Trends in Smartwatch Market
The global smartwatch market is expected to grow at a CAGR of 25.78% during the forecast period, 2019–2026
The acknowledgment that health is the only wealth steals the thunder of all the worldly possessions. Health and fitness are unquestionably the most ideal paths to lead a complacent and happy life, forget about the fickle affluence. Smartwatches disseminate the awareness about a newborn idea of tracking personal health thereby incorporating a healthy modern lifestyle as a mobile phone can be easily accessed by a smartwatch enabling the user to make calls, send message alerts, listen to music, play games, etc. As a result, people are moving towards technologically advanced smartwatches for tracking their daily activities, making life simpler on fingertips.
Many smartwatches are launched with a prime focus on health. Such as Apple watch series 4, launched in September 2018, can track heart rate, emergency or inactivity alerts, nervous system, and health-related events. Similarly, in March 2019, Fitbit launched four new wearables namely, Fitbit Versa Lite Edition, Fitbit Inspire HR, Fitbit Inspire, and Fitbit Ace 2 for making health and fitness accessible and affordable for the consumers across the globe. However, privacy and security concerns with the use of smartwatches are anticipated to hamper the market growth during the forecast period. Smartwatches collect personal data, such as, from the number of steps taken in a day to various financial information if the device is enabled to make payments. And if such data collected is maliciously captured by the third party, it can lead to cybercrime. Additionally, smartwatches control smart home, which might increase the possibility of theft if the security setting is not updated correctly.
In February 2019, Nubia Alpha announced the launch of foldable smartwatch rolling out in China from April followed by Europe and North America. Nubia Alpha features air interaction mechanics, motion gestures, voice-based commands, 5-megapixel camera for photos and video recording, and 500mAh battery with two days of battery backup. Similarly, the increasing integration of haptics technology in smartwatches is also expected to boost the global smartwatch market growth during the forecast period. It is used in smartwatches, smart jewelry, and other fitness devices for alerts and notifications.
Few Popular Smartwatch Apps are as Follows
Based on type, the extension segment holds the largest market share in 2019 and is expected to grow at a CAGR of 25.9% during the forecast period. The growth is attributed to innovative features offered by smartwatches, such as tracking, alerts, and connectivity. Extension smartwatch is followed by hybrid smartwatch and standalone smartwatch holding the market share of 30% and 12.68% respectively in 2019.
Based on Application, the market is segmented into personal assistance, healthcare/wellness, sports, and others (spiritual wellness, gaming, kids’ learning, and fashion). The healthcare/wellness segment holds the largest market share of 38.04% and is followed by sports, personal assistance, and other segments. According to Juniper, by 2023, the healthcare sector will be entitled to remotely monitor five million individuals using the data generated by smartwatches combined with AI-enabled software analytics to proactively identify individuals at risk.
Based on Connectivity, NFC Segment is expected to grow at the highest CAGR, owing to its growing adoption by brands like Apple (Watch), Samsung (Galaxy Gear), etc. Samsung Gear S3 smartwatch supports both NFC and MST contactless payments with and without a phone. Few popular smartwatches that support NFC connectivity are Fossil Q Explorist, LG Smart Watch, Michael Kors Access Sofie, Skagen Falster, TAG Heuer Connected Modular 45, Fitbit Versa, Huawei Watch 2, and TicWatch Pro.
Based on operating system, iOS segment holds the largest market share, as, it is compatible with portable devices, such as iPhone, iPad, iPod Touch, and smartwatches, offering multi-touch interface, such as, swipe, tap, pinch, and reverse pinch. Adding to this, it facilitates ease and comfort and saves the battery from discharge rapidly and also supports multitasking.
Based on regions, the market is segmented into: North America, Europe, Asia Pacific, and LAMEA.
Smartwatch Market Key Players
Smartwatch Market Segmentation
By Operating System