Smartwatches are Gaining Popularity Among the 15–35 Year Age Group, Who Have A Penchant For Using Advanced Technology To Track & Maintain Personal Health & Fitness Schedules
The increasing data dependency among the users, growing demand for connected & smart systems, and heavy investments on building smart cities by several governments are the major key determinants driving the demand for smartwatches. According to the United Nations, more than 65% of the world population is anticipated to shift in urban areas by 2050. The total expenditure on IoT technology in Asia-Pacific is expected to increase at a faster pace during the forecast period. For instance, the government of South Korea decided to invest $350 million in around 300 companies to develop an IoT ecosystem within the country. Such investments will result in an ecosystem where people have access to technologically advanced wearable devices, such as smartwatches.
Alarming Privacy and Security Concerns
A 2015 research study by Hewlett-Packard found critical security issues in smartwatch devices while testing. Additionally, in February 2019, the European Commission raised concerns over Safe-KID-One – a children's smartwatch by German electronics vendor ENOX. The smartwatch contained several security flaws which could help third-parties to track the watch and find the child’s location.
Smartwatches Endorse a Healthy Lifestyle
Smartwatch functioning as a medical device is one of the primary drivers for the global smartwatch market. People are using it not only for tracking steps or day to day activities but also for monitoring blood pressure and diagnosing various other health conditions. Health insurance companies are also experimenting with smartwatches encouraging customers to keep a check on their fitness and maintain a healthy lifestyle.
Market players are also targeting kids and offering smartwatches with games, GPS tracking, learning, and many more. Few smartwatches popular for kids are as follows
Smartwatches Provide Gamut of Healthcare Features
Smartwatches with features specifically for healthcare and wellness are expected to grow at the highest pace during the forecast period. Features include heart rate variability analysis, fitness tracker, sleep apnea, stress management, and oxygen saturation. The market expansion is attributed to the improvements in remote patient monitoring technology and initiatives taken by the health insurance companies.
Bluetooth Receives Substantial Demand Due to its Ease of Connectivity
Bluetooth enabled smartwatches are expected to contribute a fair amount of share in the smartwatch market during the forecast period, owing to the growing demand of technologically advanced bluetooth-enabled smartwatches. Pebble, Sony, LG, and ASUS are the primary companies that have introduced smartwatches with Bluetooth functionalities.
North America held the largest market share of 36.52% in 2018, followed by Europe, Asia-Pacific, and LAMEA. The growth is mainly driven by brand loyalty and consumer status in North America. Additionally, the technological advancements and presence of leading vendors are the factors boosting the smartwatch market growth in North America.
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