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The Global Smartwatch Market size is estimated to grow by USD 31,385.89 million between 2022 and 2027 accelerating at a compound annual growth rate (CAGR) of 14.83%. The growth of the market depends on several factors, including technological advances in the semiconductor industry, growing investments in telecommunication network infrastructure, and the proliferation of low-cost smartwatches.
This smartwatch market report extensively covers market segmentation by type (integrated and standalone), OS (android wear, apple watch OS, Fitbit OS, and Tizen OS), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of upcoming trends and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Technological advances in the semiconductor industry are a prominent smartwatch market driver. Technological advancements in electronic components like SoC and MEMS are driving the development of sleek, small, and efficient smartwatches. Integration of multiple components in limited space and reduced power consumption are made possible by these advancements. Samsung utilizes SiP-PHP technology to reduce chip thickness and incorporate various components. MEMS technology enables the integration of features like voice recognition and haptics, supporting the miniaturization of smartwatches. These advancements in the semiconductor industry are major drivers for the global smartwatch market's growth. Smartwatches are becoming more appealing with their sleek design, compact size, and improved efficiency.
One of the major trends that have been identified in the global smartwatch market is the increasing number of patent-related activities in the smartwatch space. A patent is a license that confers the right or title for a fixed period; therefore, granting the patent right prevents any other person or company from making, using, or selling an invention. Several vendors are focusing on obtaining patents related to displays, cameras, sensors, and other related technologies. This is being done to include a greater number of electronic devices on a smaller footprint and integrate advanced technologies in next-generation smartwatches. Furthermore, in the highly competitive global smartwatch market, patent rights enable vendors to gain a competitive edge over competitors. For instance, patents filed by the major vendor are mentioned provided below:
The number of patents filed by smartwatch manufacturers has gradually increased over the past five years, fueled by the increasing demand for wearables electronic devices globally. The efforts of market participants to obtain patents will result in the research and development (R&D) of innovative smartwatches. Hence, an increase in patent-related activities will accelerate the development and commercialization of high-performance smartwatches during the forecast period.
Increasing data security and privacy concerns is major challenge hindering market growth. Data security and privacy concerns pose a significant challenge for smartwatch users. Motion sensors embedded in smartwatches make them vulnerable to hackers, who can intercept data without the owner's knowledge. With access to real-time data, including personal, health, and financial information, the risk of data breaches is high. The integration of motion sensors and wireless connectivity increases the cybersecurity risk. Efforts to mitigate this issue are being undertaken by some countries. Furthermore, the use of smartwatches in athletics championships raises concerns about privacy violations, as hackers can track athletes' workouts and strengths. Smartwatches with NFC chips also face the risk of hacking customer information for contactless transactions. Addressing these data security and privacy concerns is crucial for the growth of the global smartwatch market.
The global smartwatch market share growth by the integrated segment will be significant during the forecast period. An integrated smartwatch must be connected to other computing devices, such as smartphones, in order to access the smartwatch's smart features. Integrated smartwatches use Bluetooth or Wireless Fidelity (Wi-Fi) technology to pair with your smartphone. Using Bluetooth and Wi-Fi technology, users can access the Internet, send and receive messages, receive social media notifications and weather forecasts, and listen to music. The demand for integrated smartwatches is expected to increase due to the increasing penetration of low-cost smartwatches in emerging markets and the entry of some traditional watchmakers.
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The integrated segment was valued at USD 14,074.59 million in 2017 and continued to grow until 2021. The integrated segment is a lucrative segment for smartwatch makers. In recent years, several analog watchmakers have entered the global smartwatch market. This segment will continue to dominate the market during the forecast period as LTE connectivity is not seen as a significant added value for customers. Customers prefer smartphones for making calls and browsing the web. Smartwatches are primarily considered health and fitness devices. Many traditional smartwatch makers are expected to enter the integrated smartwatch segment during the forecast period. This is driven by the high demand for integrated smartwatches among users. The integrated segment is therefore expected to drive the growth of the market during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America stands as a lucrative market for smartwatch manufacturers due to its early adoption of advanced technology. Major players like Apple, Fitbit, and Garmin are based in the region. Factors such as rising disposable income, the emergence of integrated LTE smartwatches, and the proliferation of health and fitness features are driving the demand for smartwatches in North America. The development of wireless network infrastructure further supports this growth.
Despite the negative impact of COVID-19 in 2020, with lockdowns and disrupted supply chains, the market rebounded as vaccination campaigns were initiated in 2021. The post-pandemic focus on health benefits and fitness tracking is expected to fuel the demand for smartwatches, driving market growth in the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smartwatch Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Apple Inc.- The company offers smartwatch such as apple watch series 7 and apple watch SE.
The report also includes detailed analyses of the competitive landscape of the market and information about 10 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The smartwatch market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Smartwatch Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.83% |
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Market growth 2023-2027 |
USD 31,385.89 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
13.54 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 42% |
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Key countries |
US, Canada, China, Japan, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Apple Inc., ASUSTeK Computer Inc., BBK Electronics Corp Ltd, CASIO Computer Co. Ltd., ENOX Production Services GmbH, Fossil Group Inc., Garmin Ltd., HK SMARTMV Ltd., Huawei Technologies Co. Ltd., Imagine Marketing Pvt. Ltd., Lenovo Group Ltd., Nexxbase Marketing Pvt. Ltd., Omate Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Tata Sons Pvt. Ltd., Timex Group, Zeblaze Technology Co. Ltd, Zebronics India Pvt. Ltd., and ZTE Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by OS
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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