In terms of unit shipments, Technavios market research analyst predicts the global smartwatch market to grow at an impressive CAGR of approximately 12% by 2020. The widespread availability of smartwatches with advanced functionalities and features is expected to augment the interest of technology and fitness enthusiasts during the forecast period.
The high compatibility of smartwatches with other mobile computing devices is expected to be the key driver for the growth of this market. Nowadays, smartwatches can be connected to devices like TVs, media players, headsets, smartphones, laptops, PoS devices, and other devices having Bluetooth and NFC capabilities. This high compatibility of smart watches is a significant factor that is expected to augment market growth during the forecast period.
Geographical segmentation and analysis of the global smartwatch market
Americas APAC EMEA In this market research report, analysts have estimated the Americas to dominate the global market for smartwatches during the projected period. This region presently accounts for more than 68% of the total market share and is envisaged to retain its dominating hold over the market during the forecast period owing to factors like rapid advances in technology and changing consumer preferences over the usage of electronic devices.
Competitive landscape and key vendors
The global market for smartwatches is extremely competitive and is primarily dominated by large global players like Apple and Samsung. To gain traction in this market, many vendors are now forming strategic partnerships with other industry players to attract new customers to the wearable market. Since this market is still in its growth stage, many new players are expected to enter the market as it has a huge growth potential.
The leading vendors in the market are -
Apple Fitbit Pebble Samsung Sony Other prominent vendors in the market include ASUSTeK Computer and PolarElectro.
Global Smartwatch Display Market 2015-2019 Smartwatch Market in Japan 2015-2019
Technavio Announces the Publication of its Research Report Global Smart Watch Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Smart Watch Market: Apple, Fitbit, Pebble, Samsung and Sony
Other Prominent Vendors in the market are: ASUSTeK Computer and Polar Electro
Commenting on the report, an analyst from Technavios team said: Several vendors in global smartwatch market have taken the crowdfunding route to raise funds for their projects. This has benefitted the market in several ways. First, it has increased awareness among potential customers. Second, it has provided enormous opportunities for small vendors to innovate and succeed in the stiff competition. Crowdfunding allows vendors to anticipate the interest for their products and directly communicate with potential buyers and involve them in the product development stage. This helps vendors build the right products for the market.
According to the report, smartwatches have the ability to connect with several devices such as TVs, media players, headsets, smartphones, laptops, PoS devices, and others that allow Bluetooth and near field communication (NFC) connectivity. Several third-generation smartwatches are integrated with Wi-Fi connectivity, which enables them to be connected to several devices efficiently. These watches can be connected with headsets and smartphones.
Further, the report states that low awareness among consumers is a major challenge facing the market.