Global Smartwatch Market 2017-2021
About Smart Watch
Smartwatches are basically wristwatches with extra functionalities beyond timekeeping. A smartwatch is a discrete window to one's smartphone. It has its own smart apps, games, and entertainment apps, along with enhanced features of making calls, messaging, and receiving notifications. Smartwatches have integrated the OS, and different smartwatches have different OSs such as Tizen from Samsung, Android Wear from Google, and WatchOS3 from Apple.
Technavio’s analysts forecast the global smart watch market to grow at a CAGR of 16.42% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart watch market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Watch Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart watch market: apple, Samsung Group, Lenovo Group, Garmin, Pebble Technology, and Fitbit.
Other Prominent Vendors in the market are: ASUSTeK Computer, Fossil Group, Huawei Technologies, LG Electronics, Motorola Mobility, Omate, Polar Electro, Razer, Sony, and Xiaomi.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rising integration of entertainment apps. Smartwatches are highly in use as they allow quick and efficient communications. The entertainment apps section is one of the most popular sections of the smartwatch market.”
According to the report, one driver in the market is increasing use of smartwatches for notifications. Several companies are manufacturing smartwatches that can provide notifications, apps, and several other features right at the wrists of users. Several smartwatch manufacturers include traditional companies such as Fossil and TAG Heuer, leading smartwatch companies like Apple and Samsung, as well as startups like Martian.
Further, the report states that one challenge in the market is lack of awareness about potential use of smartwatches. Lack of consumer understanding on the benefits of using a smartwatch is contributing to the poor sales of smartwatches. Manufacturers, such as Samsung, Apple, LG, and Motorola, are investing in advertising and marketing to increase the awareness among customers about the smartphone features.
apple, Samsung Group, Lenovo Group, Garmin, Pebble Technology, Fitbit, ASUSTeK Computer, Fossil Group, Huawei Technologies, LG Electronics, Motorola Mobility, Omate, Polar Electro, Razer, Sony, and Xiaomi.