Smartwatch Market Expected to Reach $164.7 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Smartwatch Market by Application, Operating System and Product". The smartwatch market was valued at $42.7 billion in 2022, and is estimated to reach $164.7 billion by 2032, growing at a CAGR of 14.5% from 2023 to 2032.

A smartwatch is a wearable gadget that amalgamates the traditional wristwatch functionality with advanced computing capabilities. Typically equipped with a digital display, touch screen interface, and an array of sensors, it possesses the capacity to run applications, receive notifications, and execute a variety of tasks. Tailored to be worn on the wrist, smartwatches serve as a convenient and portable extension of smartphones or other connected devices.

The utilization of smartwatches is diverse, appealing to a wide range of individuals, including tech enthusiasts, fitness enthusiasts, professionals, and general consumers, each finding value in distinct aspects. Tech enthusiasts are attracted to the state-of-the-art features and technological innovations, while fitness enthusiasts appreciate the health and activity tracking capabilities. Professionals value the convenience of managing notifications and tasks on the move, while general consumers enjoy the adaptability and stylish attributes of smartwatches.

The healthcare industry stands to gain significant advantages from the widespread adoption of smartwatches. The inclusion of health and wellness features in many smartwatches positions them as robust tools for individuals seeking to monitor and enhance their overall well-being. Health-centric applications cover areas such as heart rate monitoring, sleep tracking, step counting, and advanced features like electrocardiogram (ECG) measurements, delivering real-time insights for informed lifestyle choices.

In healthcare, smartwatch market growth can be employed for monitoring and addressing chronic conditions. For instance, individuals with heart conditions can leverage ECG monitoring features to track their heart rhythm and identify irregularities. Continuous glucose monitoring aids diabetics, while features monitoring oxygen levels assist those with respiratory issues.

Furthermore, smart wearableplay a role in facilitating telemedicine and remote patient monitoring. Healthcare providers can utilize data from smartwatches to remotely monitor patients' health, allowing for proactive and personalized care. The ability to detect deviations or changes in health metrics empowers early intervention and enhanced outcomes.

Beyond healthcare, smartwatches find applications in navigation, communication, and productivity. GPS integration enables accurate navigation during outdoor activities, while communication features permit users to handle calls and messages directly from their wrists. Productivity tools such as calendars, reminders, and note-taking apps contribute to organizational efficiency.

The smartwatch market share is segmented into product, application, operating system, and region. By product, the smartwatch industry is categorized into extension, standalone, and classical. By application, it is divided into personal assistance, wellness, healthcare, sports, and others. On the basis of operating system, the market is categorized into watchOS, android, RTOS, Tizen, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with its prominent countries.

Region-wise, the Smartwatch Market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia- Pacific), and LAMEA (Latin America, Middle East, and Africa).

KEY FINDINGS OF THE STUDY

• The global smartwatch market size was valued at $42,690.0 million in 2022, and is projected to reach $164,704.74 million by 2032, registering a CAGR of 14.49% from 2023 to 2032.
• The personal assistance segment was the highest revenue contributor to the market, with $12,015.07 million in 2022, and is estimated to reach $43,535.28 million by 2032, with a CAGR of 13.77%.
• The android segment was the highest revenue contributor to the smartwatch market analysis, with $15,769.75 million in 2022, and is estimated to reach $62,689.53 million by 2032, with a CAGR of 14.83%.
• The standalone segment was the highest revenue contributor to the market, with $25,586.58 million in 2022, and is estimated to reach $101,967.27 million by 2032, with a CAGR of 14.86%.
• North America was the highest revenue contributor, accounting for $14,860.39 million in 2022, and is estimated to reach $53,298.45 million by 2032, with a CAGR of 13.65%.
• Asia-Pacific is estimated to reach $60,907.81 million by 2032, at a significant CAGR of 15.82%.

The key players profiled in the report include Apple, Fitbit (Google), Garmin, Huawei Technologies Co., Ltd., Fossil Group, Inc., Motorola Mobility LLC (Lenovo), Sony Corporation, Samsung Electronics Co. Ltd, TomTom International BV, Amazfit (Zepp Health Corporation). Market players have adopted various strategies such as product launch to expand their foothold in the smartwatch market growth.