Electronics
Smartwatch Market Driven by Increased Demand for Wireless Sports and Fitness Devices
According to the National Centre for Biotechnology Information (NCBI), the US wearables market is worth $25 billion in 2019 with smartwatches taking 60% of the market value. A smartwatch is a wearable computer in the form of a wristwatch. The innovative features such as GPS tracking as well as inbuilt thermometers, accelerometers, pedometers, and altimeters for alerts in smartwatches are gripping the consumer’s interest and will have a positive impact on the smartwatch market growth. Growing concern about fitness and personal health along with the rise in the use of smartphones are the key factors propelling the growth of the smartwatch market. The escalating smartwatch technologies such as modular smartwatches, charging-free smartwatches, and hybrid and mechanical smartwatches with prominent characteristics will increase the demand for smartwatches.
According to a new IndustryARC research report, the global smartwatch market size was around $7 to $10 billion as of 2018, and the opportunities will be growing at a CAGR of around 14% to 16% during the forecast period 2019 to 2025. The report titled, “Smartwatch Market: By Product Type (Extension, Classic & Standalone Smartwatch); By Application (PA, Wellness, Medical/ Health, Sports); By Operating Systems (iOS, Android, Windows) & By Region – Forecast (2019 - 2025).”
Based on the geographical analysis, North America held a major share of around 34% to 35% in 2018. Owing to the greater quality life due to high disposable income along with the rapid demand for fitness devices among the people for body flexibility is growing the use of smartwatches among people. Moreover, a rise in spending standards on tech gadgets in this region are driving the growth of the smartwatch market.
The analyst of the report identified that the healthcare sector is a key application, which holds a major share in the smartwatch market and is projected to grow at a CAGR of around 15% to 17% during the forecast period of 2019 to 2025. The smartwatch technology has the ability to record an individual’s health, operate a fully-fledged operating system, and collect data about the surrounding environment through a variety of sensors. With a better rise in technology, people are progressively using advanced gadgets to maintain fitness levels. Smartwatches are being used as a platform for many healthcare applications, one such application is the smart home environment for older folks. Another major one is for the chronically ill patients who need medication adherence monitoring which is done using smartwatches. Moreover, to track patient’s health status easily doctors are using smartwatches to treat them. These watches are used to record the body temperature and heart rates and so on, which will increase the demand for smartwatches in the healthcare sector.
Global Smartwatch Market Companies: Recent Developments
Some of the key companies identified in the report that are currently holding majority shares in the global ultra high definition panel market are Apple Inc., Google Inc., Garmin, Fitbit, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, and Huawei Technologies Co. Ltd.
Apple
- In 2019, Apple Watch Series 4 represents re-designed and re-engineering of the Apple watch. They have created a digital crown which even adds more capability into significantly less space. The escalating features such as 18 hours of battery life, 2x faster CPU, and curved corners of Apple Series 4 are driving the smartwatch market growth. The display technology used in this watch is LTPO for improving power efficiency.
- With the inbuilt ECG app in Apple Watch Series, 4 with ECG app is capable of generating an ECG analogous to a single-lead electrocardiogram. This significant accomplishment for wearable devices provides acute information for doctors.
- In 2018, Garmin introduced MARQ smartwatch in the market, it is designed with smart features to show recovery time for the performance and progress of an athlete. Moreover, it offers many features including and delivering a snapshot topographic maps, real-time ascent data right at the wrist, and a Pulse Ox sensor1 to monitors your blood oxygen saturation levels are enhancing the growth of smartwatches in the market.
