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Apple, Garmin International, Lenovo, TomTom, ASUS, LG Electronics, Fitbit, Sony Electronics, Samsung Electronics and Alphabet Inc. are the Major Key Players in the Smartwatch Market
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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.
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.
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.
GLOBAL SMARTWATCH MARKET SEGMENTATION
By Product
• Extension
• Classic
• Standalone
By Operating System (OS)
• iOS
• Android
• Others (Include Tizen, Pebble OS, and Firefox OS)
By Application
• Personal Assistance
• Wellness
• Sports
• Medical
• Others (Include Spiritual Wellness, Gaming, Kids’ Learning, and Fashion)
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