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.
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