LOS ANGELES, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The global smartwatch market is expected to grow by approximately 20.1% during the forecast period of 2022 to 2030. By 2030, the CAGR will rise to approximately $156.3 billion.
Rising demand for wearable devices with advanced smart features is a major factor expected to drive the growth of the global smartwatch market from 2022 to 2030.
Government spending on smart city development and advanced infrastructure for easy internet and app connectivity are expected to drive the market share of smart watches. Rising healthcare costs for consumers with the gradual increase in the number of elderly people suffering from various geriatric conditions and the rise in heart problems among the youth has led to the demand for smartwatches.
Increasing consumer attitudes towards home healthcare leading to the launch of watches that help in sharing health data with professionals and alerting emergency services when needed are factors that are expected to influence the growth of the target market. Moreover, expansion of business by major players through strategic mergers and collaborations is expected to drive the growth of the smartwatch market.
According to our recent smartwatch industry report, the demand for smartwatches increased during COVID-19 as it helps in detecting viruses in the human body. Consumer wearable devices that continuously assess vital signs are being used to track the progress of infectious diseases. We show how data from consumer smartwatches can be used to detect Covid-19 disease before symptoms appear. Tens of millions of people around the world are already using smartwatches and other wearable devices to track various physiological characteristics, such as heart rate, skin temperature, and sleep. The large number of human studies conducted during the pandemic allowed researchers to collect important data about the health of participants. With most smartwatches able to identify early signs of coronavirus infection in humans, the market value of smartwatches is rapidly becoming dominant. Thus, the growing awareness of these devices will help expand the market in the coming years.
Increasing penetration of sensor technology across various verticals, rapid development in electronic device technology, and growing consumer demand for wireless devices for fitness and sports are the major drivers for the growth of the global smartwatch market.
Moreover, strong purchasing power and rising health awareness leading to demand for smart wearable devices is expected to drive the growth of the global smart watch market. Factors such as high hardware cost and intense competition with low margins are expected to hamper the growth of the global smartwatch market. Moreover, technological glitches are expected to hamper the growth of the target market.
However, significant investments in product development and implementation of innovative solutions by key players are expected to open up new opportunities for players operating in the target markets. Moreover, expansion of partnerships and agreements among regional and international players is expected to boost the size of the smartwatch market.
The global smartwatch market is segmented into product, application operating system, and region. The product segment is further divided into extended, standalone, and classic. Among the product types, the offline segment is expected to account for the majority of the global market revenue.
The application segment is divided into personal assistance, health, wellness, sports, and others. Among the applications, the personal assistant segment is expected to account for the majority of the revenue in the target market. The operating system segment is divided into WatchOS, Android, RTOS, Tizen, and others. Among the operating systems, the Android segment is expected to account for the major revenue share of the target market.
North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the regional classifications of the smartwatch industry.
The North American market is expected to account for the majority of the global smartwatch market revenue due to the gradual increase in the number of consumers using smart devices. As technology continues to evolve and consumers tend to use smart devices that help in monitoring health, finding calls, etc., manufacturers are focusing on releasing devices that emphasize different modes of operation.
The Asia Pacific market is expected to experience faster target market growth due to high penetration of internet and smartphones. Rising purchasing power, increasing demand for smart devices, and adoption of innovative solutions are factors that are expected to drive the growth of the regional smartwatch market.
Some of the prominent smartwatch companies in the industry include Apple Inc, Fitbit Inc, Garmin, Huawei Technologies, Fossil, and others
Post time: Aug-31-2022
