Market Highlights:
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. Growing concern about personal health & fitness and the rise in use of smartphones are the key factors driving the growth of this market. Moreover, innovative features such as tracking, alerts, and connectivity in smartwatches have garnered consumer interest in recent years. Smartwatches based on operating systems (OS), such as Tizen and proprietary OS, are expected to show significant growth during the forecast period.
A smartwatch is a portable device which is to be worn on the wrist for various applications. Smart watches are just like a traditional watch but is integrated with latest technologies and sensors. But unlike traditional watches, smart watches have capabilities of smartphones such touchscreens, support apps, and often record heart rate of humans and other vital signs such as calories and blood pressure. Smart watches have various connectivity technologies inbuild and in order to exchange information, it establishes connection with a smartphone in order to work to its full potential. the popular technologies by which smart watches gets connected with smartphones are Bluetooth, wi-fi and some devices also allow quick and easy setup using NFC. Once the smart watch is connected with smartphone, user can choose the functionality of smart band such as notification like messages, emails, calls and other. Some smart watches also allow users to control the functionality of their smartphones such as making calls, reading messages and controlling the music of the smartphone. Users can also capture photos remotely through their smart watches.
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Major Key players
- Martian (U.S.),
- Pebble (U.S.),
- Qualcomm (U.S.),
- Samsung (South Korea),
- Sony (Japan),
- Connectedevice Ltd. (Japan),
- Apple (U.S.),
- Fitbit, Inc. (U.S.),
- LG (South Korea),
- Motorola (U.S.),
- Huawei (China)
Competitive Analysis
The smartwatch market has witnessed a major trend of new product launch strategy across the region. Many key players have adopted new product development as their chief organic strategy to gain significant share in the market. The new product launch strategy is accounted for a significant percentage of the total market strategy in the years 2016 and 2017. Besides, partnership & collaboration strategy accounted for XX%; whereas, merger & acquisition accounted for XX% of the total strategy adopted by the key market players. Major players such as Samsung, Pebble, Maritime, and Sony are focusing on R&D investments to maximize their market share.
The report for Global Smart Watch Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance.
Industry News
Fitbit, the leading global wearables brand, today delivers the first update to its Fitbit OS platform for a smarter, more personalized experience for Fitbit Ionic™ smartwatch users with more than 60 apps now available across a wide range of categories, 100+ clock faces, and enhanced performance. Fitbit is also introducing Fitbit Labs, a Fitbit Research initiative that will bring innovative apps and intelligent clock face experiences to users to motivate and drive behavior change and help accelerate the company’s pace of innovation. Additionally, Fitbit is partnering with Deezer to bring its dynamic, personal streaming music service to Ionic users across the globe in 2018.
Fossil announced the launch of its smallest hybrid smartwatches to date, featuring new products including Q Neely and, Q Jacqueline. Tailored specifically to the female customer, the newest additions to the Fossil Q lineup infuse technology into the classically designed watch profile of the brand’s best-selling styles, while offering new functionality. Available starting October 22 in Fossil stores and online at fossil.com, these new smaller styles offer customers the most discreet and fashion-forward options for smartwatches yet, featuring a 36-millimeter case and Fossil’s quintessential understated, yet elegant design, as well as limitless options for personalization including interchangeable straps in leather, silicone and stainless steel.
Segmentation
Segmentation by Operating System: Android Wear, Tizen, Linux and others (iOS, MediaTek’s LinkIt)
Segmentation by Application: Personal Assistance & Safety, Health / Wellness, Media and Entertainment, Sports, Communication and others (Corporate, Smart Home, Social Networking, Access Control, Payments, Gaming, Photography, Education, Customer Service, Public Services, Science and Research, Defense and Military)
Regional Analysis
Currently, North America is dominating the market of Smart Watches which is responsible for XX% of market share due to the favorable conditions. As Standard of living in North America is high and high disposable income are the factors that is boosting the market of Smart Watches in North America. Europe is second biggest market of Smart Watches as countries like Germany, France, Italy have high penetration rate for wearable technologies. Asia pacific is expected to dominate the market in coming years as this region holds more than 40% of global population and most of countries are in developing phase. Low price is also helping the market to grow in this region and as a result, Asia-Pacific has emerged as fastest growing market.
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Intended Audience
- Consumer wearable manufacturers
- Healthcare-related product manufacturers
- Textile and cloth manufacturers and suppliers
- Luxury clothing and accessory manufacturers
- Consumer electronics manufacturers
- Integrated device manufacturers (IDMs)
- Wearable electronics technology platform developers
- Investors
- Research organizations
- Technology standards organizations, forums, alliances, and associations
- Universities and research organizations
- Government bodies
LIST OF TABLES
Table 1 Global Smart Watch Market, by Region, 2018–2023
Table 2 North America: Smart Watch Market, by Country, 2018–2023
Table 3 Europe: Smart Watch Market, by Country, 2018–2023
Table 4 Asia-Pacific: Smart Watch Market, by Country, 2018–2023
Table 5 The Middle East & Africa: Smart Watch Market, by Country, 2018–2023
Table 6 Latin America: Smart Watch Market, by Country, 2018–2023
Table 7 Global Smart Watch Operating System Market, by Region, 2018–2023
Continued….
LIST OF FIGURES
FIGURE 1 Global Smart Watch Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Smart Watch Market
FIGURE 4 Value Chain of Global Smart Watch Market
FIGURE 5 Share of Global Smart Watch Market in 2017, by Country (in %)
FIGURE 6 Global Smart Watch Market, 2018–2023
Continued….
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