According to a recent report published by Allied Market Research, titled,"Smartwatch Market by Product, Application, and Operating System: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global smartwatch market was valued at $9,264.9 million in 2017 and is projected to reach at $31,070.6 million by 2025, growing at a CAGR of 16.2%from 2018 to 2025.
Smartwatch is a portable intelligent watch that is designed to be worn on wrist and can be connected to various mobile phone devices. The various operating systems such as iOS, android, Tizen, and others, based smartwatch are available in the market.
The standalone segment accounts for the highest market share in the global smartwatch market due to various features such as wireless operations and sim card acceptance & can be used as mobile phone, and others. Growth in demand for wireless fitness & sports devices, increase in health awareness among the consumer, and entrance of large number of players, drive the growth of the market. Healthcare segment is expected to exhibit a faster growth, with a CAGR of 17.9% during the forecast period, owing to increase in health-related concerns.
Smartwatch is available in various operating systems that include watchOS, Android, TOS, Tizen, and others. WatchOS is the highest contributor, owing to huge penetration of Apple iPhone in the market. At present, among these categories, about 44% of the market revenue is garnered by smartwatch with watchOS.
Key Findings of the Smartwatch Market:
- In 2017, the North America region generated the highest revenue in the global smartwatch market.
- In 2017, the standalone segment generated the highest revenue in the market.
The major players operating in the Smartwatch market are Apple Inc., Google Inc., Garmin, Fitbit, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, and Huawei Technologies Co. Ltd. These key players have adopted strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration.
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