The global smartwatch market valuation is projected to reach USD 109.28 billion by 2023, according to Market Research Future (MRFR) in its report. It can exhibit 17.34% CAGR from 2018 to 2023. MRFR’s report on the smartwatch market focuses on need for rapid development for ramping up pending projects and focus on sustainability for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.

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Market Scope

The global smartwatch market is driven by inclination towards high-end electronic devices and its high capacity in assisting users in their daily routines. Integration of near-field communication and other communication standards for faster exchange of data can attract users. Shift towards high-end devices owing to its attractive value and its features can lead to high sales over the forecast period.

Huge spending in research and development to improve the features and handling of smartwatches can lead to launch of premium products. Companies are launching low-end and mid-tier watches to target all customer demographics. Demand for aesthetically pleasing products and a large millennial customer base can be a viable opportunity for the smartwatch market.

COVID-19 Impact Analysis

The COVID-19 pandemic has accelerated the sales of smartwatches and boosted market demand significantly. Rising awareness of health amid the fear of the virus and overflowing of patients in hospitals is likely to guide buying decisions of customers. Researchers are conducting experiments on the benefits of smartwatches and its role in detecting diseases in the early stages. For instance, FitBit has developed an algorithm to detect COVID-19 in preventive stage of the disease by monitoring symptoms.

Segmentation

Android OS to Lead in Market Demand

The Android OS segment is set to lead in market demand due to its open-source nature and ubiquity in all smart devices. Many smartphone manufacturers have launched smartwatches due to its compatibility with mobile devices.

Health & Wellness Application to Capture Major Market Share

The health and wellness application is set to capture a major market share owing to rise of health-conscious customers and developments in watches for tracking health metrics. Large number of smartwatch manufacturers targeting the segment due to the fear of COVID-19 can benefit global market over the forecast period.

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Regional Analysis

North America to Dominate Global Smartwatch Market

North America will lead in demand in the global market due to increase in spending levels of customers and affinity towards latest technologies. Concerns over fitness levels and compatibility with smartphones can drive regional market demand. Moreover, investments in research and development to ensure integration of latest features to attract a large customer base is the gameplay of market leaders in the region.

Industry News

Garmin has announced a slashed rate for its smartwatches in India for its anniversary. This can create customer attention and lead to higher awareness among its customers.

Competitive Analysis

Imoo, Huawei Technologies Co. Ltd., Google Inc., Fitbit Inc., Samsung Electronics Co. Ltd., Amazfit, Fossil Group, LG Electronics Inc., Garmin Ltd., and Apple, Inc. are key players in the global smartwatch market.

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