Smartwatch Market Evolves from Digital Time Telling Machine to Fitness Tracker

 

A smartwatch is a device which is very similar to mobile phone having a touchscreen display with various applications in it, through which a person can easily access his mobile through Bluetooth. And, the innovation is ripe to offer plentiful profits to able players, according to the findings of the newly published market research report by IndustryARC titled “Smartwatch Market: By Product Type (Extension, Classic & Standalone Smartwatch); By Application (PA, Wellness, Medical/ Health, Sports); By Operating Systems (iOS, Android, Windows) & By Region – Forecast (2019 - 2025).” The analysts have valued the global smartwatch market size at around to billion as of 2018 and projected the demand to multiply at a CAGR of 14% to 16% during the forecast period of 2019 to 2025. 

 

Wearable in the form of wristwatch can track various activities which is more enhanced than only digital time telling and peripheral devices such as digital camera, thermometers, and accelerometers. 2018 was the year for the smartwatch market, especially with new fitness trackers. There has been significant growth in the emerging smart watch market, which potential demand coming from the healthcare industry, paving way to efficient care at a cheaper cost as it can expeditiously detect the increasing blood pressure and heart rate immediately. 

 

 

North America has remained the dominating region for the smartwatch market ever since it was invented in Japan. The smartwatch market has reached from a high-tech niche market to the fixture of the watch industry. The percentage of North America’s population using smartwatch is expected to take a remarkable leap in terms of its revenue and consumption.  The regional share is more than 34% to 35% globally, with the healthcare application CAGR of 15% to 17% during the forecast period of 2019 to 2025. 

 

Healthcare is driving next gesture of growth in smartwatch market. Continuous improvements in the smartwatch market are the main key driver that are mentioned above about the heart beat and blood pressure. In 2018, Apple Inc. decided to innovate the device with more accurate readings of the heart and blood pressure. It is a strategy to make people “want” a smart watch. They have tagged themselves as “the ultimate devices for healthy life”. According to Phys.Org, Apple Inc. shipped around 18 million watches in 2017.   

Fitbit is working towards the next step of technological advancement in the smartwatch market. Fitbit has recently gone ahead for expansion for clinical validation and regulatory permissions towards detecting health conditions such as sleep apnea and atrial fibrillation. Fitbit has recently launched the latest Fitbit Versa Lite Edition, Fitbit Inspire HR, Fitbit Inspire, and Fitbit Ace2.

 

Global Smart Watch Market: Competitive Landscape

Some of the key companies identified in the report that is  currently holding majority shares in the global smart watch market are Apple Inc., Google Inc., Garmin, Fitbit, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, and Huawei Technologies Co. Ltd.