Global Smart Watch Market Research Report, Insights, Opportunity Analysis, Market Shares and Forecast 2017 - 2023
Smart watches track and record health parameters such as blood pressure levels, body temperature, etc. The global smart watch market is expected to have a CAGR of about 60% during forecast period 2016-2023. Increasing trend for wearable is one of the major factor which contribute to growth of global smart watch market during forecast period. Rising demand for remote patient monitoring and wireless health monitoring devices and technological advancements in smart watches promotes market growth during forecast period. However, concerns related to safety, security and privacy of data is one of the major factor restraining growth of global smart watch market during forecast period.
Geographically, North America accounted for largest market share in terms of revenue in 2016 for global smart watch market followed by Asia Pacific and Europe. North America is expected to dominate the market during forecast period due to high fitness and health related awareness across the region. Furthermore, Asia Pacific is expected to be the fastest growing region for smart watch market during forecast period. Fastest growth rate is witnessed due to presence of low-cost Android based smart watch manufacturers in the region such as, Omate, etc. and increasing health awareness among people.
The growth in global smart watch market is influenced by presence of major players such as LG Electronics (South Korea), Samsung Group (South Korea), Huawei Technologies (China), Fossil Group (U.S.), Pebble Technology (U.S.) etc. To gain competitive advantage, major players adopt various strategies such as mergers & acquisitions, product launch, strategic partnership, collaboration, joint ventures, etc.
Global smart watch market report covers segmentation analysis of product type, application and operating system. Report further covers segments of product type which includes extension smart watch, classic smart watch and standalone smart watch. Operating systems of smart watch are divided as android, IOS, windows and other operating systems. IOS accounted for largest market revenue share in 2016 and expected to dominate the market during forecast period. Its dominance is witnessed due to high sales of IOS based smart watches. Applications of smart watch include personal assistant, medical/health, sports and other applications. Medical/health segment is expected to be fastest growing segment during forecast period. Highest growth rate is witnessed due to high usage of smart watches in remote patient monitoring and wireless health monitoring.
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