Smartwatch Industry Growth Prospects, Solutions, Developments Status and Business Opportunities

Market Highlights

The demand for smartwatches is at an all-time high due to comfortability with electronics; this development is expected to motivate the smartwatch market 2020. The semiconductors and electronics industry reports are created by Market Research Future, which centers on market choices for expansion. The market will gain revenue of USD 109.28 billion by 2023, with a 17.34% CAGR in the forecast period.

The smartwatch demand has been strongly backed by the marketing strategies of the companies offering the product in the global market. The increased disposable income level of individuals around the world is estimated to promote further the sales of the smartwatch market in the forecast period. Moreover, the inclusion of new features in smartwatches is predicted further to enhance their market worth in the forecast period.

Segmentation:

The segmental analysis of the smartwatch industry is conducted on the basis of region, operating system, and application. The operating system basis of segmenting the smartwatch market consists of Android, Tizen, iOS, Linux, and others.  The application basis of segmenting the smartwatch market consists of health/wellness, personal assistance & safety, media and entertainment, communication, sports, and others. Based on the region, the smartwatch market is segmented into Europe, Asia-Pacific, North America, and the rest of the regions.

Detailed Regional Analysis

The regional analysis of the smartwatch market includes regions such as Europe, North America, Asia-Pacific, and the rest of the regions. The North American regional market is accountable for the prime market stake in the smartwatch market due to the better value of life in the region owing to the towering disposable income levels in the region. The European region is considered as the next principal market for smartwatches as countries like France, Italy, Germany, have soaring implementation of wearable technologies. The Asia-Pacific regional market is estimated to be the top mounting region because of the technology progress by regional companies, entry of huge international players, and mounting demand for high-end wearable devices. Furthermore, mounting competition among notable players among others to introduce smartwatches with exceptional and highly developed features is boosting the augmentation of the market in the Asia Pacific region.

Competitive Analysis

The market is observed to be on a hot streak of expansion in the forecast period. The market players are expected to contribute in a significant way to the progress of the market by investing capital and fortifying their assets along with their competencies, in the market to match the pulse of the market. The customer inclinations are projected to define the growth of the global market more than ever in the coming years. The intensive attention focused on research and development activities is projected to open up new areas for the development of the market in the forecast period. The robust marketing activities undertaken by the contenders in the market are inspiring the next steps for market development in the forecast period. The improved backing by government and trade bodies are creating a favorable pace of growth in the market. The control of overhead costs is projected to motivate the market considerably in the forecast period.

The outstanding contenders in the smartwatch market are Fossil Group (US), Pebble (US), Qualcomm (US), Samsung Electronics Co. Ltd. (South Korea), Huawei Technologies Co., Ltd. (China), Sony Corporation (Japan), ConnecteDevice Ltd. (Japan), Fitbit, Inc. (US), LG Electronics (South Korea) Apple Inc. (US), and Motorola (US), among others.

Industry Updates:

Mar 2020 Vagus.co, a Cambridge-based ECH smartwatch manufacturer, is applying different measures to get more data on corona virus, so that the watch can be leveraged as another tool in the fight against the disease. Vagus.co has introduced a crowd-sourced open data study in order to collect up as much ECG data as likely through their smartwatches.