BANGALORE, India, Nov. 19, 2019 /PRNewswire/ -- The global smartwatch market is driven by increasing smartphone adoption along with fast internet connectivity. Currently, due to their wide range of tracking capabilities, the use of smartwatches by runners, swimmers and other athletes is proliferating. These watches seamlessly integrate with smartphones allowing users to monitor music, alerts, alarms, auto sleep, and more.
In addition, the market players ongoing technological advances also stimulate the growth of smartwatches, as they are specialized products requiring constant R&D for various features.
The market for wireless electronics is also growing with the rapid increase in internet connectivity and digitalization. The smartwatch provides many features that can be customized for our needs, making it one of the wearable segment's highest revenue contributors.
TRENDS INFLUENCING THE GROWTH OF SMARTWATCH MARKET
Rise In Demand For Wireless Fitness & Sports Devices
With rapid increase in the internet connectivity and digitalization, the requirement for wireless electronics is also increasing.
The smartwatch is one amongst the highest revenue contributors in the wearable segments
The everyday fitness activities like steps taken, calories burnt, distance travelled, and others, can be simply monitored and tracked using smartwatch.
Rise In Health Awareness Among The Buyer
As per a recent report by the Centers for Medicare and Medicaid Services, $3.4 trillion amount spent on health per annum within the U.S. which incorporate the cumulative sum of each person spending on different healthcare products and services.
The recent Apple watch series-4 can track pulse rate, nervous system, emergency or inactivity alerts, and health connected events.
Rise In Investments On Building Connected Environment
As per the United Nations, 68% of the world population is anticipated to shift in urban areas by 2050.
The South Korean government determined to invest $350 million in around three hundred potential companies that are estimated to be globally competitive within the next four years to develop an IoT environment within the country.
China's central government has picked over 200 cities, which include Beijing, Shanghai, Guangzhou, Hangzhou, and others, to pilot smart city projects. It is estimated that over 90% of China's provinces and municipalities have listed IoT as a pillar industry in their development plans.
North America had the largest share of revenue in 2017 and is expected to grow at a CAGR of 15.0 per cent over the forecast period. The U.S. is one of the first countries to introduce and incorporate digital SIM cards into smartwatch technology.
Technological advances, increased use of utility features, and high-end product demand drives the Asia-Pacific smartwatch market. China has the highest smartwatch adoption; however, Australia is expected to grow at a faster pace, anticipating lucrative market growth over the forecast period for this technology.
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