Smartwatch Market is Expected to Reach $32.9 Billion by 2020 - Allied Market Research
PORTLAND, Oregon, January 8, 2015 /PRNewswire/ --
The new market research report titled "Global Smartwatch Market - size, Industry Analysis, Trends, Growth and Forecast, 2014 - 2020," the global Smartwatch market has a potential to reach $32.9 billion by 2020, registering a CAGR of 67.6% during 2014 - 2020. Popular highlights of the Global Smartwatch Market that are noteworthy are, based on type, the Extension Smartwatch sales was the source for approximately 4/5th of the revenue generated by the global Smartwatch market in 2013. Standalone smartwatch, which was nearly 1/10th of the market in 2013, would swiftly take over the extension smartwatch and would match with the market size of extension smartwatch by 2017. Android operating system, which is the most prominent OS preferred by Smartwatch manufacturers, would grow even further during the forecast period. Following the trends of the market, geographically, Asia Pacific region is expected to propel the global market supplemented by China, which is expected to evolve as a hub for low cost smartwatch manufacturing.
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The market of smartwatches is witnessing a double-digit growth globally. North America, due to favorable market conditions, is the highest revenue generating region for smartwatches. As per the estimates, North American region generated nearly 1/3rd of the market revenue in 2013. However, in the near future, the growth of this market is expected to be driven by the Asian region and China emerging as a popular hub, as it would evolve as a low-cost smartwatch manufacturer. Over the next decade, the market is expected to witness product based revolution with newer sensor technologies emerging. Further, since the market is still in its evolutionary phase, it would create opportunities for new companies to enter the market, eventually leading to an increased level of competitiveness.
Considering the competitiveness in the market, Samsung is expected to refresh its offerings of the Galaxy Gear by replacing the Android OS by Tizen, a Samsung platform. Pebble, one among the leading companies, used to offer smartwatch at USD 150 with limited appeal as lifestyle accessory. However, recently the company has launched a second-generation device called Pebble Steel; thereby, offering a renewed appeal to the version, with enhancements in designs using brushed stainless steel and a black matte version, available at USD 249. Apple also has planned to integrate its Health Kit application with the smartwatch for the end users to monitor and keep track of their fitness and health.
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Extension smartwatch garnered the largest market share within the global market for smartwatches. In terms of overall volumes, as of 2013, extension smartwatch accounted for more than 2 million units, and is expected to experience unprecedented growth during the forecast period. Based on number of units sold, Android had the largest market share, accounting to 3/5th of the market in 2013, followed by iOS at approx. 17%. Android has gained edge, and is the most used OS platform for smartwatches; however, iOS is expected to emerge as a strong competitor for Android systems at a later stage, given the premium prices charged for the devices. Another factor adding to the growth of these devices is Apple's move to offer bundled products and sell smart watches in the market, leading to popularity of iOS smartwatches. The Personal Assistance segment is poised to grow at a steady rate through 2020. The Personal Assistance application contributed to nearly half of the overall smartwatch application market, by value in 2013. This application will remain as mainstream for smartwatch users. Wellness application is the second most dominant domain for the market and held nearly 1/5th of the market in 2013. The wellness segment will witness steady growth due to the adoption of wellness monitoring devices.
Key findings of the study:
- Global market for Smartwatch is gaining prominence due to its potential to replace traditional watches and functionality similar to smartphones
- Extension Smartwatch contributes to nearly 4/5th of the global market in 2013
- Standalone smartwatch would match the market size of Extension Smartwatch by 2017
- Based on the geographic examination, North America is the highest revenue-generating region confers the report. North America is anticipated to reach $11.2 Billion by 2020
- China is expected to evolve as a key manufacturer of low cost smartwatches during the forecast period
- Android is the most preferred OS for smartwatches and is expected to lead the market throughout the forecast period
Based on the total smartwatch shipments in 2013, Samsung leads the Smartwatch market, followed by Nike and Garmin. Currently, there are approx. 40 countries operating in this market and the number of manufacturers is expected to grow manifold during the forecast period. As of now, the market is purely driven by the leading tech companies such as Samsung, Apple, Google, etc. However, in the future, the entry of watch companies is expected to increase the competition and dynamics of this market. Led by innovations, the smartwatch companies are spending heavily on R&D. Top players such as Samsung, Pebble, Maritime and Sony are counting on their R&D investments to be the prioritized strategy to increase respective market shares. An effective distribution channel is a key in defining the market status of a company. Samsung has significantly higher worldwide distribution strength compared to others and this adds to its competitive advantage. Key companies profiled in the report are Apple Inc., Google Inc., Garmin, Fitbit, Motorola, Sony Corp., and Samsung Electronics Co. Ltd.
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