The smartwatch market is expected to reach $43.8 billion by 2023, registering a CAGR of 22.7% during the forecast period. The market has been thriving in the mobile technology space, which can be attributed to the increasing awareness on personal health and fitness and the rise in smartwatch-controlled automotive capabilities.
The smartwatch market is categorized into three types: extension, classic, and standalone; of which the standalone category is projected to witness highest growth during the forecast period.
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As per the findings of the research, Apple’s watch software watchOS has grown by leaps and bounds since its introduction and left many smartwatch OS behind with its competency in innovation. Due to this, the iOS category has been contributing the highest revenue in smartwatch market since 2015 and is predicted to maintain its strong hold during the forecast period as well.
One of the major opportunities for the growth of smartwatch market lies in the design and development of gender-specific smartwatches by market players. Many women, particularly from the sports and corporate domains, have shown great interest in the adoption of a smartwatch as a replacement to their traditional watch, in the recent past.
During the forecast period, smartwatches based on another OS, such as Tizen and proprietary OS, are expected to grow the fastest. In the recent past, other types of smartwatch OS, such as Samsung’s Tizen, have taken over Google’s Android Wear, which has restructured the global smartwatch market.
Geographically, North America, being a key target region for prominent companies (like Apple and Samsung) for the introduction and sale of their products, is a higher revenue generator than any other region in the world.
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Some of the key players operating in this market are Apple Inc., Garmin Ltd., Fitbit Inc., Sony Corporation, Samsung Electronics Co. Ltd., Lenovo Group Limited, TomTom International BV, ASUSTeK Computer Inc., LG Electronics, and Alphabet Inc.
GLOBAL SMARTWATCH MARKET SEGMENTATION
By Product
- Extension
- Classic
- Standalone
- iOS
- Android
- Others (Include Tizen, Pebble OS, and Firefox OS)
- Personal Assistance
- Wellness
- Sports
- Medical
- Others (Include Spiritual Wellness, Gaming, Kids’ Learning, and Fashion)
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