DUBLIN--(BUSINESS WIRE)--The "Smart Watch Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The smart watch market was valued at USD 48.14 billion in 2018 and is expected to reach a market value of USD 130.55 billion by 2024, registering a CAGR of 18.23% during the forecast period 2019 - 2024.
IoT-driven smart watch is a key trend which will not only operate as standalone technologies, 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 and 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 are driving the market. Currently, the use of smart watches 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 increases the growth of the market.
- Increase in health awareness among the consumer is driving the market. Consumers across the globe is 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 event. Using smartwatch, a user can take required precautions in advance by consulting to the doctors and the doctors can easily track patient health status remotely through the smart watch and can treat them as per the requirement.
- One of the major reasons for consumers not opting for smart watches is the lack of awareness about the utility, the technology used and the complexity involved which is a major key restraint for the market.
Scope of the Report
The smart watch market are the new trend in the digital market and rapid advancements in Integrated Circuits (IC) technology is expected to propel further growth in the market. Based on compatibility, the smartwatches market is divided into android and iOS, where iOS smartwatches is leading the market in various applications such as medical, sports, etc.
Key Market Trends
Medical and Fitness to Account for a Significant Market Share
- Healthcare has been the most benefitting aspect of wearing wearables technology. Not only has it helped fitness freaks by providing them with necessary health parameters but also aided patients by providing insights on their conditions. People are more worried about their health and this has led to increase in shipment of fitness tracker, since every smartwatch has a component of fitness tracker by which the growth of the smartwatch is increasing significantly due to its multi functional features for health record.
- Saving on both the time and resources, smartwatches are helping even the doctors by rendering some complex and significant information. Medical professionals are being backed by this data to solve some knotty 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 minimised. 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
- 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 the North America region.
- The United States is one of the first countries to implement virtual SIM cards and integrate them into smart watches technology. This may boost the market for manufacturers, who are seeking to use smart watches as a 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 smart watch which help them in knowing how many steps they take every day, the calories they burn, the miles they run or swim, the time they spend sleeping, or have a register of their pulse rate and 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 United States where one can make and receive all phone calls from the LooK Watch itself without being paired to the cellphone with more features such as integrated SOS button, GPS features, fall detection, response system, etc, which drives the market growth.
The smart watch market is moving towards fragmented market as market leaders are banking on product innovation and product development to gain an edge and the number of local players are also increasing which is making a high rivalry in the market. Key players are Apple Inc., Fitbit Inc., Samsung, etc. Recent developments in the market are -
- Feb 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 will aware the person regarding his/her blood pressure activity.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Demand for Wireless Sports and Fitness Devices
4.3.2 Increase in Health Awareness Among the Consumer
4.4 Market Restraints
4.4.1 Lack of Awareness About the Utility and Technology
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Compatibility
5.2 By Type
5.3 By Application
5.3.1 Personal Assistance
5.3.4 Other Applications
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Apple Inc.
6.1.2 Fitbit Inc.
6.1.5 Fossil Group
6.1.6 Huawei Technologies Co., Ltd
6.1.7 LG Electronics Inc
6.1.8 Sony Corporation
6.1.10 Meta Watch Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/m5kvi2