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Smartwatch Market

Global Smartwatch Market Size, Share, Development, Growth and Demand Forecast to 2023

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Report Code: SE10511
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The global smartwatch market is growing, due to increased demand of home and remote patient monitoring, increased demand of wearable sensors for infants, and rapid innovation in sensor technology. The demand of continuous health monitoring features for infants is continuously increasing, since the past few years. The constant monitoring of physiological parameters of an infant’s body is carried out by using wearable sensors system, observing external threats as well as internal threats by parents. The increasing use of wearable systems in physiological monitoring is providing ample growth opportunities for the global smartwatch market. Additionally, strong distribution support is also supporting the growth of the market. The key competitors in the market are collaborating with their re-sellers and suppliers for penetrating in the market through selection of right geography, channel, and target audience.

Among all the regions, North America led the global market; whereas the Asia-Pacific market is expected to grow with the highest rate during the coming years. The high growth rate of Asia-Pacific market is due to the presence of low-cost android based smartwatch manufacturers in developing countries of the region, such as China. Among the various products, the extension smartwatch segment leads the market; whereas among all the operating systems, android segment leads the global market. Smartwatches are majorly used in personal assistance and wellness applications.

The smartwatch reveals how smartphones are slowly transforming into a pocket computer, which can provide information in a wristwatch. In 2014, Google Inc. entered in the market by launching a version of Android operating system for smartwatches named ‘Android wear’. Following it, several other manufactures launched smartwatches with Android operating system. Moto 360 from Motorola, G watch from L.G., and Samsung gear are some of the most innovative products of the market, which are gaining attention of new users. With the miniaturization of sensors, and falling prices due to advancement in manufacturing technology, more number of sensors is expected to be used in such devices during the coming years.

Wearable technologies have growth opportunities in numerous areas of applications, such as disaster relief, medical care, anxiety disorders, behavioral disorders, autism spectrum disorders and others. Wearable sensors, web cameras, online social networks, and mobile phones are all part of future health support system. The future medical intervention methods are likely to involve pharmacology with electronic devices. Due to the evolution of cloud based services, there is increase in data visualization, sharing capabilities, aggregation, and data storage and processing.

Privacy and security is one of the most important aspects in smartwatch. The communication in wearable sensors applications in healthcare are mostly wireless in nature, which may cause security threats to these systems. These threats and attacks could cause serious troubles to the social life of the wireless sensor device user.  The location tracking of a patient or person could be done easily, which can be used to harm the person.

Some of the competitors in the global smartwatch market are Samsung Electronics Co. Ltd., Google Inc., Sony Corporation, Apple Inc., Fitbit Inc., and Garmin Ltd.

 

Global Smartwatch Market Segmentation

By Product

  • Extension
  • Classic
  • Standalone

By Operating System

  • Android
  • Windows
  • IOS
  • Others

By Application

  • Wellness
  • Sports
  • Medical
  • Personal Assistance
  • Others

By Geography

  • North America
  • Europe
  • Asia -Pacific
  • Rest of the World

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