Global Smartwatch Market to Witness Quadruple Growth between 2018 and 2023 having Major Key Palyers: Apple Inc., Garmin Ltd., Fitbit Inc., Sony Corporation, Samsung Electronics Co. Ltd., Lenovo Group Limited, TomTom International & LG Electronics Inc.

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). Smartwatches offer a variety of features, such as time telling, calculator, camera, text messages, GPS navigation, SD card, touchscreen, and find the phone.

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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.

This can be ascribed to the launch of next-generation smartwatches that can be employed as an extension of smartphones or related products. These watches can receive alerts, calls, and notifications from a connected phone, and these have a better battery life as compared to others.

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.

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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.

With the rapid penetration of wearable technology around the globe, coupled with the speedy growth of wearable fitness-tracking electronics, manufacturers in the smartwatch and healthcare sectors are integrating each other’s features in a single compact product.

Besides, to meet the growing demand for smartwatches that are cross-platform-friendly, businesses in the smartwatch market are introducing new products that are compatible on different platforms.

With improved access to technology, people are heavily using upgraded gadgets to maintain their fitness level. Health and fitness-focused smartwatches aid people to track their daily activities and reduce bad practices that may cause health problems.

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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. Thus, the rising awareness of consumers (especially in the age group of 15–35 years) on health and fitness is driving the market growth.

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 (Tizen, Pebble OS, and Firefox OS)

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