Portland, OR, June 29, 2020 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Smartwatch Market By Product (Extension, Standalone, and Classical), Application (Personal Assistance, Wellness, Healthcare, Sports, and Others), and Operating System (WatchOS, Android, RTOS, Tizen, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027”. According to the report, the global smartwatch industry was estimated at $20.64 billion in 2019, and is anticipated to hit $96.31 billion by 2027, registering a CAGR of 19.6% from 2020 to 2027.
Drivers, Restraints and Opportunities
Rise in demand for wireless fitness & sports devices, Increase in health awareness among consumers, and emergence of large number of players in the market fuel the growth of the global smartwatch market. On the other hand, High initial cost of smartwatches curb the growth to some extent. However, surge in investment in building connected ecosystem is expected to create multiple opportunities in the near future.
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COVID-19 Scenario
The outbreak of COVID-19 has impacted the global smartwatch market both positively and negatively
- There are some powerful and knife-edge wearable deployments in place which are aiding to track and monitor the spread of the disease. These devices have now turned out to be another vital weapon to observe and fight the spread of COVID-19 and its symptoms worldwide.
- New distributions, dispositions, and studies during the epidemic will fuel the smartwatch market.
- However, the overall growth will slow down a bit, due to the impact of the outbreak on the supply chain.
The Standalone Segment to Dominate By 2027
Based on product, the standalone segment accounted for nearly three-fifths of the global smartwatch market revenue in 2019, and is expected to lead the trail by the end of 2027. The same segment is also projected to grow at the fastest CAGR of 22.1% throughout the forecast period, owing to the fact that it ensures limited use of smartphone.
The Personal Assistance Segment to maintain the Dominant Share
Based on application, the personal assistance segment contributed to nearly one-third of the global smartwatch market share in 2019, and is anticipated to rule the roost till 2027. This is attributed to the fact that it promotes day to day monitoring of activities. The healthcare segment, on the other hand, would register the fastest CAGR of 22.3% during the estimated period. The fact that smartwatches promote real time health monitoring drives the segment growth.
North America Garnered the Major Share in 2019
Based on region, North America garnered the major share in 2019, generating more than one-third of the global smartwatch market. This is due to the availability of enhanced technology in the province. At the same time, the Asia-Pacific region would showcase the fastest CAGR of 23.0% till 2027. Availability of huge customer base in the region boosts the market growth
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Key Players in the Industry
- Fitbit Inc.
- Garmin
- Huawei Technologies
- Fossil Group
- Sony Corporation
- Samsung Electronics
- Apple Inc.
- LG Electronics
- Motorola
- TomTom International and Amazon
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