According to the latest report by IMARC Group, titled “Smartwatch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global smartwatch market exhibited strong growth in 2020. A smartwatch refers to a wearable computing device that helps with timekeeping. It can be connected with smartphones through Bluetooth and third-party applications to provide enhanced features, such as monitoring heart rate, tracking daily activities, and setting alarm and reminders. A smartwatch can consist of a touchscreen display that offers additional functionalities, including displaying weather information, navigation, listing stock prices, texting, and making phone calls. As compared to traditional watches, smartwatches can collect, process, and react to stimuli from the real world.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smartwatch Market Trends:
The rising adoption of smart devices represents the key factor driving the global smartwatch market growth. In confluence with this, the proliferation of smartphones and improved internet connectivity are further inflating the product sales across the globe. Moreover, the increasing number of technologically literate consumers, especially in the developing economies, and the escalating demand for aesthetically appealing, multifunctional smart products are catalyzing the market growth. The rising participation in sports and fitness activities, facilitated by the growing health consciousness, has encouraged individuals to keep a track of their daily fitness regime. This, in turn, has prompted manufacturers to integrate artificial intelligence (AI), global positioning system (GPS), and waterproof technologies to ensure smart diagnostics. Furthermore, the adoption of smartwatches significantly increased amidst the outbreak of coronavirus disease (COVID-19) due to the growing need to accurately monitor various health parameters, such as oxygen saturation and blood pressure levels. Looking forward, the market is expected to grow at a CAGR of 18% during 2021-2026.
- Based on the product, the market has been segmented into extension, standalone, and hybrid.
- On the basis of the operating system, the market has been divided into watchOS, android, and others.
- Based on the application, the market has been classified into personal assistance, healthcare and wellness, sports, and others.
- On the basis of the distribution channel, the market has been bifurcated into online and offline stores.
- Region-wise, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Apple Inc., Fitbit Inc. (Alphabet Inc.), Fossil Group Inc., Garmin Ltd, Huawei Technologies Co. Ltd., LG Electronics Inc., Samsung Electronics Co. Ltd., Sony Corporation, Withings and Zepp Health Corporation.
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