Smartwatch Market To Reach USD 69,282.5 Million by 2030

The total value of the smartwatch market was USD 33,431.2 million in 2022, and it will grow at a rate of 9.5% in the years to come, for reaching USD 69,282.5 million by 2030, according to a report by P&S Intelligence.

The extension category dominated the industry, about 60%, credited to the introduction of next-gen variants that can be utilized as an extension to smartphones and other alike devices.
Additionally, additional state-of-the-art applications, for example alerts, health tracking, and connectivity, which are well-suited with extension smartwatches, have gathered interest of the consumers recently. This factor will further surge the sales of these gadgets, chiefly amongst the middle- and upper-middle classes, in the years to come.

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Besides, players are investing in the design and expansion of economical products equipped with all straightforward smart features, which would power growth in the sale of the classic variants by the end of this decade.

The iOS OS-based smartwatches hold about 50% revenue share. The growth is mainly credited to the brand acceptance of Apple and the occurrence of other devices with incompetent features. Apple's watch software, watch OS, has increased by leaps and bounds in acceptance since its introduction and left numerous other OS behind, with its ability and innovation.

As a result of this, the iOS category has the highest revenue since 2015 and it will maintain its stronghold in the years to come as well.

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Personal assistance is a key application, holding a share of above 30%, because of a rise in consumers' use of smartwatches to ease their everyday activities, accompanied by routine assistance.

This has led the personal assistance category will have the highest revenue to the smartwatch market. In addition, expansions to integrate more smart and assistive features in upcoming launches will continue as a trend.

The requirement for these devices for health and medical purposes has been evocative of a bright future for the sector. sports enthusiasts and young people globally have shown immense interest in these gadgets as a medium to monitor and track their health, accompanied by receiving apt medicine dose and health checkup alerts.

Furthermore, offerings from companies including Fitbit and Garmin have raised the consumer consciousness beyond the acceptance of smartwatches as a status symbol to a thing of personal assistance, for addressing medical and health requirements.

Additionally, the wearable medical devices innovations powered by wireless access to medical centers and hospitals, for tracking heartbeat and analyses of blood flow, will increase their uptake by the end of this decade.

North America dominated the industry, it will grow at around 7%, due to a large count of people are spending on these gadgets. It is a key target region for Apple and Samsung, creates higher revenue than any other region. Brand loyalty and the high consumer status have mainly helped companies in cashing in on the interest of the consumers in such electronics.

It is with the rising rate of urbanization; the demand of smartwatches is increasing all over the world.

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This release was published on openPR.