LONDON--(BUSINESS WIRE)--The global smartwatch market is expected to post a CAGR of close to 16% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The proliferation of low-cost smartwatches is one of the key factors anticipated to drive market growth during the forecast period. Several companies have entered the smartwatch market with innovative products at competitive prices due to which smartwatches have become more affordable over the last few years. In addition, companies including Lenovo, Huami, Huawei Investment & Holding are providing premium smartphone features such as voice calls and health tracking at minimal costs. Furthermore, economical smartwatches are also gaining prominence in the emerging economies of China, India, and Brazil, along with Europe and North America. This will further boost market growth in the upcoming years.
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As per Technavio, the growing use of smartwatches for contactless payments, will have a positive impact on the market and contribute to its growth significantly over the forecast period. The smartwatch market research report also analyzes other important trends and market drivers that will affect the market growth over 2019-2023.
Global Smartwatch Market: Growing Use of Smartwatches for Contactless Payments
Smartwatch OEMs are increasingly integrating NFC technology as a standard into most of their upcoming product offerings. NFC technology incorporates small chips to connect with other devices, such as mobile phones to enable contactless payments by a direct tap or through a POS terminal. The integration of NFC technology has enhanced the functionality of smartwatches, leading to the incorporation of features that enable contactless payments, tag reading, and data transfer capabilities. Thus, an increase in the number of consumers seeking innovative ways to make contactless payments will boost the demand for NFC technology driven smartwatches.
“The increasing number of patent filings by smartwatch manufacturers and rising number of partnerships among market participants are some other key factors that will contribute to the growing smartwatch market size during the forecast period,” says a senior analyst at Technavio.
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Global Smartwatch Market: Segmentation Analysis
This market research report segments the global smartwatch market by type (integrated and standalone), OS (watchOS, Tizen, Wear OS, and others) and geographical regions (North America, APAC, Europe, South America, and MEA).
The North American region led the market in 2018, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market due to the developments in wireless network infrastructure in the US. In addition, according to this smartwatch market analysis, other factors such as the increase in disposable income, emergence of built-in LTE smartwatches, and rise in health and fitness-focused features will further drive the smartwatch market during the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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