Global Smartwatches Market: Overview
Since the year 1982, smartwatches have come into existence in one form or the other. A smartwatch is basically a wrist-worn wearable gadget that offers functionalities far ahead of a traditional wristwatch. They are generally utilized as a companion gadget and require to be paired with a smartphone with the help of the near-field communication (NFC) and Bluetooth.
Global Smartwatches Market: Growth Factors
A smartwatch is a wearable gadget that offers a variety of features and advantages to its users and works as travel companion devices along with the smartphones. It needs pairing with the smartphones utilizing wireless technology, for instance, NFC and Bluetooth. Smartwatches are extensively used in tracking various activities in sports and also in medical applications for checking pulse rate and heart rate. In addition, smartwatches are also utilized as GPS gadgets, health tracker, and for accessing any kind of notice from smartphones. Owing to its multiple uses the global smartwatches market is expected to gain popularity in the coming years. Growing penetration of the internet across the world, increasing trend of smartphones, and development in IoT technologies are anticipated to be the major growth drivers of the smartwatches market. In addition, technological developments, changing technical choices of the youth population, and raising awareness of several multinational companies in the current market are the important aspects that are contributing considerably towards the development of the smartwatches market across the world.
Global Smartwatches Market: Segmentation
The global smartwatches market is classified based on operating systems, products, and applications. Based on product, the market is divided into fitness band smartwatch, classic smartwatch, and standalone smartwatch. Based on operating systems, the market is categorized into windows, IOS, Android, and others. Based on applications, smartwatches market is classified as personal assistance, medical/health, wellness, sports, and others.
Global Smartwatches Market: Regional Analysis
North America dominates the smartwatches market. The region is projected to witness important acceptance of high-end smartwatches owing to the existence of health conscious and tech-savvy users. Health and fitness are projected to remain the most important applications of smartwatches in the coming years. This is accredited mostly to the high smartphone penetration rate in the North American region. In addition, knowledge among end-users and growing buying power is projected to propel the regional market in the coming future. Europe and the Asia Pacific are anticipated to witness significant market growth in the coming future. Demand from countries such as India, China, Australia, and Japan, is projected to propel the Asia Pacific smartwatches market in the years to come. Mass acceptance of low-end and mid-end smartwatches in Eastern Europe, Asia Pacific, and Latin America is projected to propel the demand and popularity for the smartwatches market in the coming future.
Global Smartwatches Market: Competitive Players
Some of the most important market players in the global smartwatches market are Pebble Technology Corporation, Samsung Electronics Co. Ltd., Nike Inc., Apple Inc., Sony Electronics Inc., Martian Watches, Fitbit Inc., Qualcomm Incorporated, ConnecteDevice Ltd., and Garmin Ltd., among others.
Global Smartwatches Market: Regional Segment Analysis
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