A smartwatch is a wrist-worn type of wearable device providing various functionalities to its user and acting as a companion device with smartphones. Smartwatches are mostly need to be paired with a smartphone using any connecting technology such as near-field communication (NFC) or Bluetooth. Smartwatches provide notifications to its user and can also be used to track health parameters such as heart rate, distance traveled, etc. Moreover, smartwatches can also be used as a GPS device. Smartwatch provide high degree of connectivity to its users and are useful for the group that aims health related purposes and fitness tracking. Global smartphone shipments are expected to increase continuously in the coming years due to developing network infrastructure and increasing internet penetration. The global smartwatch market was valued at US$ 701.2 Mn in 2013 and is expected to grow at a CAGR of 53.6% during the forecast period 2014 – 2020.
For Industry Trends & Forecast Download Free PDF: http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3266
Rising Interest in Technology, Diversification of Application Drive Smartwatch Market
The global smartwatch market is driven primarily by the modern consumer’s increasing demand for technology to monitor various aspects of their life. While smartwatches weren’t an instant success when they were launched, the subsequent technological advancement has made it much easier to incorporate smartwatches into the existing technological framework. This has enhanced the functionality of smartwatches and has thus boosted their demand. The steady advances in communications technology are likely to be a positive factor for the smartwatch market in the coming years.
The steady growth of smartwatch manufacturers, with startups registering solid growth since the conception of smartwatches, has also helped the global smartwatch market expand its regional reach. The extended distribution and marketing network has aided smartwatch manufacturers in establishing a strong presence across the world, and the rising awareness about the utility of smartwatches can also be credited to the steady growth of the market in the recent past.
“While displaying smartphone notifications and updates remains a key application of smartwatches, their growing popularity is a result of their utility as fitness monitors,” adds TMR’s lead analyst. This capacity, aided by the development of sophisticated fitness and health tracking apps and their easy integration into the smartwatch ecology, has diversified the consumer pool of smartwatches, with the health-conscious middle class expected to play a key role in the development of the smartwatch market in the coming years.