Smartwatch Market Overview:
The need for a device that not just keeps time but can assist in our day-to-day life by keeping track of our appointments and then alerting us on time has brought about the existence of the smartwatch. Initially, the concept of smartwatch was localized to widgets that consumers could see on display. However, with time, these have evolved to be a category of their own, with embedded features like fire proof, shock proof, water proof, etc. The smartwatch market is of extension, classical and standalone type and is no longer used only as its namesake, it is also being used to monitor health and wellness, has become our personal assistant, used in sports etc. It can run on varied operating systems like Android, iOS and Windows. The iOS however sells over 40% of the smartwatches globally as of 2017. Of these, the extension smartwatch is the bestseller with over 50% share in 2017. This is due to its feature that allows it to be connected to our smartphones or related devices. Tracking, alerts and other innovative connectivity features are also a part of this smartwatch.
Smartwatch Market was Valued at USD XX million in 2017 and growing at a CAGR of xx% is expected to garner USD XX million by 2022.
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Smartwatch Market Drivers and Restraints:
A major factor affecting the sale of the smartwatch is a strong distribution channel. A need to supply the right product to the right supplier at the right time is an essential element to the growth of this market. Players ensure that this aspect is well looked after apart from investing heavily in design and features. Today the smartwatch can be bought both at an affordable price and at a high-end segment. With hybrid smartwatches launching into picture, a huge global market seems to open up for tech-savvy consumers to lap up in the coming years.
Smartwatch Market Geographical Segmentation:
The highest revenue generator being North America, which is responsible for producing over 1/3rd of the global demand. However, because of varied reasons like urbanization, rising disposable incomes, technological advancements, rural population moving urban among many others, Asia Pacific is said to be the next popular hub for smartwatches, as it already is a low-cost centre for cheaper smartphones. In 2013, Samsung held the market leader position, and since then a number of big and small players up to 85 different firms have entered the market enhancing and increasing the global market size exponentially.
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Smartwatch Market Key players:
Some of the well-known big names in the smartwatches market being Apple, Google, Nike, Polar, Motorola/Lenovo, Casio, InWatch, Weloop, Withings, TomTom, Pulsense, Asus, LG, Fitbit, Qualcomm, Samsung, Geak and TAG Heuer. With the increased dynamics of the competition, players are investing heavily into R&D to come up with more viable and innovative products. Next level features like digital mapping, wireless and touchless features, tiny powerful speakers etc. are all in the market today.
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