According to the latest report published by IMARC Group, titled “Smartwatch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global smartwatch market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 113.9 Billion by 2028, exhibiting a growth rate (CAGR) of 19.9% during 2023-2028.
A smartwatch represents a digital device worn on the wrist to show atomic clock accuracy. It is connected to a smartphone through Bluetooth and third-party applications to provide notifications of messages, e-mails, and incoming calls. A smartwatch includes various apps that offer additional functionality, such as maps, displaying weather information, and listing stock prices. It can also be utilized to make phone calls and receive and send text messages. Compared to traditional watches, smartwatches can process, collect, and react to stimuli from the real world. In addition, it has heart rate monitors and pedometers to aid users in tracking their health. As a result, smartwatches find widespread applications in personal assistance, sports, healthcare, and the wellness of individuals.
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Smartwatch Market Trends:
The escalating demand for intelligent and connected devices and the increasing internet penetration are among the primary factors driving the smartwatch market. Besides this, the rising health consciousness in individuals, owing to the high prevalence of chronic and lifestyle diseases, is bolstering the need for wireless fitness devices across the globe, which is further augmenting the market growth. Moreover, the integration of smartwatches with fitness apps to provide insightful information about the overall health of individuals and track their nutritional intake is also catalyzing the global market. Apart from this, the incorporation of artificial intelligence (AI) technology with this device to ensure intelligent diagnostics and monitoring of patient health is acting as another significant growth-inducing factor. Furthermore, the elevating participation of individuals in sports and other physical activities and the emerging trend of adventure recreation and wellness tourism are anticipated to propel the smartwatch market over the forecasted period.
Smartwatch Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the global smartwatch market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- 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
- Zepp Health Corporation.
Key Market Segmentation:
The report has segmented the global smartwatch market on the basis of product, operating system, application and distribution channel.
Breakup by Product:
- Extension
- Standalone
- Hybrid
Breakup by Operating System:
- WatchOS
- Android
- Others
Breakup by Application:
- Personal Assistance
- Healthcare and Wellness
- Sports
- Others
Breakup by Distribution Channel:
- Online Stores
- Offline Stores
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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