Smart Watch Market - Growth, Trends, and Forecast (2019 - 2024)

Smart Watch Market - Growth, Trends, and Forecast (2019 - 2024)

  • November 2019 •
  • 111 pages •
  • Report ID: 5865754 •
  • Format: PDF
Market Overview
The smartwatch market was valued at shipments volume of 43.87 million in 2018 and it is expected to reach a volume of 108.91 million by 2024, registering a CAGR of 14.5% during the forecast period 2019 - 2024. IoT-driven smartwatches are a key trend that will not only operate as a standalone technology but interact with other IoT-devices to vastly improve a user’s quality of life. The Kaa IoT platform complements wearable technology, such as smart watch with superb ready-to-use IoT functions and applications. Kaa is easily integrated with tiny microchips in wearable devices. It enables instant interoperability, device management, data collection, events and rules execution, security, and other features, which will drive the market in future.

- Increasing demand for wireless sports and fitness devices is driving the market. Currently, the use of smartwatches among cyclers, runners, gym-goers, swimmers, and athletes is increasing rapidly, owing to their wide range of monitoring capabilities. The wireless synchronization of these watches with smartphones enables users to control music, notifications, alarms, auto sleep, and other functions, which drives the growth of the market.
- Increase in health awareness among the consumer is driving the market. Consumers across the world are spending a lot on health monitoring gadgets. The recent Apple watch series 4 can track heart rate, nervous system, emergency, or inactivity alerts, and health-related events. Using smartwatch, a user can take the required precautions in advance by consulting doctors. Doctors can easily track patient health status remotely through the smartwatch and can treat them as per the requirement.
- According to the survey from Rock Health on digital health adoption, in 2018, wearable adoption increased rapidly from 24% in 2017 to 33% in 2018. More consumers are leveraging such devices to address critical health needs rather than just fitness tracking.
- Moreover, the ongoing technological advancements by market players are also stimulating the growth of smartwatches, as they are technical products that require constant R&D for different features. In 2019, Fossil launched the Fossil Sport smartwatch. This smartwatch is powered by Qualcomm Snapdragon Wear 3100 processor and runs the newly-redesigned Wear OS by Google. This product is ideal for all health and activity enthusiasts.
- One of the major reasons for consumers not opting for smartwatches is the lack of awareness about its utility. The technology used in smartwatches and the complexity of the devices are major key restraints for the market.

Scope of the Report
A smartwatch is a wearable electronic device that also has computed capabilities for specific functions and closely resembles a wristwatch.nOwing to the type of application it is used for, in addition to displaying the time, many smartwatches have wireless communication capabilities that a user can use from the watches interface to initiate and answer phone calls, read emails and messages, receive weather report updates, dictate emails or text messages, or use it as personal digital assistant.

Key Market Trends
Medical and Fitness to Account for a Significant Market Share

- Monitoring health has been the most advantageous aspect of wearables technology. Not only does it help fitness-enthusiasts by providing them with necessary health parameters but also aids patients by providing insights on their conditions. People are more worried about their health and this has led to an increase in shipment of fitness trackers. Since every smartwatch has a component of a fitness tracker, the popularity growth of smartwatch is increasing significantly, as it has multi-functional features for recording health parameters.
- Saving on both the time and resources, smartwatches are helping doctors by rendering some complex and significant information. Medical professionals are being backed by this data in solving puzzles, like what would be the impact of a new drug, or the constant monitoring of recovery status of an operated patient and much more.
- The accelerometers built into smartwatches can potentially be deployed to detect seizures and tremors, particularly with conditions like epilepsy. When epilepsy seizures happen, quick and effective treatment is an essential part of making sure the risks of long-term damage to the body are minimized. If smartwatches can be used to alert friends, family, and healthcare workers about seizures that could make a huge difference for the patient recovery.
- Fitbit is working towards clinical validation and regulatory approval of its software for use in detecting health conditions, such as sleep apnea and atrial fibrillation, which will help in promoting health fitness and growth of the market.

North America to Hold a Major Share

- The North American market is growing rapidly due to recent innovations in smartwatch products. With the evolution of new technologies, the number of applications of this technology is increasing in the North American region.
- The United States is one of the first countries to implement virtual SIM cards and integrate them into smartwatch technology. This may boost the market for manufacturers, who are seeking to use smartwatches in the standalone device category.
- Moreover, nearly three-quarters of American men and more than 60% of women are obese or overweight, which increases the usage of smartwatch, which helps them track their steps every day, the calories they burn, the miles they run or swim, the time they spend sleeping, or register their pulse rate. By donating this data to science, it can stir up medical research and trials.
- LooK Watch is a unique standalone smartwatch and the first ever to be connected to an Internet of Things (IoT) platform in the United States. One can make and receive phone calls from the LooK Watch itself, without being paired to the cellphone. It has more features, such as integrated SOS button, GPS features, fall detection, response system, etc., which drives the market growth.

Competitive Landscape
The smartwatch market is a fragmented market, as market leaders are banking on product innovation and product development to gain an edge and the number of local players is also increasing. This makes the rivalry intense in the market. Key players are Apple Inc., Fitbit Inc., Samsung, etc. Recent developments in the market are -
- September 2019 - Garmin unveiled new Venu smartwatch and adult Marvel watches. The Garmin Venu, VivoActive 4, VivoMove 3 and Legacy Heroes Series are all designed to give a tougher competition for the Apple Watch.
- August 2019 - Samsung launched Galaxy Watch Active 2, which comes with an improved heart rate and an accelerometer. It also features a haptic-response touch bezel instead of a physical one.
- February 2019 - Samsung introduced a new smartwatch that claimed to monitor blood pressure and keep better track of the person’s physical health every day. Samsung is looking at measuring variation in blood pressure and not absolute blood pressure, which makes the person aware of his/her blood pressure activity.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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