According to the latest report published by IMARC Group, titled “Smartwatch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” 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 give atomic clock accuracy. It is connected to a smartphone to provide notifications of e-mails, messages, and incoming calls. Smartwatches comprise numerous apps that offer additional functionality, including displaying weather information and maps and listing stock prices. It can also be used for making phone calls and sending and receiving text messages. This appliance has pedometers and heart rate monitors to help users track their health.
Smartwatch Market Trends:
The widespread smart and connected devices adoption is among the key factors driving the smartwatch market. Moreover, the increasing penetration of the internet and the inflating sales of smartphones are also stimulating the market growth. Besides this, the rising health awareness among consumers, on account of the growing prevalence of chronic disorders, is catalyzing the demand for wireless fitness devices, such as smartwatches across the globe, which is acting as another significant growth-inducing factor. Furthermore, the elevating requirement for the product connected to fitness apps to provide insightful information about the overall health of the masses and track their nutritional intake is further propelling the global market. Apart from this, the increasing integration of artificial intelligence (AI) ensures smart diagnostics and monitoring of patient health is positively influencing the market growth. Additionally, the increasing individuals participation in sports and other physical activities and the emerging trend of adventure recreation and wellness tourism are also fueling the global market. In addition to this, health institutes are studying the significance of smartwatches for monitoring patients, owing to the outbreak of the COVID-19 pandemic, which is anticipated to fuel the smartwatch market over the forecasted period.
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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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