Wellness, Healthcare, Sports), by Operating System (Watch OS, Android, Real-Time Operating System, Tizen), by Products (Extension, Standalone, Classical), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)