A smartwatch is a sophisticated wearable device that combines the traditional functionality of a wristwatch with advanced computing capabilities. It serves as a miniature extension of a user's smartphone or other connected devices, offering a diverse range of features beyond simple timekeeping. Typically equipped with a digital display, touch screen interface, and sensors, a smartwatch enables users to interact with various applications and receive notifications directly on their wrists. This compact device is designed to enhance convenience, connectivity, and functionality for individuals on the go.
Smartwatches find application across a multitude of scenarios, with health and fitness tracking being a prominent use case. Many smartwatches come equipped with sensors for monitoring vital signs such as heart rate, sleep patterns, and step count. Fitness enthusiasts use dedicated apps to track workouts, set fitness goals, and maintain a healthy lifestyle. Navigation is another key application, with GPS-enabled smartwatches providing real-time location data and directions for outdoor activities such as running, hiking, or cycling.
Communication features are integral to smartwatches, allowing users to receive calls, messages, and notifications directly on their wrists. Voice commands and voice-to-text functionality enable hands-free communication. In addition, smartwatches serve as productivity tools, offering features like calendars, reminders, and note-taking apps. Professionals use them to stay organized, manage schedules, and quickly access important information on the go.
Entertainment features also contribute to the appeal of smartwatches. Users can control music playback on their smartphones, view notifications from social media apps, and in some cases, even access streaming services directly from their wrists. These devices provide a seamless integration of technology into daily life, offering a multifunctional and personalized user experience.
End users of smartwatches span a diverse range of individuals. Fitness enthusiasts seeking health monitoring and workout tracking, tech enthusiasts fascinated by the latest innovations, and professionals desiring seamless connectivity and organization are common users. Outdoor enthusiasts appreciate navigation features during activities, while individuals with specific health concerns find value in advanced health monitoring features. As smartwatches become more affordable and versatile, they appeal to a broader audience of general consumers who appreciate the convenience of having a multifunctional device readily accessible on their wrists. In essence, the smartwatch has evolved into a versatile and integral component of the modern wearable technology landscape, catering to a spectrum of user needs and preferences.
Significant factors operating in the global smartwatch market are growth in demand for wireless fitness and sports devices, increase in health awareness among consumers, and emergence of large number of players in the smartwatch market, which are expected to drive the market globally. However, high cost of smartwatch acts as a major restraint, which is expected to hamper the market growth to a certain extent. Furthermore, rise in investment on building connected ecosystem is expected to offer lucrative opportunities to the market growth globally.
The smartwatch market is segmented into product, application, operating system, and region. By product, the market is categorized into extension, standalone, and classical. In 2022, the standalone segment dominated the market, and it is expected to acquire major market share during the forecast period. By application, it is divided into personal assistance, wellness, healthcare, sports, and others. In 2022, the personal assistance segment dominated the market, and it is expected to acquire major market share during the forecast period. On the basis of operating system, the market is categorized into watchOS, android, RTOS, Tizen, and others. In 2022, the android segment dominated the market, and it is expected to acquire major market share during the forecast period. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with its prominent countries.
Region-wise, the Smartwatch Market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia- Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the major global smartwatch market players that have been provided in the report include Apple, Fitbit (Google), Garmin, Huawei Technologies Co., Ltd., Fossil Group, Inc., Motorola Mobility LLC (Lenovo), Sony Corporation, Samsung Electronics Co. Ltd, TomTom International BV, and Amazon. The key strategies adopted by the major players of the smartwatch market is product launch.
Smartwatches find application across a multitude of scenarios, with health and fitness tracking being a prominent use case. Many smartwatches come equipped with sensors for monitoring vital signs such as heart rate, sleep patterns, and step count. Fitness enthusiasts use dedicated apps to track workouts, set fitness goals, and maintain a healthy lifestyle. Navigation is another key application, with GPS-enabled smartwatches providing real-time location data and directions for outdoor activities such as running, hiking, or cycling.
Communication features are integral to smartwatches, allowing users to receive calls, messages, and notifications directly on their wrists. Voice commands and voice-to-text functionality enable hands-free communication. In addition, smartwatches serve as productivity tools, offering features like calendars, reminders, and note-taking apps. Professionals use them to stay organized, manage schedules, and quickly access important information on the go.
Entertainment features also contribute to the appeal of smartwatches. Users can control music playback on their smartphones, view notifications from social media apps, and in some cases, even access streaming services directly from their wrists. These devices provide a seamless integration of technology into daily life, offering a multifunctional and personalized user experience.
End users of smartwatches span a diverse range of individuals. Fitness enthusiasts seeking health monitoring and workout tracking, tech enthusiasts fascinated by the latest innovations, and professionals desiring seamless connectivity and organization are common users. Outdoor enthusiasts appreciate navigation features during activities, while individuals with specific health concerns find value in advanced health monitoring features. As smartwatches become more affordable and versatile, they appeal to a broader audience of general consumers who appreciate the convenience of having a multifunctional device readily accessible on their wrists. In essence, the smartwatch has evolved into a versatile and integral component of the modern wearable technology landscape, catering to a spectrum of user needs and preferences.
Significant factors operating in the global smartwatch market are growth in demand for wireless fitness and sports devices, increase in health awareness among consumers, and emergence of large number of players in the smartwatch market, which are expected to drive the market globally. However, high cost of smartwatch acts as a major restraint, which is expected to hamper the market growth to a certain extent. Furthermore, rise in investment on building connected ecosystem is expected to offer lucrative opportunities to the market growth globally.
The smartwatch market is segmented into product, application, operating system, and region. By product, the market is categorized into extension, standalone, and classical. In 2022, the standalone segment dominated the market, and it is expected to acquire major market share during the forecast period. By application, it is divided into personal assistance, wellness, healthcare, sports, and others. In 2022, the personal assistance segment dominated the market, and it is expected to acquire major market share during the forecast period. On the basis of operating system, the market is categorized into watchOS, android, RTOS, Tizen, and others. In 2022, the android segment dominated the market, and it is expected to acquire major market share during the forecast period. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with its prominent countries.
Region-wise, the Smartwatch Market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia- Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the major global smartwatch market players that have been provided in the report include Apple, Fitbit (Google), Garmin, Huawei Technologies Co., Ltd., Fossil Group, Inc., Motorola Mobility LLC (Lenovo), Sony Corporation, Samsung Electronics Co. Ltd, TomTom International BV, and Amazon. The key strategies adopted by the major players of the smartwatch market is product launch.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smartwatch market analysis from 2022 to 2032 to identify the prevailing smartwatch market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smartwatch market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smartwatch market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Application
- Sports
- Others
- Personal Assistance
- Wellness
- Healthcare
By Operating System
- WatchOS
- Android
- RTOS
- Tizen
- Others
By Product
- Extension
- Standalone
- Classical
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Apple
- Fitbit (Google)
- Huawei Technologies Co., Ltd.
- Sony Corporation
- Samsung Electronics Co. Ltd
- TomTom International BV
- Motorola Mobility LLC (Lenovo)
- Amazfit (Zepp Health Corporation)
- Garmin
- Fossil Group, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMARTWATCH MARKET, BY APPLICATION
CHAPTER 5: SMARTWATCH MARKET, BY OPERATING SYSTEM
CHAPTER 6: SMARTWATCH MARKET, BY PRODUCT
CHAPTER 7: SMARTWATCH MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, 'Smartwatch Market By Product, Application, and Operating System: Global Opportunity Analysis and Industry Forecast, 2020-2027', the global smartwatch market was valued at $20.64 billion in 2019, and is projected to reach $96.31 billion by 2027, registering a CAGR of 19.6% from 2020 to 2027.The study of smartwatch in this report emphasizes on various products, operating systems, and corresponding applications. Different operating systems such as watchOS, Android, Linux, and others are available in the market. According to smartwatch market trends, many leading vendors such as Apple, Xiaomi, Fitbit, and others are operating in this segment.
Various features include notifications, alerts, apps, answer messages by voice, media management, fitness tracking, and a very good battery life. The market size revenue considered in the report is revenue earned by companies by selling smartwatch. From application perspective, the report analyzes the market according to personal assistance, wellness, healthcare, sports, and others.
The companies operating in the market have adopted strategies such as collaboration, partnership, product launch, R&D, and acquisition to increase their market share and expand their geographical presence. The global smartwatch market share is analyzed and estimated in accordance with the impact of the drivers, restraints, and opportunities. The period studied in this report is from 2019 to 2027, wherein the smartwatch market forecast period is from 2020 to 2027.
The smartwatch market is dominated by few major players such as Apple Inc., Fitbit, and others. However, a lot of key players from China, and other countries are entering into this market. Various emerging players in the smartwatch market such as Nike, Casio, LG Electronics, and Gramin are increasingly investing in design and development of economic products, which are equipped with enhanced smart features that creates lucrative opportunities for the product globally. Xiaomi, a Chinese firm, has entered into this market and offers smartwatches at low cost.
In addition, Huawei has launched its classic version of smartwatches, which are convenient, equipped with smart features, and pocket friendly. This is expected to accelerate the potential demand and make the market more competitive in the future. This in turn drives the smartwatch market growth globally and also helps capture various range of consumer base
Smartwatch and mobile device companies are manufacturing smartwatches that are an extension of the smartphone. Extension smartwatches are dependent on paired smartphones for their operations, which includes notification and alerts that come from mobile devices. Smartwatch manufacturing companies provide smartwatches as a wireless, waterproof accessory with an android app interface. The companies are installing numerous applications that will benefit consumers.
Sony released Yahoo, Instagram, and other smart extensions for its smartwatch2. Motorola has also introduced the Moto 360 that connects to smartphones and tablets through Bluetooth, allowing texts and emails to pop up on the wearable screen. The flexibility of smartwatches to perform multiple tasks with simplicity and ease is a competitive trend adopted by most of the smartwatch manufacturers.
North America is a promising region in the smartwatch market, and the U.S. is the highest contributor toward the growth of the market. The early adoption of new technology and presence of different U.S.based companies facilitate the exploration of newer applications of the technologies. In the highly fragmented market, companies have adopted merger and acquisition strategies to increase their market share. Applications of the technology are spread across various industries such as entertainment, aerospace, defense, healthcare, and architecture.
The North America smartwatch market is at maturing stage. With the availability of advanced technology in the region along with presence of major players operating in the market, North America is expected to hold a dominant position in the smartwatch market globally. Companies such as Apple, Fitbit Versa, Gramin, and Fossil Group have its headquarters in U.S., which makes it a very lucrative region in the smartwatch market globally.
The extensive portfolio that covers different price spectrum helps the companies to build a steady consumer base in Asia. Smartwatch in China and India shapes up the smartphone market. Apple has a strong customer base for iPhone in the region, and its entry in the smartwatch market is expected to attract a large number of customers. Android wear OS or other third party smartwatchOS provides a software platform for smartwatch manufacturing companies.
Key Findings of the Study:
By product, the standalone segment generated the highest revenue in 2019.
By application, personal assistance segment generated the highest revenue in 2019.
By operating system, th ewatchOS segment generated the highest revenue in 2019.
The key players operating in the global smartwatch industry are Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International and Amazon. These key players have adopted strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
Companies Mentioned
- Apple
- Fitbit (Google)
- Huawei Technologies Co., Ltd.
- Sony Corporation
- Samsung Electronics Co. Ltd
- TomTom International BV
- Motorola Mobility LLC (Lenovo)
- Amazfit (Zepp Health Corporation)
- Garmin
- Fossil Group, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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