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The global Smart Watch market size is expected to attain a market size of $27.4 billion by 2022, rising at a CAGR of 22.5% during the forecast period.
Smart watches are wearable devices that are fully capable of performing generic wristwatch operations and also performing various smartphone functions. The smart watches are technological innovations capable of displaying digital media. Additionally, the smart watches are also used for operations such as notifications, navigation, application synchronization, and Bluetooth connectivity to place calls or send/receive messages using Internet access. The global smart watch market is driven due to factors such as technological advancements, entry of major market players, growth in the use of utility watches, and demand for high-end devices. The smart watch market growth however is hindered due to factors such as design roadblock, need for standardization, and substantial cost of manufacturing. Nevertheless, due to technological breakthroughs, the impact would be over the years.
The smart watch market is segmented based on product type, operating system, and country. Product type segment includes extension, standalone, and classic smart watches. In the year 2015, extension smart watches were the highest revenue generating sub segment worldwide. The classic smart watch sub-segment on the other hand would be the highest growth during 2016 to 2022. The operating systems segment consists of Android, iOS, Windows, and other operating systems.
The Applications highlighted in this report include Personal Assistance, Wellness, Medical, Sports and others. Based on region, Smart Watch market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific) and Latin America, and Middle East & Africa. North America remained the dominant region in the global Smart Watch market in 2015. Asia-Pacific would witness highest CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Smart Watch market. Key companies profiled in the report include Apple Inc., Samsung Electronics Co. Ltd., Sony Corporation, Google Inc., Lenevo Group Ltd., Garmin Ltd, Fitbit Inc., Nike, Inc and Adidas AG.