Smartwatch Market Size to grow by USD 38.81 billion between 2024-2028
According to a research report “ Smartwatch Market” by OS (Android wear, Apple watch OS, Fitbit OS, Tizen OS) Type (Integrated, Standalone) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 38.81 billion, at a CAGR of 14.94% during the forecast period. In the smartwatch market, key purchasing factors include a sleek design and operational efficiency, which are increasingly being addressed through technological advancements. Specifically, innovations in system-on-a-chip (SoC) technology and microelectromechanical systems (MEMS) are enabling manufacturers to produce smaller, less power-consuming devices. Samsung Electronics, for instance, utilizes System-in-Package-embedded Package on Package (SiP-PHP) technology in its Exynos7 Dual chipset for smartwatches, reducing printed circuit board space and integrating numerous electronic components. These advancements in chip packaging and process technologies are pivotal in accommodating various sensors and components within confined board spaces.
Browse market data tables, figures, and in-depth TOC on “Smartwatch Market” by OS (Android wear, Apple watch OS, Fitbit OS, Tizen OS) Type (Integrated, Standalone) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By OS, the Android wear segment is projected to dominate the market size in 2024
In the dynamic world of technology, integrated smartwatches have emerged as a significant innovation, enabling seamless connectivity with other computing devices, primarily smartphones. This connection facilitates the utilization of advanced smartwatch features, including internet access, messaging, social media notifications, weather updates, and music streaming. Integrated smartwatches employ Bluetooth and WiFi technologies for pairing with smartphones. The market for these devices is poised for growth due to the expanding reach of affordable smartwatches in developing economies and the entrance of established watch manufacturers, such as Huawei Technologies Co. Ltd. and Xiaomi Communications Co., into the sector.
By Type, Integrated segment is expected to hold the largest market size for the year 2024
Android Wear OS, a subsidiary of Alphabet Inc. and developed by Google LLC, is a specialized Android operating system designed exclusively for smartwatches. This OS allows users to access a multitude of applications from the Google Play Store, expanding the functionalities of their wearable devices. Android Wear OS empowers smartwatches with features such as interconnectivity, email management, GPS navigation, Bluetooth compatibility, and touch screen capabilities. Furthermore, it facilitates the synchronization of software and hardware with applications and determines the compatibility of third-party software for seamless integration.
North America is forecasted to hold the largest market size by region in 2024
The North American market represents a significant growth opportunity for smartwatch manufacturers, given the region's propensity for adopting advanced technologies early on. Key players, including Apple Inc., Alphabet Inc., and Garmin Ltd., call North America home. Factors fueling demand include rising disposable income, the introduction of built-in LTE smartwatches, and a heightened focus on health and fitness features. Furthermore, advancements in wireless network infrastructure have fortified the foundation for smartwatch expansion in North America. The US market is projected to dominate the region's smartwatch landscape throughout the forecast period.
The Smartwatch Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Smartwatch Market has witnessed significant growth in recent years, driven by the increasing demand for real-time health status monitoring. Health monitoring smartwatches have become a must-have device for people with diabetes, as they offer glucose monitoring features. These devices help users keep track of their blood sugar levels, ensuring they maintain optimal health. Heart health monitoring is another key feature of health monitoring smartwatches, with native sleep tracking, fall detection, and SpO2 sensors becoming increasingly popular. OLED-based smartwatches with ECG sensors and heart rate monitors are also gaining popularity, providing users with accurate and real-time health data. The fitness industry has also embraced wearable technology, with fitness tracking becoming a standard feature in smartwatches. Millennials and urbanized populations are particularly interested in health consciousness, driving up shipment volume in the smartwatch market. The integration of advanced health monitoring features, such as blood oxygen saturation and electrocardiograms, further enhances the appeal of these devices. The smartwatch market is poised for continued growth, as people seek to take control of their health and wellness.
Market Research Overview
The Smartwatch market report reveals a significant growth trajectory, driven by the integration of advanced health monitoring features and wearable technology. Companies like Business and L'Oreal are leading the charge, developing smartwatches with skin sensors for glucose monitoring, catering to the diabetes market. Upgraded smartwatches now include EKG monitors, fall detection apps for older people, and real-time health status tracking. Health monitoring smartwatches offer high image quality, low power consumption, and digital assistant capabilities for text messages, music, weather reports, and phone calls. They are no longer just time-keeping devices, but wearable computing devices. Heart health monitoring, native sleep tracking, fall detection, and electrocardiogram (ECG) sensors are becoming standard features. The global smartwatch market is expected to expand further with the integration of SpO2 sensors for blood oxygen monitoring, calorie counters, stress monitors, and interfaces with operating systems like Android and iOS. Brands like Forerunner 945 LTE, Xtend Sport, Boat, and Gear A are leading the charge in this market. However, the smartwatch market is not without challenges, including supply chain disruptions and the need for upgraded display technology like LCDs and OLED-based smartwatches. The price bands for these devices are also a consideration, as they cater to various demographics, from millennials to older adults, driven by health consciousness, urbanization, and shipment volume.
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