February 18 2021
Market Research Future published a research report on “Smartwatch Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
A smartwatch is a portable device which is to be worn on the wrist for various applications. Smart watches are just like a traditional watch but is integrated with latest technologies and sensors. But unlike traditional watches, smart watches have capabilities of smartphones such touchscreens, support apps, and often record heart rate of humans and other vital signs such as calories and blood pressure. Smart watches have various connectivity technologies inbuild and in order to exchange information, it establishes connection with a smartphone in order to work to its full potential. the popular technologies by which smart watches gets connected with smartphones are Bluetooth, wi-fi and some devices also allow quick and easy setup using NFC. Once the smart watch is connected with smartphone, user can choose the functionality of smart band such as notification like messages, emails, calls and other. Some smart watches also allow users to control the functionality of their smartphones such as making calls, reading messages and controlling the music of the smartphone. Users can also capture photos remotely through their smart watches.
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Going ahead with the market drivers, high demand for consumer smartphones, decreasing prices, increasing per capita income and rich supply chain are supporting the market. high investment in R&D by the key companies and technological advancement in the field of smartphones and smart watches are also some of the major important factor which is driving the market.
Martian (U.S.), Pebble (U.S.), Qualcomm (U.S.), Samsung (South Korea), Sony (Japan), Connectedevice Ltd. (Japan), Apple (U.S.), Fitbit, Inc. (U.S.), LG (South Korea), Motorola (U.S.), Huawei (China) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Smartwatch Market.
Segmentation by Operating System: Android Wear, Tizen, Linux and others (iOS, MediaTek’s LinkIt)
Segmentation by Application: Personal Assistance & Safety, Health / Wellness, Media and Entertainment, Sports, Communication and others (Corporate, Smart Home, Social Networking, Access Control, Payments, Gaming, Photography, Education, Customer Service, Public Services, Science and Research, Defense and Military)
Smart Watches Market is growing with the positive growth in all the regions. Increasing awareness about the benefits of smart watches among youngsters is driving the market on the global scale. Currently, North America is dominating the market of smart watches owing to the factors such as high per capita income and high standard of living. North America is also home to the key players which gives the region a competitive advantage over other countries. Europe stands as second largest market. High presence of developed countries in the region such as Germany, France, Italy, U.K., Netherlands and others are creating huge demand for the new technologies including high demand for smart watches. The region is also witnessing rapid proliferation of technologies which is helping the market with the new product development. Asia-Pacific on the other hand has emerged as fastest growing market for the smart watches market. Growing countries such as China and India and rich semiconductor industry of Taiwan, Japan, South Korea and China is boosting the market. Countries such as China and India are also playing major role in the demand generation for the smart watches in the region.
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