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, 2020-2027”, the global smartwatch market was valued at $20.64 billion in 2019, and is projected to reach $96.31 billion by 2027, registering a CAGR of 19.6% from 2020 to 2027.
The study of smartwatch in this report emphasizes on various products, operating systems, and corresponding applications. Different operating systems such as watchOS, Android, Linux, and others are available in the market. According to smartwatch market trends, many leading vendors such as Apple, Xiaomi, Fitbit, and others are operating in this segment.
Various features include notifications, alerts, apps, answer messages by voice, media management, fitness tracking, and a very good battery life. The market size revenue considered in the report is revenue earned by companies by selling smartwatch. From application perspective, the report analyzes the market according to personal assistance, wellness, healthcare, sports, and others.
The companies operating in the market have adopted strategies such as collaboration, partnership, product launch, R&D, and acquisition to increase their market share and expand their geographical presence. The global smartwatch market share is analyzed and estimated in accordance with the impact of the drivers, restraints, and opportunities. The period studied in this report is from 2019 to 2027, wherein the smartwatch market forecast period is from 2020 to 2027.
The smartwatch market is dominated by few major players such as Apple Inc., Fitbit, and others. However, a lot of key players from China, and other countries are entering into this market. Various emerging players in the smartwatch market such as Nike, Casio, LG Electronics, and Gramin are increasingly investing in design and development of economic products, which are equipped with enhanced smart features that creates lucrative opportunities for the product globally. Xiaomi, a Chinese firm, has entered into this market and offers smartwatches at low cost.
In addition, Huawei has launched its classic version of smartwatches, which are convenient, equipped with smart features, and pocket friendly. This is expected to accelerate the potential demand and make the market more competitive in the future. This in turn drives the smartwatch market growth globally and also helps capture various range of consumer base
Smartwatch and mobile device companies are manufacturing smartwatches that are an extension of the smartphone. Extension smartwatches are dependent on paired smartphones for their operations, which includes notification and alerts that come from mobile devices. Smartwatch manufacturing companies provide smartwatches as a wireless, waterproof accessory with an android app interface. The companies are installing numerous applications that will benefit consumers.
Sony released Yahoo, Instagram, and other smart extensions for its smartwatch2. Motorola has also introduced the Moto 360 that connects to smartphones and tablets through Bluetooth, allowing texts and emails to pop up on the wearable screen. The flexibility of smartwatches to perform multiple tasks with simplicity and ease is a competitive trend adopted by most of the smartwatch manufacturers.
North America is a promising region in the smartwatch market, and the U.S. is the highest contributor toward the growth of the market. The early adoption of new technology and presence of different U.S.based companies facilitate the exploration of newer applications of the technologies. In the highly fragmented market, companies have adopted merger and acquisition strategies to increase their market share. Applications of the technology are spread across various industries such as entertainment, aerospace, defense, healthcare, and architecture.
The North America smartwatch market is at maturing stage. With the availability of advanced technology in the region along with presence of major players operating in the market, North America is expected to hold a dominant position in the smartwatch market globally. Companies such as Apple, Fitbit Versa, Gramin, and Fossil Group have its headquarters in U.S., which makes it a very lucrative region in the smartwatch market globally.
The extensive portfolio that covers different price spectrum helps the companies to build a steady consumer base in Asia. Smartwatch in China and India shapes up the smartphone market. Apple has a strong customer base for iPhone in the region, and its entry in the smartwatch market is expected to attract a large number of customers. Android wear OS or other third party smartwatchOS provides a software platform for smartwatch manufacturing companies.
Key Findings of the Study:
By product, the standalone segment generated the highest revenue in 2019.
By application, personal assistance segment generated the highest revenue in 2019.
By operating system, th ewatchOS segment generated the highest revenue in 2019.
The key players operating in the global smartwatch industry are Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International and Amazon. These key players have adopted strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.