Technological Advancement in Smartwatch Market Evaluated in latest report

The global smartwatch market was valued at USD 9.3 billion in 2018 and is expected to reach USD 32.1 billion in 2026, growing at a CAGR of 15.7% during the forecast period.

Smartwatches are portable technologically driven watches which is connected to smartphones via Bluetooth or near-field communication (NFC). Smartwatches allow the user to track fitness activities such as cardio, jogging, number of steps covered in a day. It also allows keeping a track of calories burnt in a day based on the fitness activities. These smartwatches run on various operating systems such as android, iOS, and others such as Tizen, RTOS, etc. The smartwatches are enabled with a touch screen which allows accessing the user's calls and messages easily.

The increasing adoption of smartphones and the growing trend of tracking a fitness activity drives the growth of this market throughout the forecast periods. In addition, increasing disposable incomes and rising purchasing power boosts the adoption of smartwatches across the globe. The availability of affordable mid to low range watches in the developing region is likely to contribute to the growth of this market throughout the forecast periods. However, the high cost associated with the advanced smartwatches might hamper the growth of the global smartwatch market during the forecast period. 

Key Findings:

  • Based on product, the wireless smartwatch segment is expected to dominate the market with nearly 62% share in the global smartwatch market in 2018
  • Based on operating system, the iOS operating system segment accounts of the largest share in the market and is expected to grow at a CAGR of around 39% during the forecast period.
  • North America accounted for nearly 36% share of the global smartwatch market in 2018

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Recent News:

  • In August 2019, Samsung launched its new smartwatch the Galaxy Watch Active 2, a refined version of the Galaxy Watch Active.
  • In July 2019, Huami, the Xiaomi-backed wearable technology brand has launched new smartwatch under the Amazfit series.
  • In Jan 2019, Google has acquired a part of Fossil's R&D team for a sum of $40 million. The new team will develop Wear OS and work on smartwatch designs.

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