A smart watch is a wrist-worn wearable electronic device with capabilities that go well beyond those of a traditional watch. In most cases, smart watches are utilised as companion device. It must be connected to a smartphone via Bluetooth and NFC (near-field communication) technology.
A well-designed smart watch can function as an extension for a smartphone or other similar device. Smart watches are the most common sort of wearable device. Smart watches can do more than just tell the time.
They are the most recent advancements in the evolution of information technology. When smart watches are connected to the Internet and Bluetooth, they provide the most benefits.
A touchscreen is typically used on the face of a smart watch. Users can install many apps through an operating system and app ecosystem. For example, there are already over 10,000 iOS apps and over 4,000 Android apps accessible.
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Drivers, Restrictions, and Opportunities in the Smart Watch Market
Factors such as increased demand for wireless sports and fitness gadgets, increased health consciousness among end users, and a surge in technical breakthroughs by industry participants are expected to drive the growth of the smart watch market. Furthermore, expanding emphasis on connected devices and smart systems across several industries, as well as growing demand for connected ecosystems, are expected to provide substantial potential for the global smart watch market.
The rise in data dependency among end users, as well as massive government investments in constructing smart cities in various nations, are important success factors driving demand for smart wearable devices. Smart watches are used to make calls, listen to music, receive text messages, play games, and so on. The smart watch makes it simple to access the phone.
As technologies continue to evolve and merge in an ever-changing digital world, a number of theoretical models for studying user adoption of new technologies have been proposed. Wearable technologies, such as smart watches, provide users with a new type of fashion accessory.
Smart watch manufacturers are heavily investing in R&D activities, led by inventions. Top players such as Apple, Samsung, Maritime, Sony, and Pebble are prioritising R&D spending to increase their market shares in the global market.
Smart Watch Market: Impact of Covid-19
The global COVID-19 epidemic has caused severe disruption in the various regions across the globe. The number of coronavirus cases have increased exponentially and there are no substantial measures to counter the worldwide epidemic.
China is a major technology manufacturing hub, particularly for smart technology and electronics. The technology market has faced many difficulties due to COVID-19 pandemic which lead to a massive impact on the global economy.
Companies which are mainly dependent on Chinese imports are suffering many setbacks and challenges. The technology market in North America will be the most disturbed. It has a huge dependency on Chinese industry. Online retailers are struggling to dispatch products effectively.
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Smart Watch Market: Regional Outlook
Global Smart Watch market is projected to grow at a significant rate during the forecast period. North America is estimated to account for largest share in the global Smart Watch market owing to the rising fitness activities and health consciousness among end-users in the U.S. and Canada.
Following North America, Europe is projected to have significant share in the global Smart Watch market. Asia Pacific is estimated to grow at a significant growth rate owing to high penetration of smart phones in the region. Latin America and Middle East & Africa are anticipated to witness moderate growth rate during the forecast period.
Smart Watch Market: Key Participants
Some of the key participants identified in the global Smart Watch market are:
- Apple Inc.
- Fitbit Inc
- Samsung Electronics
- Fossil Group
- Sony Corporation
- LG Electronics
- Huami Inc.
The Smart Watch report covers exhaustive analysis on
- Smart Watch Market Segments
- Smart Watch Market Dynamics
- Smart Watch Market Size
- Supply & Demand of Smart Watch
- Current Trends/Issues/Challenges in Smart Watch Market
- Smart Watch Competition & Companies involved
- Smart Watch Technology
- Smart Watch Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Western Europe (Germany, Italy, France, U.K., Spain, BENELUX, Nordic, Eastern Europe)
- CIS and Russia
- Asia-Pacific (China, India, ASEAN, South Korea)
- Japan
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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Smart Watch Market: Segmentation
The global smart watch market can be segmented by operating system, application, sales channel, and region.
By Operating System:
- Watch OS
- Wear OS
- Tizen
- Pebble OS
- Others
By Application:
- Personal Assistance
- Healthcare
- Fitness
- Sports
- Others
By Sales Channel:
- Online
- Offline
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