Smartwatch Market Giants Spending Is Going to Boom | Apple Inc, Fitbit, Inc, Samsung Electronics Co.

As per the report published by The Brainy Insights, the global smartwatch market is expected to be USD 30.21 billion in 2022 to USD 118.44 billion by 2032, at a CAGR of 14.64% during the forecast period 2023-2032. North America emerged as the most significant smartwatch market, with a 43.12% market revenue share in 2022. Nations such as the U.S. and Canada have a tremendous demand for smartwatches due to the increasing availability of newly launched products and the high disposable income of consumers. The high investment in developing innovative smartwatches will lead to a substantial growth rate in the market. Further, the increasing integration of IoT and rising usage of connected devices provides lucrative growth opportunities to the market.

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Smartwatch Market Size by Operating System (Android, WatchOS, Tizen, Sailfish OS, RTOS, Wear OS and Others), Product Type (Standalone, Classic and Extension), Display Type (TFT LCD, AMOLED, PMOLED and Others), Application (Health and Wellness, Personal Assistance and Safety, Sports, Media, Communication and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies include Apple Inc., Fitbit, Inc., Samsung Electronics Co., Ltd., Garmin Ltd., Huami Co., Ltd., Fossil Group, Inc., Huawei Technologies Co., Ltd., Virtual-Realties, LLC, Sony Corporation, Xiaomi, Honeywell International Inc., LG Electronics, SAMSUNG, ASUSTeK Computer Inc., Motorola Solutions, Inc., Polar Electro, Michael Kors, TomTom International among others. The significant players continuously focus on new product developments and venture capital investments to obtain market share.

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The global smartwatch market has been segmented based on operating system, product type, display type, application and region. The operating system segment is divided into Android, WatchOS, Tizen, Sailfish OS, RTOS, Wear OS and others. The android segment dominated the market, with a share of around 31.92% in 2022. Android smartwatches are used for several applications, such as tracking workout activity, steps, assistance in calling, etc. Many different android smartwatches are available in the market in different price ranges. The product type segment is divided into standalone, classic and extension. The extension segment dominated the market, with a share of around 42.05% in 2022. The extension smartwatch cannot be used without a smartphone, requiring a Bluetooth connection. The extension smartwatch depends on the smartphone for its operation and is cost-effective compared to other standalone and classic. The display type segment is divided into TFT LCD, AMOLED, PMOLED and others. The AMOLED segment is expected to augment the market during the forecast period. Amoled display smartwatches have efficient BT connectivity, ultra-resolution, higher contrast ratio, and various colours and iconic designs. Many manufacturers are now installing AMOLED displays in their smartwatches. The application segment is divided into health and wellness, personal assistance and safety, sports, media, communication and others. The personal assistance and safety segment is expected to augment the market during the forecast period. Smartwatches are increasingly used in personal assistance and safety applications to manage chronic health issues by analyzing data. These tools can be used in safety management to monitor the consumer's activity levels, heart rates, and exhaustion to stop accidents and injuries.

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Over the years, there has been high investment in smart devices that can be used for numerous applications. The rapid growth of urbanization and the increased prevalence of physical illness have increased the overall demand for smartwatches. Continuous innovation and technological advancements have led to the development of efficient wearable devices. These devices have advanced features, touchscreen technology, and better functionality.

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