PORTLAND, Oregon, January 21, 2019 /PRNewswire/ --
Rise in demand for handy fitness & sports devices, increase in health awareness, and large number of product offerings by major players are projected to propel the growth of the global smartwatch market
Allied Market Research published a report, titled, "Smartwatch Market by Type Product (Extension, Classic & Standalone smartwatch) and Application (PA, Wellness, Medical/ Health, Sports): Global Opportunity Analysis and Industry Forecast, 2013-2020". The report provides in-depth analyses of the top winning strategies, drivers & opportunities, market size & estimations, key market segments, and competitive landscape. According to the report, the global smartwatch market accounted for $9.26 billion and is projected to garner $31.07 billion by 2025, registering a CAGR of 16.2% from 2018 to 2025.
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Rise in demand for wearable devices & trackers to monitor heart rate and other vital signs, increase in awareness regarding health and well-being, and diversified product offerings by reputed manufacturers drive the growth of the smartwatch market. However, premium pricing of smartwatches, slow internet connectivity in developing countries, and limited battery life hamper the market growth. On the other hand, use of smartwatch in e-learning and heavy inflow of investment to build a connected ecosystem are expected to create lucrative opportunities to the market players in future.
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Standalone smartwatch segment to remain lucrative through 2025
The standalone smartwatch segment held the largest share in 2017, accounting for more than half of the total market revenue. Moreover, this segment is expected to witness the fastest CAGR of 18.6% during the forecast period, owing attractive features such independent operability as a mobile phone and better battery backup. The other segments analyzed in the report include extension and classical smartwatches.
Healthcare segment to manifest fastest growth through 2025
Healthcare segment is expected to register the fastest CAGR of 17.9% through 2025, owing to rise in health awareness for continuous tracking of heart rate, sleep, blood pressure, and nervous system; need for getting reminders about taking medicines & taking fitness goals; and increased use in tracking female health. However, the personal assistance segment held the largest share in 2017, contributing nearly one-third of the total revenue, as personal assistance systems facilitate time monitoring, caller notification, email alerts alongside offering basic features of a smartwatch. The report also analyzes segment including wellness, sports, and others.
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WatchOS segment to retain lion's share through 2025
WatchOS segment garnered the largest share in 2017, contributing more than two-fifths of the total revenue, owing to its ability to offer features such as thinner and slimmer than other counterparts, ergonomic design, and provision of electrocardiogram and pedometer sensors. However, the RTOS operating system is expected to manifest the fastest CAGR of 22.5% during the forecast period, owing to its ability to enable access to a smartphone provider's proprietary library of third-party applications, perform multiple tasks simultaneously, offer longer battery life, and facilitate ease of customization for manufacturers. The report also analyzes Android and Tizen among others.
North America to retain largest share through 2025
North America held the largest share in 2017, contributing more than one-third of the total revenue, owing to this region being the early adopters of new technology and high health awareness among the populace. However, Asia-Pacific region is projected to register the fastest CAGR of 19.4% during the study period, owing to surge in disposable income, large millennial population, and improvement in internet connectivity in the developing countries such as China. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
Major market players
The key market players analyzed in the report include Apple Inc., Garmin Ltd., Motorola Inc., Samsung Electronics Co., Ltd., Huawei Technologies Co. Ltd., Google Inc., Fitbit, Inc., Sony Corporation, and LG Electronics Inc. Product launch is the key strategy adopted by market players to gain a stronghold in the market.
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