A smart watch is a wrist-worn wearable electronic device that offers features far beyond those of a conventional watch. Smart watches are typically used as a companion device. It is need to be paired with a smartphone through Bluetooth and NFC (near-field communication) technologies.
A well designed smart watch can be used as an extension for a smartphone or related device. Smart watches signify the most popular type of wearable devices. Smart watches have numerous functions beyond showing time.
They are one of the latest developments in the evolution of information technology. Smart watches provide the greatest benefits when they are connected to the Internet and Bluetooth.
The face of a smart watch is usually a touchscreen. An operating and app ecosystem allows users to install several apps. For instance, more than 10,000 apps are currently available for iOS and more than 4,000 apps for Android.
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Smart Watch Market: Drivers, Restraints and Opportunities
Factors such as rise in demand for wireless sports and fitness devices, increase in health awareness among end users, and surge in technological advancements by market players are anticipated to boost the growth of smart watch market.
Additionally, rising emphasis on connected devices and smart systems among several industries, and growing demand for connected ecosystem are projected to offer significant opportunities for smart watch market globally.
The increase in data dependency among end users and huge investments in building smart cities by the government of various countries are the key success areas that bolster the demand for smart wearable devices.
Smart watches are used to make call, listening to music, message alert, playing games, etc. The mobile phone can be easily accessed through the smart watch.
As technologies continue to evolve and merge in an ever changing digital world, a number of theoretical models have been proposed to study the user’s adoption of new technologies. Wearable technologies such as smart watches are also a new form of fashion accessories for users.
Led by inventions, smart watch manufacturers are investing heavily on the R&D activities. Top players such as Apple, Samsung, Maritime, Sony, and Pebble are counting on their R&D spending as a prioritized strategy to increase their market shares in the global market.
Additionally, a strong distribution network is another key facet of the market. The prominent players are collaborating with resellers and suppliers to penetrate in the market through the right selection of the channel, region, and target customers.
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Smart Watch Market: Impact of Covid-19
The global COVID-19 epidemic has caused severe disruption in the various regions across the globe. The number of coronavirus cases have increased exponentially and there are no substantial measures to counter the worldwide epidemic.
China is a major technology manufacturing hub, particularly for smart technology and electronics. The technology market has faced many difficulties due to COVID-19 pandemic which lead to a massive impact on the global economy.
Companies which are mainly dependent on Chinese imports are suffering many setbacks and challenges. The technology market in North America will be the most disturbed. It has a huge dependency on Chinese industry. Online retailers are struggling to dispatch products effectively.
The largest online retailer, Amazon is also struggling to cope with this crisis.COVID-19 crisis has forced several companies in the smart watch marketplace to halt their manufacturing activities in order to fulfil the government rules. This pause in business operations is directly affecting the revenue flow of the global market.
Smart Watch Market: Regional Outlook
Global Smart Watch market is projected to grow at a significant rate during the forecast period. North America is estimated to account for largest share in the global Smart Watch market owing to the rising fitness activities and health consciousness among end-users in the U.S. and Canada.
Following North America, Europe is projected to have significant share in the global Smart Watch market. Asia Pacific is estimated to grow at a significant growth rate owing to high penetration of smart phones in the region.
Latin America and Middle East & Africa are anticipated to witness moderate growth rate during the forecast period.
Smart Watch Market: Key Participants
Some of the key participants identified in the global Smart Watch market are:
- Apple Inc.
- Fitbit Inc
- Samsung Electronics
- Fossil Group
- Sony Corporation
- LG Electronics
- Huami Inc.
The Smart Watch research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The Smart Watch research report provides analysis and information according to market segments such as geographies, product type, application, aircraft brake type, and sales channel.
The Smart Watch report covers exhaustive analysis on:
- Smart Watch Market Segments
- Smart Watch Market Dynamics
- Smart Watch Market Size
- Supply & Demand of Smart Watch
- Current Trends/Issues/Challenges in Smart Watch Market
- Smart Watch Competition & Companies involved
- Smart Watch Technology
- Smart Watch Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Western Europe (Germany, Italy, France, U.K., Spain, BENELUX, Nordic, Eastern Europe)
- CIS and Russia
- Asia-Pacific (China, India, ASEAN, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The Smart Watch market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The Smart Watch market report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Smart Watch Market: Segmentation
The global smart watch market can be segmented by operating system, application, sales channel, and region.
By Operating System:
- Watch OS
- Wear OS
- Pebble OS
- Personal Assistance
By Sales Channel: