The
advanced integration and cross-compatibility of personal assistance and health
features, rising awareness on health and fitness, and improving smartwatch automotive
control capabilities are some of the factors behind the growth of the smartwatch
market.
In 2017, the market attained a size of $10,223.9 million, and it is
predicted to generate a $43,800.0 million revenue by 2023, progressing at a CAGR
of 22.7% during the forecast period (2018–2023). Smartwatches offer a variety
of features, such as time telling, calculator, camera, text messages, GPS
navigation, SD card, touchscreen, and find the phone.
Based
on product, the smartwatch market is categorized into extension,
classic, and standalone. Out of these, in 2017, the extension category held the
largest revenue share of more than 50.0% in the market, and it is expected to
continue dominating it during the 2018–2023 period.
This can be ascribed to the
launch of next-generation smartwatches that can be employed as an extension of smartphones
or related products. These watches can receive alerts, calls, and notifications
from a connected phone, and these have a better battery life as compared to
others.
With
improved access to technology, people are heavily using upgraded gadgets to
maintain their fitness level. Health and fitness-focused smartwatches aid
people to track their daily activities and reduce bad practices that may cause
health problems.
Thus,
the integration and cross-compatibility of personal health and assistance
features and increasing awareness of people on health are expected to fuel the
market growth.
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