Increase in demand for sports &handy fitness devices, rise in consumers’ health awareness, and emergence of a significant number of market participants drive the growth of the global smartwatch market.
PORTLAND, Ore., Jan. 20, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Smartwatch Market By Product (Extension, Standalone, and Classical), Application (Personal Assistance, Wellness, Healthcare, Sports, and Others), and Operating System (WatchOS, Android, RTOS, Tizen, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027″. According to the report, the global smartwatch market was pegged at $20.64 billion in 2019, and is expected to reach $96.31 billion by 2027, registering a CAGR of 19.6% from 2020 to 2027.
Major Determinants of the Market Growth
Increase in demand for sports devices & wireless fitness, rise in consumers’ health awareness, and emergence of a significant number of market participants in the market drive the growth of the global smartwatch market. However, high initial cost of smartwatches hinders the market growth to some extent. On the contrary, rise in investment in building a connected ecosystem expected to open lucrative opportunities for the market players in the coming years.
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Several sophisticated and cutting-edge wearable devices in the market assist in tracking and monitoring the disease’s spread. These gadgets emerged as an important tool in monitoring and combating the global spread of COVID-19 and associated symptoms.
New researches, innovations, distributions, and dispositions during the pandemic will boost the smartwatch market.
However, due to the impact of the outbreak on the supply chain, overall growth will drop slightly.
The Standalone Smartwatch Segment to Retain the Lion’s Share
Based on product, the standalone smartwatch segment held the largest share in 2019, contributing to more than half of the global smartwatch market owing to appealing characteristics like autonomous feasibility and improved battery backup. In addition, the standalone segment is expected to witness the highest CAGR of 22.1% from 2020 to 2027. Extension and classical smartwatches are some other segments included in the report.
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The Personal Assistance Segment Held the Major Share in 2019
By application, the personal assistance segment held the major share in 2019, garnering nearly one-third of the global smartwatch market. This is because the personal assistance systems enable facilities such as caller notification, time monitoring, and email alerts along with some basic features of a smartwatch.
However, the healthcare segment is expected to witness the fastest CAGR of 22.3% during the forecast period. This is due to increase in health awareness among consumers for continuous monitoring of various health parameters such as blood pressure, sleep, heart rate, and nervous system. In addition, growing use in monitoring female health assists the growth of the segment. The report also examines segments such as sports, wellness, and others.
Asia-Pacific Region to Manifest the Highest CAGR Through 2027
By region, the Asia-Pacific region is expected to grow at the fastest CAGR of 23.0% from 2020 to 2027. This is attributed to rising disposable income, a huge millennial population, and improvements in internet connectivity in emerging nations such as China. However, North America dominated the market in 2019, accounting for more than one-third of the global smartwatch market, owing to the early adoption of new technology and increased health awareness among the public. The research also includes other regions like Europe and Latin America, as well as the Middle East and Africa (LAMEA).
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