Apple Watch continues to dominate the global Smart Watch market
Published Date | 2019 April 22
According to BlueWeave Consulting, The Global Smart Watch Market is expected to grow with a significant rate during the forecast period 2019-2025. Smart Watch is a portable intelligent watch that is designed to be worn on the wrist and can be connected to various mobile phone devices. The increasing internet penetration, the growing trend of smartphones, and changing the technological preference of young population contributing significantly towards the growth of the Smart Watch market across the globe.
Innovative and advanced features like GPS, health tracker, distance tracker, tiny powerful speakers, and ample storage in Smart Watches have garnered consumer interest in recent years. Moreover, technological advancement and growing concern about personal health & fitness are the key factors driving the growth of this market. For instance, Apple offers its new Apple Watch series with a 50-meter water resistance capability, a dual-core processor, and a two-time brighter display feature.
The world has already recognized the importance of mobile communication systems and this factor provides an additional surge for the growth of the Smart Watch market. Shifting work culture specifically in the corporate industry along with enhancing living standards and growth in demand from the health-concerned young population are anticipated to provide lucrative opportunities for the market.
Standalone product segment accounts for the largest market share of the global Smart Watch market during the forecast period.
Smart watches are digital watches that do more a lot more than old analog time tracking device. The standalone segment accounts the largest market share in the global Smart Watch market owing to features like wireless operations, SIM card acceptance, access the internet. Extension Smart Watches are the fastest growing Smart Watch product segment over the forecast period. The classic types of Smart Watches are nothing more than a traditional watch with “smart” features. They typically have a small display that shows notification icons alerts. Extension Smart Watches are also known as companion Smart Watches. These Smart Watches require a tethered phone to work. They are connected to the phone via Bluetooth, shows notifications, alerts, calls, and more.
Asia-Pacific is the fastest growing region of the global Smart Watch market during the forecast period.
Geographically, North America dominates the overall Smart Watch industry and projected to lead the market over the forecast period due to the large tech-savvy population. The increasing health awareness, high buying power and early adoption of next-generation devices account for healthy growth of North America Smart Watches market. Furthermore, IoT is anticipated to undergo massive growth in the coming years, and mobile technologies play a vital role in empowering the industrial growth.
Global Smart Watch Market: Competitive Landscape
Companies such as Pebble Technology Corporation, Sony Corporation, Samsung Group, Google Inc., Apple Inc., Qualcomm Inc., Neptune Pine, Connected Device Ltd., Meta Watch Ltd., Timex Group Inc., Razer Inc., LG Electronics Inc., Sonostar Inc., and Huawei Technologies Company Ltd. are the leading players of Smart Watch market across the globe.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of global Smart Watch market size & forecast. The report promises to provide state-of-the-art technology of Smart Watch technology and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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