The Global Market for Smartwatches is Projected to Exceed 110 Million Units by 2020

Robust Demand for Wireless Fitness and Sports Devices Drives the Global Smartwatches Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Smartwatches market. The global market for Smartwatches is projected to exceed 110 million units by 2020, driven by robust demand for wireless fitness and sports devices, rapid penetration of smartphones, and launch of advanced versions with improved functional and operational efficiency.

Smartwatches represent the next evolutionary phase in mobile communications, evolving as a key component of the ‘wearable web’ phenomenon that is expected to revolutionize the mobile communications landscape. Smartwatches are computerized watches with their own operating system and are capable of installing third-party applications or software. These devices sync with smartphones through Bluetooth or Near-Field Communication (NFC) connectivity to be used as a multi-functional watch, Android app interface, notification agent and a phone remote control. Few of the numerous functions performed by a smartwatch that is driving its widespread adoption include recording and storing heart rate, blood pressure, temperature, sleep patterns, calories burnt, and water and blood oxygen content in the body; checking incoming calls, social media notifications, text messages, and weather updates; and being a fitness tracker, task reminder, organizer, phone locator, and GPS navigator, among others.

Strong growth is projected for the smartwatches market in the coming years driven by robust demand for wireless fitness and sports devices on account of increased health consciousness among consumers, evolution of an information-oriented generation, and overall industry trend to move healthcare from hospitals to homes to personal care. Another important growth driver is the rapid penetration of smartphones worldwide, which represents the most important enabler for realization of the
smart wearables revolution. The smartwatch market is projected to be positively impacted by falling prices, improved hardware with better designs and user-friendliness; improved software solutions by app developers; as well as a higher number of players venturing into the market. Future smartwatches will represent intelligent wrist wear for the digital, connected, and mobile individual with faster speed, improved screen resolution, sleeker form factors, longer battery life, and equipped with intelligent sensors and Bluetooth Low Energy (BLE) connectivity.

As stated by the new market research report on Smartwatches, Asia-Pacific represents the largest as well as the fastest growing regional market worldwide with an impressive CAGR of 76.9% over the analysis period. Rising penetration and use of smartphones, increasing levels of Internet access, thriving economies, increasing spending power, growing demand from young adults, elderly, and tech-savvy and health conscious consumers, rising 3G/4G penetrations, and huge latent demand due to relatively lower per capita ownership makes the region a highly lucrative market with enormous potential for growth.

Key players covered in the report include ASUSTeK Computer, Inc., ConnecteDevice Ltd., Fitbit, Inc., Garmin Ltd., Google, Inc., Hewlett-Packard Development Company L.P, Huawei Technologies Co., Ltd., Kairos Watches, Kronoz LLC, LG Electronics, Lenovo/Motorola, Martian Watches, Montblanc North America, LLC, Nike, Inc., Pebble Technology Corporation, Polar Electro Oy, Qualcomm Inc., Samsung Electronics Co., Ltd., Sony Corporation, TCL Communication, Withings SAS, and ZTE Corporation.

The research report titled “Smartwatches: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, South Korea, and Rest of Asia-Pacific), Middle East & Africa, and Latin America. Operating systems analyzed for the global market include Android/Android Wear, watchOS, and Others.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

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