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Smartwatch Market by 2023 Trends and Opportunities With Key Players - Apple, Garmin International, Fitbit, Sony Electronics, Samsung Electronics, Lenovo, TomTom, ASUS, LG Electronics and Alphabet Inc.
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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.
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.
One of the major opportunities for the growth of smartwatch market lies in the design and development of gender-specific smartwatches by market players. Many women, particularly from the sports and corporate domains, have shown great interest in the adoption of a smartwatch as a replacement to their traditional watch, in the recent past.
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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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