Every passing day, people’s desire to represent themselves with trending fashion is leading to adopt latest attire. Smart watches are trending wearable, that are blend of smart technology and fashion. Further, people those are health conscious are lucky to have this smart way to monitor different aspects related to health and can easily share it with their health advisors through digital techniques. Smart watches are equipped with technology that allows it to connect with smartphones via Bluetooth or other sharing techniques so as to quickly go through notifications or messages etc.
According to an exclusive study on global smart watch market by Persistence Market Research, the market is estimated to exhibit tremendous growth with 16.6% CAGR to reach above US$ 30,811 Mn by the end of forecast period (2017-2025). Continuous innovations in smart watches have led this market to achieve highest expansion.
Dynamics of Market
Smart watches allow one to integrate apps and extend usage of the mobile phone. Latest features in smart watch with android operating system include handwritten recognition, much easier way to reply to messages, Google assistance on the wrist and the apps can now run without the phone in reach. According to the report, the android wear smart watch segment is anticipated to increase at double-digit CAGR value over the assessment period. Whereas, the smart watches based on iOS platform will expand at steady growth rate and are anticipated to retain its dominance in the smart watch market throughout the assessment period.
Several smart watches have technology to pay bill through just a tap. The apple pay features provides this facility to consumers to pay hassle-free. One’s credit card details can be stored in the watch without opening wallets, he/she can pay through it. However, these smart watches cost a lot more than regular one. Such kind of facility won’t be available in medium price smart watches. The report reveals, in terms of revenues, the medium price smart watches are likely to witness steady expansion through 2025, while low price smart watch segment will showcase high y-o-y growth rate.
Also, on the basis of age group, 25-34 years segment is likely to remain most attractive in the global smart watch market, in terms of value throughout the forecast period. Moreover, 15-24 years segment is likely to witness expansion at double digit CAGR over the assessment period.
The study also analyzes dynamics of market on the basis of sales channels. The market has been segmented into organized retail chain, unorganized retail chain and e-commerce stores. Among these, organized retain chain segment is expected to register high y-o-y growth over the assessment period. Further, in terms of value, the segment is anticipated to increase at staggering double-digit CAGR throughout the assessment period. The online e-commerce segment had secured over US$ 3,876 Mn revenues in 2016 and projected to grow at steady CAGR throughout the assessment period. However, the online e-commerce store segment is expected to be most lucrative segment of the global smart watch market over the assessment period.
On the other side, the market also has been segmented in to extensive smart watch, hybrid smart watch, standalone smart watch, on the basis of product type. Among these, the standalone smart watch segment retained its dominance in 2017, procuring more than one-third revenue share of the market.
The North America, Latin America, MEA, APAC and Europe are 5 key regions that are analyzed in the report. Asia Pacific retained its dominance in 2017 in smart watch market with the contribution of more than US$ 2,915 Mn to the global market. In addition, the North America smart watch market is anticipated to grow at high CAGR throughout the assessment period.
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Number of companies are contributing in growth of the smart watch market. Some of the leading companies that have huge contribution are profiled in the report include, Nokia Corporation (Withings), Apple Inc., Samsung Electronics Co., Ltd., Xiaomi Corporation, Sony Corporation, Fossil Group, Inc., Garmin Ltd., Huawei Technologies Co., Ltd., and Fitbit Inc.
Innovation in smart watch for variety of applications is supporting growth of the smart watch market. North America market is rising rapidly due to recent innovations in smart watch products, which offer unique capabilities of products and provides benefits to manufacturers. With the evolution of new technologies, the number of applications of these technologies is increasing in North America region.