Increasing demand for handheld sports and fitness equipment, increasing health awareness among consumers, and the emergence of a large number of market participants are driving the growth of the global smart watch market.
Portland, ore.And January 20 2022 /PRNewswire/ – Allied Market Research has published a report titled, “Smartwatch Market By product (extension, standalone, and classic), application (personal assistance, wellness, healthcare, sports, etc.), and operating system (WatchOS, Android, RTOS, Tizen, etc.): Global Opportunity Analysis and Industry Forecast, 2020 – 2027″. According to the report, the global smart watch market was related to $20.64 billion In 2019, it is expected to reach $96.31 billion by 2027, registering a compound annual growth rate of 19.6% from 2020 to 2027.
The main determinants of market growth
Increasing demand for wireless sports and fitness devices, increasing health awareness among consumers, and the emergence of a large number of market participants in the market are driving the growth of the global smart watch market. However, the high initial cost of smartwatches hampers market growth to some extent. On the contrary, increased investment in building a connected ecosystem is expected to open up profitable opportunities for market players in the coming years.
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Many of the sophisticated and advanced wearable devices on the market are helping to track and monitor the spread of disease. These tools have emerged as an important tool in monitoring and combating the global spread of COVID-19 and its associated symptoms.
New research, innovations, distributions and actions during the pandemic will boost the smartwatch market.
However, given the impact of the outbreak on the supply chain, overall growth will decline slightly.
Smartwatch independent division to retain the lion’s share
Based on product, the standalone smartwatch segment captured the largest share in 2019, contributing more than half of the global smartwatch market due to attractive features such as standalone feasibility and optimized battery backup. In addition, the independent segment is expected to witness Highest compound annual growth rate of 22.1% From 2020 to 2027. Extended and classic smartwatches are some of the other segments included in the report.
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Personal assistance department captured the largest share in 2019
By application, the personal assistance segment captured the major share in 2019, accounting for nearly a third of the global smartwatch market. This is because personal assistance systems provide facilities such as caller notification, time monitoring, email alerts as well as some of the basic features of a smartwatch.
However, the healthcare sector is expected to experience the fastest compound annual growth rate of 22.3% during the forecast period. This is due to the increased health awareness among consumers for the continuous monitoring of various health factors such as blood pressure, sleep, heart rate and nervous system. In addition, the increased use of women’s health monitoring is aiding the growth of the sector. The report also examines sectors such as sports, wellness, and others.
Asia Pacific will show highest compound annual growth rate until 2027
By region, the Asia Pacific region is expected to grow at the fastest compound annual growth rate of 23.0% from 2020 to 2027. This is due to rising disposable incomes, massive millennial population, and improvements in internet connectivity in emerging countries such as China. However, North America dominated the market in 2019, accounting for more than a third of the global smartwatch market, due to early adoption of new technology and increasing health awareness among the public. The search also includes other areas such as Europe And Latin america, as well Middle east And Africa (glitter).
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