Over the past years, people have noticed the progress of mobile and wearable technologies to retrieve data from human activities. These days, smart watches including sensors deliver critical data that is common in market. More precisely, sleep and stress indicators are defined to assist users on the regulation of their activities.
A smart watch collects enormous data about the user’s activities, depending on the simplicity of the device. Users are able to view this data with an equivalent app, where they can physically enter information about themselves and their lifestyle. As a result, the manufacturers of smart watch accumulate a wealth of data on their users that can be used in many ways. Existing privacy policies for many fitness tracking apps permit users’ data to be shared with others.
Around one-in-five Americans living in households use a smart watch or fitness tracker on a regular basis. There are more modest differences by gender. Women are more likely than men to use smart watch regularly.
Market Dynamics- Global Smart Watch Market
Rising demand for smart fitness and sports devices, increasing health worries among users, and advancing technology in smartwatch by market players are likely to drive the smartwatch market. However, initially high cost and problems faced regarding power consumption and short battery life restrain the market growth. Further, growing importance for connected devices among various industries, and rising demand for connected ecosystem are expected to offer lucrative smart watch market growth globally.
Smart Watch Market Segmental Overview
The study analyses Global Smart Watch market based on product, application and geography.
- The three major types of smart watch include extension, standalone and classical. These watches can be connected to phone via Bluetooth to display notifications, alerts, calls. These smart watches are Android compatible as well as iOS compatible.
- Major applications of the smart watch market involves personal assistance, wellness, healthcare, sports etc. Rising health concerns may result the healthcare segment domination the market. Moreover, the growing importance of calories burnt and other activities by sports players is likely to grow the sports application at a moderate pace.
Smart Speaker Market by Geography
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America is likely to dominate the market owing to mounting number of number of smart watch users in the U.S. itself. Moreover, exitence of key market players in this region drives the market growth.
However, Asia Pacific is anticipated to be the fastest growing region lead by China, India, Japan, and South Korea and are likely to contribute significantly during the forecast period. Increasing population, growth in the standard of living and rising importance of hygiene among the populace is expected to drive the market in this region.
Recent Developments:
Gionee India Launched a new smartwatch in 2019 at Flipkart. This smartwatch is a touchscreen with color display and provides 24 hours real time monitoring of heart rate, calorie meter, fitness etc.
Similarly, Realme India announced the launch of smartwatch in India in May 2020 through an online event that streamed through Realme’s YouTube channel as well as its social media platforms.
Global Smart Watch Market-Key Players
The major players involved in this market are Apple, Inc., Fitbit, Inc., Garmin Ltd., Huawei Technologies, Fossil Group, Sony, Samsung Electronics, Tomtom International, Amazon, Lenovo among others.
