Increasing Health Awareness to Boost Smart Watch Market Growth
New York, US, May 24, 2022 (GLOBE NEWSWIRE) -- Smartwatch Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Smart Watch Market” information by Type, by Vehicle Type, by Material, and Region – Forecast to 2030” market size to reach USD 255.6 billion, growing at a compound annual growth rate of 23% by 2030.
Integration of AI to offer Robust Opportunities
Artificial intelligence (AI) integration ensures smart diagnostics & patient health monitoring. Individual participation in sports and other physical activities is expanding, and this, combined with the emerging trends of adventure recreation & wellness tourism, is fueling market expansion.
USD 255.6 billion
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Operating System, Application
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Huawei Technologies Co., Ltd. (China), Fossil Group (US), Pebble (US), Qualcomm (US), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), ConnecteDevice Ltd. (Japan), Apple Inc. (US), Fitbit, Inc. (US), LG Electronics (South Korea) and Motorola (US)
Key Market Opportunities
Design and development of gender-based smartwatches.
Key Market Drivers
· Growing concern about personal health & fitness.
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Market USP Exclusively Encompassed:
Smartwatch Market Drivers
The growing health awareness amid consumers will boost market growth over the forecast period. A smart watch allows the user to take the required health precautions ahead of time. Doctors can simply check their patients' health status from afar and maintain, prescribe, or treat them as needed. For instance, the latest Apple Watch Series 5 may monitor heart rate, nervous system activity, emergency or inactivity alerts, and health events.
Smartwatch Market Restraints
High Initial Technology Cost to act as Market Restraint
The high initial price of the technology, issues associated with power consumption, and low battery life may act as market restraints over the forecast period.
Inaccurate Data to act as Market Challenge
The data offered by smart watches that are not completely accurate, volatility in raw material price, and delays in spectrum standardization may act as market challenges over the forecast period.
The global smart watch market is bifurcated based on order type and application.
By order type, Android wear will lead the market over the forecast period.
By application, personal assistance will dominate the market over the forecast period.
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The world has turned insane as a result of the current COVID-19 pandemic. A drop in growth has an impact on every firm. Smart watch market reports, on the other hand, show the eminent players in the market. The predicted consumption, and demand for smart watches, has increased as the epidemic spreads. This was for people began working out at home during the lockdown, forcing them to purchase smart watches. Smart watches came in useful once the gyms closed. As a result, majority of the people started trading smart watches online throughout the waiting period. The pandemic is the first of a new generation of cellular wearables. As consumers got more concerned about their health, the demand for smart watches grew as well. By 2023, the value is predicted to touch USD 109.28 billion. During the anticipated period, the CAGR is expected to be 17.34%.
Dominant Key Players in Smartwatch Market Covered are:
Huawei Technologies Co. Ltd.
LG Electronics Inc.
Samsung Electronics Co. Ltd.
North America to Lead Smart Watch Market
North America will lead the smart watch market over the forecast period for the high standards of living and high per capita income. The big players are likewise based in North America, giving it a competitive edge over other countries. The rising use of smart watch in telecommunications and mobile applications is driving market growth. This area is renowned for having the maximum of Smart Watch suppliers, which helps to drive the market's growth. Because of recent developments in clever items, the market is growing significantly. The number of applications for this technology is growing in North America as new breakthroughs are developed. The US is one of the initial countries to implement virtual SIM cards and combine them into a smart watch technology. This could help the market for manufacturers who want to use best watches within the independent gadget sector. North America will be able to dominate the regional front of the global smart watch market from 2019-2027 for these advancements. Because of the increased focus on technological improvements in digital wearable devices, North America currently dominates the market and this will continue to do so over the projection period. Another factor boosting the market growth in this region is the increase in the number of toothbrush sterilizer sales via e-commerce platforms.
Because of the increased fitness activities & health consciousness amid end-users in the United States & Canada, North America will grab the highest share of the worldwide Smart Watch market. Due to growing technological applications, this market will account for the largest share of the worldwide smart watch market in 2020. As the first country to deploy and fit virtual SIM cards in the smart watch technology, the US has become the hub for manufacturers to use standalone smart watch technology, resulting in a market boom. Furthermore, North America's high obesity and overweight population leads to a growth in the use of smart watches to track metrics such as steps taken, calories burned, pulse rate, and so on. This has a big impact on the demand for smart watches.
APAC to Have Favorable Growth in Smart Watch Market
Because of the rising consumer electronics industry and the rapid expansion of smart watch market vendors in the region's emerging nations, Asia-Pacific is likely to see the fastest growth in the smart watch market. The market will rise because of an ageing population, an increase in chronic conditions such as diabetes and obesity, and the rising popularity of health & fitness to uphold a healthy lifestyle. The watch market in China is getting more casual, and smart watch makers are being rewarded. A significant increase in smart watches is being driven by leading tech businesses and tech-obsessed customers. Xiaomi, a Chinese company, has become one of the most well-known manufacturers and dealers of smart watches. Increasing personal disposable income, fast globalization, westernization, modernization, & increased awareness of the benefits of smart watches particularly in countries like India & China are some of the region's significant market growth determinants.
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