Smartwatch Market Overview:
Apple Inc., a global leader in the smartwatch market, publicly declared that it now sells more Apple Watches than the entire Swiss watch industry combined. The IoT, since its inception, has affected the conduct of all our daily assessment from communication, lifestyle, and travelling to trade. Smartwatch is another example of a traditional mechanical time telling wristwatch converging with the digitally-connected stride and failing to retain its original identity. Smartwatch can be well-defined as a computerized devise fashioned to be worn on the wrist with operations matching up to thermometers, accelerometers, and pedometers going beyond timekeeping. Smartwatch offers functionality and competences identical to those of a smartphone and executes numerous functions like internet connectivity, running mobile apps, making calls, messaging via text or video, checking caller ID, accessing stock and weather updates, delivering health monitoring abilities, and offering GPS coordinates. Undoubtedly, it is an effective device catering all the personal assistance requirements. Owing to such peculiarities, the global smartwatch market size was estimated to be around $7 billion - $10 billion as of 2018. The analyst of the report has tracked this arcade to be flourishing at a global CAGR of 14% - 16% during the forecast period of 2019-2025.
Smartwatch Market Outlook:
After an acute analysis of the smartwatch market’s regional potential, North America is reckoned to be dominating in terms of global demand with nearly 34% - 35% share being captured by this technologically advanced province. The dominance can be attributed to several factors such as increase in disposable income among younger tech-savvy population, substantial population of younger health conscious citizens, and an advanced medical infrastructure compatible to employ wearable sensors in the form of smartwatch. As per the United States Census Bureau, the younger employed population, ages 18 to 44, denoted 112.8 million persons (36.5%). The older employed, ages 45 to 64, contributed 81.5 million persons (26.4%). The Organization for Economic Co-operation and Development states that progress in real household income per capita picked-up to 0.7% in the OECD countries (including U.S) in the first quarter of 2018. Financially stable target customers are all set to stroke the North America smartwatch market with abundant demand.
Smart-wearable sensors (SWS) in the form of smartwatch are gaining a lot of attention because it equips patients with self-tracking and monitoring capabilities with real-time data. Derived data can be fed into a smartphone application creating effective diets and workout routines for individuals. Certain observations have declared 58% of the participants fail to meet their goal of specific therapeutic exercises designed for rehabilitation (NCBI). Wearable medical devices market is forecast to reach $41 billion by 2020, due to its enormous supportive roles in patient care. Increasing urban population and health awareness along with disposable income is supporting the sale of such wearable sensors in the form of smartwatch and stroking the market with surplus demand. Owing to such epidemic conditions healthcare sector is the major employer of smartwatch market, expanding with an application CAGR of 15% - 17% going through 2015.
Smartwatch Market Growth Drivers and Trends:
- Smartwatch - Smart Enough for a Real-Time Electrocardiograms
Transformation of smartwatch from a niche gadget into a lifeline to better health by slowly evolving it into a medical device is the major trend encapsulating the smartwatch market. A classic example is the Apple Watch Series 4, with technological capabilities taking high-quality heart readings and detect falls. Several manufacturers are adding this ‘health factor’ to differentiate smartwatch from smartphones in terms of operations and overcome ‘product objective challenge’, because consumers needed a definite distinct reason to buy a wrist gadget that basically organizes things smartphones already do.
The cutting-edge version of Apple Watch, is insisting to push the health casing even further, specifically by taking electrocardiograms, or EKGs, a feature gaining authorization by the U.S. Food and Drug Administration. The feature scored an onstage endorsement from Ivor Benjamin, a cardiologist who is president of the American Heart Association as such real time data can revolutionize the healthcare operations.
Since such innovative technology equipped devices have a longer life-span, existing customers fail to fill the recurring revenue pockets of the industry. To control such situations, manufacturers have been regularly manufacturing new products with upgraded and advanced features from the prior segment, thus creating a will amongst existing customers to upgrade.
Smartwatch Market Players Perspective:
Some of the key players controlling the global smartwatch market profiled in this report are Apple Inc., Google Inc., Garmin, Fitbit, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, and Huawei Technologies Co. Ltd.
Fitbit is functioning towards the next step of technological progression in the smartwatch market. Fitbit is considering escalation of clinical validation and regulatory permissions towards detecting health conditions such as sleep apnea (sleep disorder) and atrial fibrillation (abnormal heart rhythm). Fitbit has recently launched the latest Fitbit Versa Lite Edition, Fitbit Inspire HR, Fitbit Inspire, and Fitbit Ace2.
Smartwatch Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the smartwatch market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various software and applications in smartwatch market, and their specific uses.
Smartwatch Market Report: Industry Coverage
By Product Type: (Extension, Classic & Standalone Smartwatch)
By Applications: (PA, Wellness, Medical/ Health, Sports)
By Operating Systems: (iOS, Android, Windows)
The smartwatch market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Smartwatch Market Report
1. Is the market for the Smartwatch growing? How long will it continue to grow and at what rate?
2. Which type of systems presents the major growth opportunities?
3. Is there a possibility for change in the market structure over time?
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
6. What are the short-term, long-term, and medium-term growth drivers for the market?
7. What are the short-term, medium-term, and long-term challenges for the market?
8. What are the short-term, medium-term, and long-term opportunities for the market
9. Who are the top players/companies of the market?
10. What are the recent innovations in the market?
11. How many patents have been filed by the leading players?
12. What are the types of patents filed by the leading players?
13. What is our Vision 2030 for Smartwatch Market?
A few focus points of this Research are given below:
Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
Provide an overview of the product portfolio, including product planning, development, and positioning
Discuss the role of technology companies in partnerships
Explore the regional sales activities
Analyze the market size and giving the forecast for current and future smartwatch during the forecast 2018–2023
Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures