WASHINGTON, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Vantage Market research has a newly released expansive study titled Smartwatch Market which guarantees you will remain better informed than your competition. This study provides a broader perspective of the marketplace with its comprehensive market insights and analysis which eases surviving and success in the market. The Global Smartwatch market report contains all the company profiles of the major players and brands. This report has studied key opportunities in the market and influencing factors that are useful to take your business to a new level. This report deals with the precise study of the Smartwatch industry which explains the market definition, classifications, applications, engagements, and global industry trends. While preparing the Smartwatch report, markets on the local, regional and global levels are explored. The strategies in the Smartwatch report include but are not limited to new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions.
According to the research report, the smartwatch market size & share was valued at USD 28.5 Billion in 2021 and is expected to reach USD 80.1 Billion by 2028, growing at a CAGR of 18.8% during the forecast period.
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List of Prominent Players in the Smartwatch Market:
- Apple Inc.
- Fitbit Inc.
- Garmin
- Huawei Technologies
- Fossil Group
- Motorola
- Sony Corporation
- Samsung Electronics
- LG Electronics
- Tom Tom International
- Amazon
What is Smartwatch? How Big is Smartwatch Market Size?
Market Dynamics:
Drivers:
Technological advancement
Digitalization and development in the technology have transformed the healthcare sector. A number of wearables are used for monitoring the wide array of diseases such as heart diseases, cardiovascular diseases and others. Smart watches have gained a huge attention in the diagnosis, monitoring, and treatment of respiratory diseases. According to the National Health Service in 2015, majorly all Americans is constantly connected via high bandwidth to a vast network of data and sophisticated digital platforms the global smart watches market is majorly driven by increasing prevalence of cardiac & cardiovascular diseases such as atrial fibrillation (AFib), hypertension and diabetes.
Heart scan devices are used in the monitoring, and diagnosis of different heart diseases and complications. The global smart watches market is majorly driven by increasing prevalence of cardiac diseases, rising healthcare expenditure, and increasing geriatric population.
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Overview of Market’s Key Factors
- Industry Dynamics
- Segmentation of Smartwatch Market
- Market Size in terms of Value and Volume: Current, Historical, and Projected Data
- Industrial Trends and Developments
- Competitive Landscape
- Opportunities in the market
- Strategies and Products offerings of Major Players
- Strategic Recommendations for the new entrants.
- Production and Consumption Analysis by Regions
- Growth Prospects with Revenue Estimations
Key Insights and Findings from the In-depth Report:
- Personal Assistance, Wellness, Healthcare, Sports, and Others are the application segments of the market. The healthcare application is expected to grow at the fastest rate in the Global Smartwatch Market during the forecast period. Health monitoring is one of the most important applications of wearable devices. Fitness enthusiasts are tested for necessary parameters, whereas patients benefit from these devices by regularly monitoring their health conditions.
- The market is divided into three categories: Extension, Standalone, and Classical. Because of increased awareness of advanced versions of products at reasonable prices, the standalone market segment is expected to dominate the Global Smartwatch Market during the forecast period. Furthermore, rising smartphone and laptop sales are fueling the Global Smartwatch Market's expansion.
- Asia Pacific is the fastest regional segment in terms of growth. The Indian Smartwatch Market, in particular, is expected to grow at a healthy rate during the forecast period. The growing popularity of health and fitness to maintain a healthy lifestyle, as well as a growing pool of chronic diseases such as obesity and diabetes, are driving the market growth. Some of the ongoing partnerships and collaborations among the region's key players are expected to broaden the scope of the market studied during the forecast period. The Chinese watch market is becoming more casual, and Smartwatch brands are being rewarded. Leading technology companies and tech-obsessed consumers are fueling a surge in Smartwatch sales.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 28.5 Billion |
| Revenue Forecast by 2028 | USD 80.1 Billion |
| CAGR | 18.8% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | • Apple Inc. • Fitbit Inc. • Garmin • Huawei Technologies • Fossil Group • Motorola • Sony Corporation • Samsung Electronics • LG Electronics • Tom Tom International • Amazon |
Segmentation of the Global Smartwatch Market:
- Application
- Personal Assistance
- Wellness
- Healthcare
- Sports
- Others
- Operating System
- Watch OS
- Android
- Real-Time Operating System
- Tizen
- Others
- Products
- Extension
- Standalone
- Classical
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Rising Demand in Healthcare
Across the globe, the number of non-surgical procedures performed is increasing year over year. With the rise of highly effective and technologically advanced medical devices including smart watches with long term functionality, carrying out diagnosis of number of diseases become very easy. Thus, driving the global smart watches market.
Key Questions Answered in The Report:
- Who are the competitors in the market?
- What are the prime drivers, growth/decline factors, and challenges?
- How is the industry expected to evolve in the forecasted period?
- What are the consumption patterns across the various regions?
- Which are the key areas of applications and product types that may expect a huge demand in the upcoming period?
- What factors make the market a good long-term investment?
- What are the top firms’ tactics for gaining a share in mature markets?
Regional Analysis:
Asia Pacific Holds Maximum Market Share
Asia Pacific is expected to dominate the growth of Smartwatch Market in 2021. The major driving factors for the market are growing consumer electronics industry, coupled with a rapid rise of smartwatch market vendors, presence of major players engaged in market, and large base of population which is increasing the demand for smart watch in the region. Ultimately, driving the market over the forecast period.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Smartwatch Market Forecast Report (2022-2028).
Recent Developments:
April 2021: Casio Computer Co. Ltd announced the release of the GSW-H1000, a G-SQUAD PRO smartwatch powered by Wear OS by Google and packed with functions designed to assist users in achieving their activity goals and utilizing fitness tracking features. The GSW-H1000 is oriented toward usage in various athletic settings, including running, indoor workouts, road biking, swimming, surfing, and snowboarding.
Customization of the Report:
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