The Size of Smartwatches Market & It's Leading Players!

Transparency Market Research has recently published a new research report that discusses the global smartwatches market. According to the research report, titled “Smartwatches Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, the global smartwatches market is expected to experience robust growth in the coming years due to several reasons. The research report also points out the strengths, weaknesses, opportunities, and threats faced by the global smartwatches market. The report also clarifies the doubts pertaining to the threats to players in the global smartwatches market and the intensity of the competitive rivalry.

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Rising Interest in Technology, Diversification of Application Drive Smartwatch Market

The global smartwatch market is driven primarily by the modern consumer’s increasing demand for technology to monitor various aspects of their life. While smartwatches weren’t an instant success when they were launched, the subsequent technological advancement has made it much easier to incorporate smartwatches into the existing technological framework. This has enhanced the functionality of smartwatches and has thus boosted their demand. The steady advances in communications technology are likely to be a positive factor for the smartwatch market in the coming years.

The steady growth of smartwatch manufacturers, with startups registering solid growth since the conception of smartwatches, has also helped the global smartwatch market expand its regional reach. The extended distribution and marketing network has aided smartwatch manufacturers in establishing a strong presence across the world, and the rising awareness about the utility of smartwatches can also be credited to the steady growth of the market in the recent past.

“While displaying smartphone notifications and updates remains a key application of smartwatches, their growing popularity is a result of their utility as fitness monitors,” adds TMR’s lead analyst. This capacity, aided by the development of sophisticated fitness and health tracking apps and their easy integration into the smartwatch ecology, has diversified the consumer pool of smartwatches, with the health-conscious middle class expected to play a key role in the development of the smartwatch market in the coming years.

North America to Remain Dominant in Global Smartwatch Market

By price, the global smartwatch market is segmented into high-end, mid-end, and low-end smartwatches. Of these, high-end smartwatches remain the leading contributor due to the dominance of established electronics giants such as Apple Inc. and Samsung Electronics Co. Ltd. However, the increasing demand from middle-class consumers is likely to drive the production of low-end and mid-end smartwatches in the coming years.

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Regionally, North America remains the key contributor to the global smartwatches market due to the presence of several global electronics giants and the high purchasing power of the consumers. Despite the steady growth of the Europe and Asia Pacific markets in the coming years, North America is likely to remain the leading regional segment of the global market. The annual revenue of the North America smartwatches market is expected to rise to more than US$9 bn by the end of 2020.

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This release was published on openPR.