Smartwatch Market by Type, OS, and Geography - Forecast and Analysis 2019-2023
Global Smartwatch Market: About this market
Technavio’s smartwatch market analysis considers sales from standalone and integrated type. Our analysis also considers the sales of the smartwatch in APAC, Europe, North America, South America, and MEA. In 2018, the integrated segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the growing demand for integrated smartwatches due to the penetration of low-cost smartwatches in emerging economies will play a significant role in the integrated segment to maintain its market position. Also, our global smartwatch market report looks at factors such as technological advances in the semiconductor industry, growing investments in telecommunication network infrastructure, and proliferation of low-cost smartwatches. However, the increasing data security and privacy concerns, product design challenges, and high cost of smartwatches may hamper the growth of the smartwatch industry over the forecast period.
Global Smartwatch Market: Overview
Proliferation of low-cost smartwatches
The penetration of economical smartwatches in emerging economies such as Brazil, India, and China has increased with the emergence of low-cost smartwatches. Many smartwatch manufacturers are creating awareness about the benefits of using these devices to attract more customers. Also, many companies are entering the market and offering premium products at minimal cost and competitive prices. The increasing purchase volume of these devices will lead to the expansion of the global smartwatch market. The market will post a CAGR of 16% during the forecast period.
Growing preference for smartphones for contactless payments
NFC technology is gaining traction as it enables contactless payments through a POS terminal. This wireless technology is being integrated into smartwatches to enable contactless payments by a direct tap. Vendors are also launching their payment applications to facilitate consumers with payment modes. The integration of NFC technology has enhanced the functionality of smartwatches, leading to the incorporation of features that enable contactless payments, tag reading, and data transfer capabilities. This enhanced functionality of smartwatches is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global smartwatch market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global smartwatch market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading smartwatch manufacturers, that include Apple Inc., Fitbit Inc., Fossil Group Inc., Garmin Ltd., Huami Corp., Huawei Investment & Holding Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Mobvoi Information Technology Company Ltd., and Samsung Electronics Co. Ltd.
Also, the smartwatch market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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