PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1484693
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1484693
Key Highlights
The smartwatch market generated a value of USD 38.7 billion in 2023, which will rise to USD 73.3 billion, powering at more than 9.4% compound annual growth rate, by 2030.
This growth is because of the increasing urbanization rate and the growing need for advanced products with many features, such as pulse rate tracking, step counting, and sleep quality monitoring.
The swift arrival of wearable technology has made people more aware of their health and fitness.
With greater access to technology, individuals are progressively adopting advanced devices to maintain/improve their fitness levels.
In this context, health & fitness smartwatches assist them in monitoring their day-to-day activities and decreasing bad practices that can affect their health in the long run.
The capability of smartwatches to flawlessly incorporate everyday health-associated activities into an app-based module that is accessible with a smart device like a tablet or smartphone is enhancing their acceptance.
The advanced incorporation and cross-compatibility of personal assistance and personal health features in a single smartwatch are key trends being witnessed in the industry.
With the swift arrival of wearable technology worldwide, coupled with the quick increase in wearable fitness goods sales, smartwatch and healthcare wearables makers have been integrating each other's knowledge into one compact product.
Key Insights
North America is leading the industry, and it will further propel at approximately 9.5% CAGR during this decade. This is because numerous people in this region are adopting these devices.
North America is a major target region for major players like Samsung and Apple.
APAC is likely to grow at the fastest compound annual growth rate, of 9.9%, in the years to come.
The industry for smartwatch in APAC is driven by the dominance of affordable smartwatches in China, increasing customer interest in these gadgets in India, and advanced infrastructure in South Korea.
The extension category led the industry in 2023, with approximately 45% share, because of the arrival of new variants that can be utilized as an extension to smartphones or other similar devices.
The standalone category will propel at the fastest rate in the coming years, owing to the rising introduction of these products, their feature-laden aspect, and their lower price.
The iOS category accounted for the leading share of the industry in 2023, of 65%. This can be because of the brand popularity of Apple and the existence of other variants with less-competent features.
Personal assistance application led the industry in 2023, with more than 50% share, because of the rising customers' adoption of smartwatches to ease their everyday activities.
Medical applications will grow at the fastest compound annual growth rate during this decade. The requirement for these devices for medical and health purposes has been suggestive of an optimistic future for this market.
Product introductions have been the main strategic initiatives taken by the major companies in the past few years.
Seeing the rising need for new models of smartwatches with advanced features like voice recognition and touch displays, players are introducing new versions/updates and better models regularly to enhance their market position.