NEW YORK, June 18, 2019 (GLOBE NEWSWIRE) -- The global smart watch market size is growing at a CAGR of 20.7% during the forecast period, reaching USD 46.6 billion by 2024. The key factors driving the growth of the market includes the technological upgradation in smart watches by key players, and increasing demand for wireless health monitoring devices and remote patient monitoring.
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Increasing number of smart watches enabled controlled automotive proficiencies is another factor that is driving the growth of smart watch market across the globe. Companies are excessively establishing systems that enable the users to unlock and lock the cars with the use of smart devices and also providing technology to start the car with the help of a remote.
The extensive number of watches is enabling automotive proficiencies to be controlled in an effective manner that is one of the major factors driving the growth of the smart watch market across the globe. The excessive awareness pertaining to personal fitness and health among various citizens in both developed as well as developing economy is anticipated to drive the growth of the market due to rapid incorporation of wide variety of fitness and health applications across the globe. However, inadequate information pertaining to products or services is further expected to hinder the growth of the global market. Also, shorter lifespan of battery in these smart watches is further hampering the growth of the market across the globe.
Explore key industry insights in 161 tables and 89 figures from the 119 pages of report, “Global Smart Watch Market - Analysis and Forecast (2018 – 2024) - Industry Insights by Product (Classic, Extension and Standalone), by Operating System (Android, iOS and Others), by Application (Wellness, Medical, Personal Assistance, Sports and Others), by Geography (U.S., Canada, Mexico, Germany France, U.K., Italy, Spain, Japan, China, India, South Korea, Brazil, South Africa, Saudi Arabia)”
Among different products, the extension smart watches have been contributing largest revenue and will continue to do so in the coming years. The growth of in demand for this product is attributed towards development of well-equipped smart watches that are extensively being utilized for the extension of smart devices. Moreover, development of innovative devices such as connectivity, tracking and alerts having compatibility with extensive smart watches is expected to generate massive interest among the users thereby strengthening the growth of smart watch market across the globe.
Based on application, the smart watch market is segmented into wellness, medical, personal assistance, sports and others. Among these segments, smartwatches inscribed with features for personal assistance are expected to witness the highest CAGR during the forecast period. Personal assistance on smart watches thereby simplifies the routine activities of the users by analyzing critical information and data that helps the users to become more efficient and productive.
On the basis of operating system, the smart watch market is segmented into android, iOS and others. Among these operating systems, iOS based smart watches hold the largest share in the market. “watchOS” product, launched by Apple is observing tremendous growth since the launch of this product in the market due to innovative technology and its competence.
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Asia-Pacific to witness the highest demand for the smart watch market
Geographically, smart watch market in Asia-Pacific is expected to witness the highest growth during the forecast period due to the technological advancements and increasing demand for high-end wearable devices. North America holds the major share of market and also anticipated to witness significant growth during the forecast period. The growth of the market in this region is attributed towards massive adoption of IoT devices in this region along with advanced mobile technology.
Key industry players in the global smart watch market are leveraging market growth by extensively investing towards enlargement and design of economic offerings that is well accomplished with smart features. Furthermore, the market is consolidated and the key players operating in the market include Alphabet Inc., Fitbit Inc., Lenovo Group Limited, Sony Corporation, Garmin Ltd., LG Electronics, Samsung Electronics Co. Ltd., ASUSTeK Computer Inc., TomTom International BV, and Apple Inc.
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