The global smartwatch market size is expected to reach USD 95.78 Billion in 2028 and register a CAGR of 19.1%, according to the latest report by Emergen Research. When coupled with smartphones, a smartwatch can carry out several functions, including making and receiving calls, sending and receiving messages, measuring your fitness, connecting to the internet, getting the weather, and GPS tracking. These smartwatches can be used to play music or games, monitor a patient’s health in real time, and keep track of daily activities and workouts by fitness fanatics. Additionally, factors including rising per capita income, rising cases of various ailments, raising standards of life for people everywhere, and accelerating digitalization are encouraging the growth of the global market. Additionally, several industrial companies are spending on R&D to provide advanced items with extra features like durability and lightweight.
The demand for wireless fitness and sports devices is predicted to expand, as is consumer health consciousness, and smartwatch industry players are expected to make further technological improvements in this area. The market’s expansion is, however, constrained by the expensive initial cost of the technology as well as issues with power consumption and short battery life. Additionally, the worldwide smartwatch market is predicted to rise at a profitable rate due to the increasing importance of linked devices across various industries and the rising need for a connected ecosystem.
The global COVID-19 epidemic has seriously disrupted life in many different parts of the world. No significant steps are being taken to stop the global epidemic of coronavirus because the number of cases has grown rapidly. China is a significant center for the production of electronics and smart technology in particular. The COVID-19 pandemic has had a significant negative influence on the world economy and the technology market as a whole. The North American technology market will experience the biggest disruption. It is extremely reliant on Chinese industries. Online sellers struggle to efficiently ship their merchandise.
Some key highlights in the report:
The standalone sector is among the product types that are anticipated to experience quick revenue CAGR throughout the forecast period. The demand for smartwatches with SIM cards that can make calls and send texts without being connected to smartphones is rising, and people who engage in outdoor activities like traveling or hiking frequently use standalone smartwatches, which is one of the main drivers of category revenue growth.
Because of factors including increased disposable income, widespread use of iOS devices, smartwatches, and the availability of more complex iOS operating systems like RTOS or WatchOS for smartwatches, the iOS operating system segment is anticipated to experience significant revenue growth between 2021 and 2028.
The personal assistance application segment is anticipated to have the biggest revenue share over the projected period of all the application segments. The adoption of smart devices is growing, health awareness is rising, and voice-recognition virtual assistants are widely used to track daily activities.
The greatest revenue share throughout the projection period is anticipated to come from the smartwatch market in North America. High revenue share is attributed to several variables, including expanding sales of consumer electronics like smartphones, laptops, and smartwatches, rising consumer awareness of health issues, technological developments in smartwatches, and rising rates of diabetes and chronic diseases.
Samsung Electronics Co. Ltd., Fossil Group Inc., Sony Corporation, LG Electronics Inc., Lenovo Group Limited, Fitbit Inc., Garmin Ltd., Apple Inc., Huawei Technologies, Motorola, and Polar Electro Oy are major players operating in the smartwatch market.
For this study, Emergen has segmented the global smartwatch market based on product, operating system, application, and region:
Product Outlook (Revenue, USD Billion, 2018 – 2028)
Operating System Outlook (Revenue, USD Billion, 2018 – 2028)
Application Outlook (Revenue, USD Billion, 2018 – 2028)
- Personal Assistance
Regional Outlook (Revenue, USD Billion, 2018 – 2028)
- North America
- the U.S.
- the U.K.
- Rest Of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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