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The Worldwide Market for Smart Watches to 2023: $110+ Million Opportunity Forecast with DROC Analysis

Dublin, Dec. 10, 2018 (GLOBE NEWSWIRE) -- The "Smart Watch Market - Segmented by Compatibility (Android, iOS), Type (Stand-alone, Wireless), Application (Personal Assistance, Medical, Sports), and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

Globally, the number of smart watch unit shipments was estimated at 41.5 million in 2017 and is expected to reach 110.38 million by 2023, at a CAGR of 18.02%, during the forecast period (2018-2023).

Smart watches 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. The integration of IoT technology can further enhance the capability of smart watches, where one device can serve all the purposes rather than multiple apps and devices. Technologies, such as 3D printing are helping the growth of the smart watch market.

Increasing Demand for Wireless Sports & Fitness Devices is Driving Growth

The meteoric rise in demand for wireless sports and fitness devices is widely considered as one of the major drivers for the growth of the smart watches 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.

GPS tracking, which can help track the distance, elevation climbed, and measure pace, is a key feature in a majority of smart watches, which attract athletes and climbers. Heart rate monitoring is a common feature in smart watches, which can monitor automatic, continuous wrist-based heart rates. Smart watches can easily track steps, calories burned, floors climbed, hourly activity, stationary time, and activity time.

Additionally, multi-sport modes and automatic tracking features are available in certain smart watches. The wide range of features mentioned above serve as testament to the increasing use of smart watches. However, the presence of a large variety of smart watches with different sets of features, allows end-users to choose a smart watch that suits their requirement. Moreover, there is a large pool of smart watch apps in the market. Thus, the market is experiencing a healthy surge.

Android Held the Largest Share of the Smart Watch Market in 2017

Android has been the dominating mobile operating system in terms of user-base, and hence, it was logical to design watch operating systems compatible to android-powered smart phones. While there are a few standalone watch operating systems, a majority of them are compatible with android. Increasing support from OEMs in the IT industry and the adoption of Android Wear became the cornerstone of the android smart watch strategy.

In the recent past, the android operating system platform has been addressing the gaps in the product portfolio to lure new users. A fast-growing community of developers is pitching in, making this operating system affordable by the day. The OS has almost all the features of a regular Android, scaled down to work on smart watches, adding functionalities to the existing paired android mobile phone.

North America Holds the Lion's Share

North America has emerged as the clear frontrunner in the technology industry, having a sizeable impact on the economy, health and employment opportunities in the region. Smartphones and cellphones have become indispensable for the growth of various industrial sectors. Various critical infrastructure components in North America completely depend on digital systems to perform their missions.

The digital technology industry provides the foundation for information exchange in all the sectors, including healthcare, and retail. Additionally, IoT is predicted to undergo massive growth in the coming years, and mobile technologies play a vital role in enabling the industrial growth. The advanced industries sector is highly metropolitan and varies considerably in its composition and depth across regions.

Developments in the Market

  • February 2018 - Apple launched its first store in Austria, this is as a part of company's expansion into untapped markets
  • July 2017 - Harman International, a wholly owned subsidiary of Samsung Electronics, acquired British hi-fi company, Arcam

Key Topics Covered

1. Introduction
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study

2. Research Approach and Methodology

3. Executive Summary

4. Smart Watch Market Insights
4.1 Smart Watch Market Overview
4.2 Industry Attractiveness-Porter's Five Industry Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products or Services
4.2.5 Competitive Rivalry among Existing Competitors

5. Smart Watch Market Dynamics
5.1 Factors Driving the Market
5.1.1 Increasing Demand for Wireless Sports and Fitness Devices
5.1.2 Diminishing Costs of Production
5.2 Factors Restraining the Market
5.2.1 Lack of Proper IT Infrastructure

6. Technology Snapshot

7. Global Smart Watches Segmentation
7.1 By Compatibility
7.1.1 Android
7.1.2 iOS
7.1.3 Others
7.2 By Type
7.2.1 Stand alone smart watches
7.2.2 Wireless smart watches
7.3 By Application
7.3.1 Personal Assistance
7.3.2 Medical/Healthcare
7.3.3 Sports
7.3.4 Others
7.4 By Geography
7.4.1 North America Smart Watch Market Size (2018-2023)
7.4.2 Europe Smart Watch Market Size (2018-2023)
7.4.3 Asia-Pacific Smart Watch Market Size (2018-2023)
7.4.4 The Middle East & Africa Smart Watch Market Size (2018-2023)
7.4.5 Latin America Smart Watch Market Size (2018-2023)

8. Competitive Intelligence-Company Profiles
8.1 Pebble Technology Corporation
8.2 Sony Corporation
8.3 Samsung Group
8.4 Google Inc.
8.5 Apple Inc.
8.6 Qualcomm Inc.
8.7 Neptune Pine
8.8 I'm S.P.A
8.9 Connected Device Ltd.
8.10 Meta Watch Ltd.
8.11 Timex Group Inc
8.12 Razer Inc.
8.13 LG Electronics Inc.
8.14 Sonostar Inc.

9. Investment Analysis

10. Future Outlook of the Market

For more information about this report visit https://www.researchandmarkets.com/research/2t3f2x/the_worldwide?w=12

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

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                    Related Topics: Wearable Technology
                    

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