The demand for smartwatches has significantly risen in the last few years owing to the entry of major players in the market. With the advent of the latest technologies and entry of vendors such as Sony Corporations, Apple Inc., and Samsung Electronics, Inc., customers are now treated with a wide range of more sophisticated wearable devices. Additionally, the leading players are also contemplating expanding their wearable product offerings, which is anticipated to give significant impetus to the global market for smartwatches.
Analysts at Transparency Market Research (TMR) see a huge growth potential for smartwatches. According to a report published by TMR, the global smartwatch market, which stood at US$701.2 mn in 2013, is expected to exhibit a staggering CAGR of 53.6% between 2014 and 2020.
Exponentially Increasing Number of Smartphone Users to Drive Global Smartwatches Market
Smartwatches are digital watches with way more functionalities than traditional analog or digital time-tracking wristwatches. They are best explained as full-fledged digital tools allowing users to stay connected online and keep track of their health round the clock. Smartwatches are presently available in the market as companion devices, so the presence of a large pool of smartphone users around the world is the key factor fuelling demand from the global smartwatches market.
Advent of Sophisticated Operating Systems Such as Android Wear to Fuel Demand from Market
To gain a competitive edge, the most prominent companies in the market are focusing on customizing the operating systems they use in wearable devices to suit the dynamic consumer preference. For instance, not much time ago, Google, Inc. unveiled its Android Wear OS, which is a customized version of Android OS integrated in wearable devices. With the advent of this novel technology, an increasing number of manufacturers have expressed keen interest in venturing into the smartwatch market with Android Wear as their preinstalled operating system. The demand for Android Wear OS has, therefore, significantly increased in the global market for smartwatches. Other operating systems for smartwatches available in the market include Tizen OS, Pebble OS, and Linklt OS. The market share held by these operating systems has visibly declined after the launch of Android Wear in 2014.
North America Dominates Global Smartwatches Market, Developing Nations to Also Exhibit Rising Demand
Regionally, North America held the largest share in the global market for smartwatches in terms of revenue. With the region being home to a substantially large number of tech-savvy and health-conscious users, the demand for smartwatches is likely to remain high in North America in the near future. Furthermore, the region boasts high internet and smartphone penetration, which has been aiding the expansion of the smartwatches market in North America. The end users living in this region enjoy high purchasing power, which is anticipated to drive the North America smartwatches market between 2014 and 2020.
Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/smart-watch-market.htm
The demand for smartwatches is poised to rise exponentially in Asia Pacific and Europe over the next few years. In Asia Pacific, the demand will be particularly high in countries such as India, Japan, China, and Australia. The incredibly rising demand for medium- and low-end smartwatches in Latin America, Asia Pacific, and Eastern Europe will significantly boost the global market for smartwatches in the near future.
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