A smart watch is a wearable electronic device that may be worn on the wrist and has many more functionalities than a typical watch. Smart watches are frequently used as a supplemental tool. Through Bluetooth and NFC (near-field communication) technology, it must be connected to a smartphone.
A smart watch with good design may be used to extend the functionality of a smartphone or other connected device. The most common kind of wearable technology is represented by smart watches. Beyond telling time, smart watches may perform a variety of other tasks.
They are among the most recent advancements in information technology. The advantages of smart watches are greatest when they are Bluetooth and Internet-connected.
Definition of smartwatch market
A smartwatch is a type of wearable computer that looks like a wristwatch or other type of timepiece. Several smartwatches can connect to Bluetooth devices in addition to telling the time. This watch may extend the functionality of the wearer’s smartphone to the watch by acting as a wireless Bluetooth adapter. With this watch, the user may make and take calls from their smartphone, check the weather, listen to music, read and write emails and texts, and communicate with a digital assistant.
Manufacturers have released a wide range of improved smartwatches with cutting-edge health monitoring capabilities including a stress monitor, electrocardiograms, calorie counters, blood oxygen and SpO2 sensors, and many more. Numerous businesses are releasing smartwatches with new and improved features, including Fossil Group, Inc., Samsung, Noise, Fitbit, and others. For instance, in September 2021 Apple, Inc. unveiled the new Apple Series 7 wristwatch model, which has several health monitoring capabilities including blood oxygen saturation, an electrocardiogram (ECG) sensor, better fall detection, native sleep tracking, and heart health monitoring.
Key Insights and Findings from the In-depth Report:
- Applications in the market include Personal Assistance, Wellness, Healthcare, Sports, and Others. During the forecast period, the Global Smartwatch Market is anticipated to have the quickest growth in the healthcare application. One of the most crucial uses for wearable technology is health monitoring. In contrast to patients who gain from these gadgets by continually monitoring their health state, fitness enthusiasts are evaluated for required metrics.
- Extension, Standalone, and Classical are the three divisions of the market. During the projection period, the standalone market segment is expected to rule the global smartwatch market due to growing awareness of improved versions of goods at affordable rates. The global smartwatch market is also growing as a result of expanding sales of smartphones and laptops.
- The region with the quickest rate of growth is Asia Pacific. Particularly in India, the smartwatch market is anticipated to expand at a healthy rate throughout the forecast period. The market is expanding due to the rising demand for health and fitness products to maintain a healthy lifestyle and the prevalence of chronic disorders like diabetes and obesity.
Smartwatch Market: Impact of Covid-19
The global COVID-19 outbreak has seriously disrupted life in many different parts of the world. There are no significant steps being taken to stop the global epidemic of coronavirus because the number of cases has grown rapidly.
China is a significant centre for the production of electronics and smart technology in particular. The COVID-19 pandemic has had a significant negative influence on the world economy and the technology sector as a whole.
Businesses that rely heavily on Chinese imports face several obstacles and failures. The North American technology market will experience the biggest disruption. It is extremely reliant on Chinese industries. Online sellers struggle to efficiently ship their merchandise.
Smartwatch Market Analysis and Growth
- The smartwatch industry was estimated to be worth USD 33,081.86 million in 2022 and is anticipated to grow to USD 64,480.18 million by 2030, showing a CAGR of 8.70% from 2023 to 2030, according to Data Bridge Market Research. The market report created by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.
- The smartwatch market is divided into segments based on the kind of product, the application, the operating system, the processor, the amount of RAM, the type of display, the price range, the distribution channel, and the end user. The expansion of these divisions will enable you to study the industries’ scarce growth segments and give users a comprehensive market overview and industry insights to aid in the identification of key market applications.
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