Increasing Health Concerns Strengthening the Smartwatch Market Globally | Major Key Players: Lenovo, TomTom, ASUS, LG Electronics, Apple, Garmin International, Fitbit, Sony Electronics & Samsung Electronics

The advanced integration and cross-compatibility of personal assistance and health features, rising awareness on health and fitness, and improving smartwatch automotive control capabilities are some of the factors behind the growth of the smartwatch market.

In 2017, the market attained a size of $10,223.9 million, and it is predicted to generate a $43,800.0 million revenue by 2023, progressing at a CAGR of 22.7% during the forecast period (2018–2023).

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Based on product, the smartwatch market is categorized into extension, classic, and standalone. Out of these, in 2017, the extension category held the largest revenue share of more than 50.0% in the market, and it is expected to continue dominating it during the 2018–2023 period.

On the basis of operating system, the smartwatch market is classified into iOS, Android, and others. Among these, in 2017, the iOS classification registered the dominating revenue share of more than 40.0% in the market, and it is anticipated to maintain its lead during the forecast period.

One of the prime trends being witnessed in the smartwatch market is the advanced integration and cross-compatibility of personal assistance and health features in a single smartwatch.

The ability of smartwatches to smoothly integrate the day-to-day health-related activities into an application-based module, which is compatible with a smart device, including a tablet and smartphone, is contributing to their growing popularity.

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Thus, the integration and cross-compatibility of personal health and assistance features and increasing awareness of people on health are expected to fuel the market growth.

GLOBAL SMARTWATCH MARKET SEGMENTATION

By Product

• Extension
• Classic
• Standalone

By Operating System (OS)

• iOS
• Android
• Others (Include Tizen, Pebble OS, and Firefox OS)

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