Smartwatch Market Will Reach $43.8 Billion by 2023 and Is Growing at a CAGR of 22.7% During 2018 - 2023

The global smartwatch market valued $10,223.9 million in 2017, is forecasted to witness a CAGR of 22.7% during 2018 - 2023 and is expected to reach $43.8 billion by 2023. 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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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. Moreover, high sales of Apple smartwatches have fueled the overall market growth on the back of brand popularity and presence of other rudimentary devices with incompetent features.

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. Besides, massive sales of Samsung Gear S3 have escalated the company’s interest in investing more in the development of smarter standalone smartwatches, which clearly asserts a strong growth of this market in the near future. Companies are rolling out app-based offerings that are compatible with new series of smartwatches and go beyond smart locking and unlocking of cars, remote starting of cars, and driver assistance. For instance, Viper SmartStart 4.0 is a next-generation smartwatch-compatible technology tailored to work with Apple Watch and Android Wear devices. The technology puts the vehicle control on the user’s wrist through installed SmartStart module, enabling the remote start system and CDMA/3G technology and connecting the vehicle to a wireless network. Ongoing developments in extended automotive technology functionalities compatible with latest smartwatch products are also expected to drive the smartwatch market, at a high rate, in the years to come.

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. Brand loyalty and consumer status in North America have largely helped companies in cashing in consumer behavior and interest toward the adoption of smartwatches.

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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.

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