Smartwatch Industry Analysis, Share, Size, Trends, Industry Growth and Segment Forecasts To 2023

Market Highlights

Smartwatches are gaining popularity with the rising demand for wearable devices. It has been projected in a report published by Market Research Future (MRFR) that the global smartwatch market is anticipated to grow from USD 41.86 Bn in 2017 to USD 109.28 Bn by 2023. It also highlights that the market is expected to thrive at 17.34% CAGR across the projection period. Investments in the introduction of innovative features are expected to drive the expansion of the market in the forthcoming years.

Technological advancements are expected to provide impetus to market growth over the next couple of years. The integration of innovative features such as tracking, notifications, alerts, etc. is poised to boost the revenue growth of the smartwatches market in the years to come. The rising awareness about the benefits of health monitoring, in conjunction with the rising prevalence of diseases, is likely to benefit the expansion of the market across the review period.

Market participants are emphasizing on the development of wearable devices for different operating systems. The availability of a wide range of products is prognosticated to encourage consumer behavior in favor of the proliferation of the smartwatch market in the foreseeable future. Also, the utilization of technologies such as Internet of Things (IoT) is expected to uplift the status of the market over the next few years.

Segmentation:

The segments of the global smartwatch industry include iOS, Tizen, Linux, Android, and others.

The key applications identified in this MRFR report for a segmental analysis of the smartwatch market are health/wellness, personal assistance & safety, media and entertainment, communication, sports, and others.

Regional Analysis:

The global smartwatch market, on the basis of region, has been segmented into Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). North America is expected to dominate the growth pattern of the global market over the next couple of years. The strong economy of the region is likely to support the expansion of the smartwatch market over the next few years. Also, the presence of major market participants is expected to contribute to the development of the regional market in the forthcoming years. Europe is anticipated to maintain its standing at the second spot through the review period. Meanwhile, the highest CAGR is likely to be marked by Asia Pacific owing to the rising disposable income being witnessed in the region.