About Smart Watch
A smartwatch is a wearable device which enables a person to access messages and track various activities such as steps covered in a day, heart rate, calories burnt apart from GPS, barometer, and others. Rising need to avoid need health risk and increasing demand for remote patient monitoring, (constant demand for wireless health monitoring device) are propelling the smartwatch market. The market is expected to witness a significant growth pertaining to ease of buying due to the availability of online distributors. Key players in the market are focusing on lightweight devices with higher battery life. The companies are also driven towards improving existing functionalities as well as adding new functionalities. Recently, tech giant “Google” purchased technology of the fashion brand “fossil” to develop an innovative wearable product.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Apple Is One Of The Key Players In The Smartwatch Market. In spite of the high price range of the products from Apple, consumers prefer them because of the aesthetics and advanced features. However, to remain competitive in the market, several manufacturers have adopted strategies like reducing prices of their products. Apart from that, key players are continuously banking on product innovation and product development to gain an edge. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Smart Watch market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Apple (United States), Xiaomi (China), Samsung Group (South Korea), Lenovo (China), LG Electronics (South Korea), Huawei Technologies(China), Fossil Group(United States), Motorola (United States), Fitbit (United States) and Garmin (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Pebble (United States) and Misfit (United States).
Segmentation Overview
AMA Research has segmented the market of Global Smart Watch market by Type (Extension Smartwatch, Standalone Smartwatch and Hybrid Smartwatch), Application (Personal, Sports, Healthcare and Others) and Region.
On the basis of geography, the market of Smart Watch has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by By Platform, the sub-segment i.e. IOS will boost the Smart Watch market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by By Distribution Channel, the sub-segment i.e. Online will boost the Smart Watch market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Fitness Trackers Have Become A Top Priority, Voice Assistants to Make Calls/Send Text Messages Hands-free and Gesture Recognition Enables Various Controls
Market Growth Drivers:
Rising demand for fitness devices and Increasing Usage of Internet Connectivity Gadgets
Challenges:
Overcoming Critical Issues Like Data Breaches, Hacking and High Cost of Hardware Involved in Manufacturing Smartwatches
Restraints:
Lack of Awareness Among Consumers About Product Functionalities and Limited Reliability of Data Provided by Fitness Apps
Opportunities:
Increased Demand from Developing Countries Due to Better Internet Connectivity Infrastructure
Market Leaders and their expansionary development strategies
In 2019, tech-giant Google announced a deal with fashion brand Fossil to purchase its intellectual property so as to develop a smartwatch technology.
Samsung improved the usability of Bixby in 2019, the voice assistant in its latest smartwatches to perform tasks such as turning on the music, texting friends, and so on. Along with that, it automatically detects swimming as a workout and starts tracking as soon as the user takes his first stroke. The dimensions are smaller than the earlier smartwatches, and the company claims it to be the weight of a single strawberry.
Under the current EU Directive, and the Data Protection Act 1998, the data collected by smart devices is considered to be personal since it contains physical health data of the user. As such, the subject (the wearer of a fitness tracker or smartwatch) requires to give prior consent before data can be collected and processed. and In 2018, German regulatory body, the Federal Network Agency imposed a ban on all smartwatches developed for children, since the body concluded the ability to turn to operate the device remotely and make it vulnerable to hackers.
Key Target Audience
Consumer wearable manufacturers, Healthcare-related product manufacturers, Government and financial institutions as well as investors’ community, Analysts and strategic business planners, Consumer electronics manufacturers, Integrated device manufacturers (IDMs), Wearable electronics technology platform developers, Investors, Research organizations, Technology standards organizations, forums, alliances, and associations, Universities and research organizations and Government bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.