The global smart watch market size is growing at a CAGR of 20.7% during the forecast period, reaching USD 46.6 billion by 2024. Smartwatches are extensively being utilized for tracking and recording health contemplations for recording and monitoring levels of blood pressure and temperature of the user. The growth of the market is attributed to technological enhancements by the key players and extensive demand for remote patient monitoring and wireless health observing devices.
The extensive number of watches is enabling automotive proficiencies to be controlled in an effective manner that is one of the major factors driving the growth of the smart watch market across the globe. The excessive awareness pertaining to personal fitness and health among various citizens in both developed as well as developing economies is anticipated to drive the growth of the market due to the rapid incorporation of a wide variety of fitness and health applications across the globe. However, inadequate information pertaining to products or services is further expected to hinder the growth of the global market. Also, the shorter lifespan of the battery in these smart watches is further hampering the growth of the market across the globe.
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Based on the application, the smart watch market is segmented into wellness, medical, personal assistance, sports, and others. Among these segments, smartwatches inscribed with features for personal assistance are expected to witness the highest CAGR during the forecast period. Personal assistance on these watches thereby simplifies the routine activities of the users by analyzing critical information and data that helps the users to become more efficient and productive.
Geographically, smart watch market in Asia-Pacific is expected to witness the highest growth during the forecast period due to the technological advancements and increasing demand for high-end wearable devices. North America holds the major share of the market and also anticipated to witness significant growth during the forecast period. The growth of the market in this region is attributed to the massive adoption of IoT devices in this region along with advanced mobile technology.
Key industry players in the global smart watch market are leveraging market growth by extensively investing towards enlargement and design of economic offerings that are well accomplished with smart features. Furthermore, the market is consolidated and the key players in the market include Alphabet Inc., Fitbit Inc., Lenovo Group Limited, Sony Corporation, Garmin Ltd., LG Electronics, Samsung Electronics Co. Ltd., ASUSTeK Computer Inc., TomTom International BV, and Apple Inc.
Global Smart Watch Market Coverage
Product Insight and Forecast 2014-2024
Operating System Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
- Personal Assistance
Smart Watch Market by Region
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
Rest of the World
- South Africa
- Saudi Arabia
- Other Countries
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