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. Internet of Things (IoT), since its inception, has enhanced the conduct of our daily routines starting from communication, lifestyle, travel to trade. Smartwatch is another example of a traditional, mechanical wristwatch converging with the Internet and failing to retain its original identity. A smartwatch can be defined as a computerized device, fashioned to be worn on the wrist with operations matching up to those performed by thermometers, accelerometers, and pedometers. A smartwatch offers functionality and competences identical to those of a smartphone and executes numerous functions like providing internet connectivity, running mobile apps, making calls, messaging via text or video, checking caller ID, accessing stock and weather updates, delivering health monitoring updates, and offering GPS coordinates. Undoubtedly, it is an effective device catering to all requirements for personal assistance. Owing to such functionalities, the global smartwatch market size was estimated to be around $10.5 billion in 2018. The report has tracked this market to be flourishing at a global CAGR of 18.23 % during the forecast period 2019-2025.
Smartwatch Market Outlook:
After an acute analysis of the smartwatch market’s potential, by region, North America is reckoned to be dominating in terms of global demand by capturing nearly 35.47% share. The dominance can be attributed to several factors such as an increase in the personal disposable income among the younger tech-savvy population, increased numbers of younger and more health-conscious citizens, and advanced medical infrastructure facilities which are compatible with sensors present in smartwatches. As per the U.S. Census Bureau, the younger working-age population, which numbers individuals between the ages 18 to 44 years, represents 36.5% of the total population, with 112.8 million persons. The older working-age population, made up of persons aged between 45 to 64 years, includes 81.5 million individuals, which makes up 26.4% of the population. The Organization for Economic Co-operation and Development (OECD) states that progress in real household income per capita picked-up by 0.7% in the OECD countries (including U.S) in the first quarter of 2018. Financially stable target customers are all set to grow the North America smartwatch market with abundant demand.
Smart-wearable sensors (SWS), in the form of smartwatches, are gaining a lot of attention because they equip patients with self-tracking and monitoring capabilities in real-time. Derived data can be fed into a smartphone application in order to create effective diets and workout routines for individuals. The wearable medical devices market is forecast to reach $41 billion by 2020, due to the enormous potential these devices offer for playing supportive roles in patient care. Increasing urban population, and growth in healthcare awareness along with disposable income is supporting the sale of such wearable sensors in the form of smartwatches and stroking the market with surplus demand. Owing to these existing scenarios, personal assistance pertaining to healthcare is a major segment of the smartwatch market, expanding at a CAGR of 19.21% going through 2015.
Smartwatch Market Growth Drivers and Trends:
Smartwatch - Smart Enough for a Real-Time Electrocardiograms
Transformation of the smartwatch from a niche gadget into a lifeline to improve health conditions 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 of taking high-quality cardiac readings and detecting falls. Several manufacturers are adding this ‘healthcare factor’ to differentiate smartwatches from smartphones in terms of operations and to overcome the ‘product objective challenge’, because consumers require a distinct reason to buy a wrist gadget that basically does everything that smartphones already do.
The cutting-edge version of Apple Watch promises to push the healthcare factor even further, by taking electrocardiograms, or ECGs, a feature authorized by the U.S. Food and Drug Administration (FDA). Features like this which provide access to real-time data on this scale can revolutionize healthcare operations. It also received endorsement from Ivor Benjamin, a cardiologist and president of the American Heart Association.
Innovative devices like these, which are equipped with technology, have a longer life-span, and existing customers fail to bring in recurring revenue for manufacturers. To compensate for this, manufacturers are regularly building new products with features that are more advanced than previous versions, thus creating a desire among 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 Ltd., Fitbit Inc., Motorola, Inc., Sony Corporation, Samsung Electronics, LG Electronics, and Huawei Technologies Co. Ltd.
Fitbit is working towards the next step of technological progression in the smartwatch market through escalation of clinical validation and regulatory permissions for detecting health conditions such as sleep apnea (sleep disorder) and atrial fibrillation (abnormal heart rhythm). Fitbit recently launched the 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
