Increasing Inclination for Health Monitoring and Fitness Tracking Features to Boost Smart Watch Market Growth
New York, USA, May 30, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “Smart Watch Market Information by Operating System, Application – Market Forecast Till 2030”, the Smart Watch Market could thrive at a rate of 17.34% between 2020 and 2030. The market size will be reaching around USD 109.28 million by the end of the year 2030.
Smart Watch Market Key Players
Eminent industry players profiled in the smart watch market report include
- 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).
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Smart Watch Market Drivers
Increasing Inclination for Health Monitoring and Fitness Tracking Features to Boost Market Growth
A rise in market adoption is projected due to consumers’ increasing preference for fitness tracking & health monitoring capabilities. A smartwatch with sophisticated health monitoring capabilities have been made available by manufacturers. These features include blood oxygen & SpO2 sensors, electrocardiograms, a stress monitor, calorie counters, & more. Several businesses are releasing smartwatches with health monitoring technologies, including SAMSUNG, Fitbit, Noise, Fossil Group, Inc., & others.
Scope of the Report – Smart Watch Market:
|Market Size by 2030||USD 109.28 million|
|CAGR during 2020-2030||17.34 %|
|Key Market Opportunities||Design and development of gender-based smartwatches|
|Key Market Dynamics||Growing concern about personal health & fitness. The rise in use of smartphones.|
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Rising Investment to Build Connected Ecosystem to offer Robust Opportunities
The desire for linked and smart systems, as well as the government’s significant investment in the construction of smart cities, is the main factor driving the market for smart wearables. These intelligent wearables may be used to send and receive messages, listen to music, play games, and more. The smartphone makes it simple to access the mobile phone.
Restraints and Challenges
Presence of Substitutes to act as Market Restraints
The presence of substitutes, issues related to low battery life & power consumption, and high initial technology cost of smartwatch technology may act as market restraints over the forecast period.
Smart Watch Market Segmentation
The global smart watch market has been bifurcated based on operating systems and application.
- By operating systems, iOS will lead the market over the forecast period. The rise is attributable to the recognition of Apple as a brand and the availability of competing products with worse features. Since its release, Apple’s Smartwatch OS software has gained enormous popularity and eclipsed many other operating systems with its skill and ingenuity. As a result, the iOS group has been responsible for the biggest revenue contributions since 2015, and this trend will continue in the projected period.
- By application, health and wellness will domineer the market over the forecast period. Health monitoring is one of the most crucial uses for wearable technology. While patients gain from these gadgets by regularly tracking their health status, fitness enthusiasts are evaluated for crucial metrics. The rising use of smartwatch equipment to monitor different physiological parameters, such as ECG, Blood Pressure, Heart Rate, Blood Glucose, & so forth, is another factor influencing the growth of this market. Smartwatch tools have multiple use in the healthcare domain. It is used for activity tracking, sleep monitoring, stress management emergency SOS, fall detection, health data integration, medication reminders, and more.
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Smart Watch Market COVID-19 Analysis
The COVID-19 epidemic has both beneficial and bad effects for the wristwatch business, which has grown significantly over the previous several years. Thanks to the powerful smartwatch components incorporated right into the devices, that helped people use their smartwatches to stay active and keep an eye on their health while under lockdown and stay-at-home orders. People are using remote exercises and virtual coaching sessions since gyms and fitness centers are either closed or just partially staffed. The smartwatch market, however, has faced difficulties as a result of supply chain delays and decreased consumer spending.
Smart Watch Market Regional Analysis
North America to Head Smart Watch Market
The popularity of the smartwatch line from Apple, Inc.’s has had a big impact on the region’s desire for smartwatches. The adoption of higher levels of technology and early product availability has been significant industry growth factors. Higher sales in North America have also been attributed to the growth of linked devices and the incorporation of IoT in the smartwatches, which has increased consumer convenience. Additionally, the demand for these items in the area is being fueled by increased health consciousness, rising disposable income, the affordability of these products, and technological improvements. Because of the growing interest among teens and young people in smartwatches, the U.S. has the largest share in North America, accounting for almost 90% of the market. Additionally, the population of the nation is bigger than Canada, which leads to the U.S. having a higher part of North America’s value and volume. According to official statistics, in the country in 2022, wearable medical devices were used by around 3.6 million individuals who had cardiovascular disease and about 34.4 million people who were at risk of developing similar disorders. In addition, about 29% of American adults overall utilize wearable technology. Due to the growing emphasis on technical improvements in digital wearable devices, North America now holds a monopoly on the worldwide smartwatch industry. A further important aspect that is boosting the market growth in this area is the increase in the sales of toothbrush sterilizers through online shopping sites.
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May 2023- The Shark smartwatch, a new wearable from Fire-boltt, has gone on sale in India. The new watch is a robust gadget, as its name indicates, and can survive adverse outdoor circumstances. Additionally, it offers Bluetooth calling and has built-in games.
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