Smartwatches Market Analysis
The occurrence of key players is contributing to the global smart watches market in a consolidated way. Nevertheless, the smartwatches market is competitive as the key players are continuously banking on product innovation and product development to gain an edge.
Smartwatches are a portable intelligent watch, highly designed and are worn on the wrist. This can easily get connected to various mobile phone devices. The different operating systems such as iOS, Android, Tizen, and others, based smartwatch is available in the market.
According to the report published by Market Research Future, titled ‘Global Smartwatches Market’ states that the market has been rushed high with a valuation of USD 109.28 billion by 2023 and is projected to reach this valuation at a CAGR of 17.34%. This current growth rate is estimated to come up with golden opportunities in the next five years.
The smartwatches are the new trend in the digital market which is encouraging with rapid advancements in Integrated Circuits (IC) technology. This can be one key factor that would propel the market of smartwatches further with a definite pull. The world has already familiar with the importance of communication systems, and this factor is acting as an added surge for the growth of the smartwatches market.
The smartwatches market is considered to be potentially high, as top companies such as Apple, Catapult, and others are actively participating in the market growth by competing fiercely in the segment of customer wearables.
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Global Smartwatch Market Drivers and Trends
The introduction of next-generation smartwatches can preferably be used as an extension to smartphones. These are special due to the development of innovative applications such as tracking, alerts, and connectivity are known for their high compatibility. These are some of the essential features that have garnered a lot of consumer’s interest in recent years. Such a factor is expected to increase further the sales of smartwatches, which would eventually push the smartwatches market to rise high in the future years.
The prominent players in the smartwatch market are Huawei Technologies Co., Ltd. (China), Fossil Group (US), Pebble (US), Qualcomm (US), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), ConnecteDevice Ltd. (Japan), Apple Inc. (US), Fitbit, Inc. (US), LG Electronics (South Korea) and Motorola (US), among others.