The world is moving faster towards advanced gadgets and wearable devices, and the smartwatch is one of the demanded smart gadgets currently. Smartwatches are also going through some developments which would make them more useful for customers.
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Global Smartwatches Market Size
The global smartwatch market size reached nearly US$ 6.8 billion in 2019 and is forecasted to be around US$ 16 billion by 2025.
Analysis of Smartwatches Market
The world’s first smartwatch was introduced by Seiko in 1998, known as Ruputer. As there are now more advanced smartwatches around the world, so Ruputer smartwatch technology has now become antique.
Similar to smartphones operating systems (OS), smartwatches also have various operating systems such as Android OS, watchOS, Tizen and TOS, and all are used by various smartwatch manufacturers. watchOS is an OS used by Apple in its smartwatches which is responsible for more market value as compared to other OS, due to the high demand for Apple smartwatches.
The main driver behind the growth of the smartwatch market includes health, increase in demand for smart devices, rise in demand for wireless sports & fitness devices, and smartwatches integration with IoT.
As for regions, North America is considered to be the largest market in revenue terms. Most of the top smartwatch companies such as Apple, Garmin, Fitbit, and Fossil Group are also headquartered in the US. There is also an increase in demand for smartwatches in health-conscious women in the US, as approximately 60% of women in the US are overweight.
Some of the top players in the smartwatch market include:
One of the major key constraints for the smartwatch would be from smartphones. Most of the smartphones are now providing a lot of features such as IoT, health and fitness functions etc.