The global smartwatch market is predicted to touch $30.811 billion by 2025, growing at a CAGR of 16.6% during the forecast period 2017-2025, as per a report by Persistence Market Research.
A smartwatch is simply a smartphone which can be worn as a typical watch around the wrist. The smartwatches include touch screen, support apps and can perform many useful tasks like calculations, digital time telling, translations, media play recording heart rate of the user, etc.
Types of smart watches
- Standalone smartwatch
- Extension smartwatch
- Hybrid smartwatch
The standalone smartwatches operate without wireless limitations. They need a SIM card inserted, and work like a phone. Users can make phone calls, send SMS or browse the internet.
The report, titled “Smart Watch Market: Global Industry Analysis (2012 – 2016) and Forecast (2017 – 2025)”, reveals that the standalone smartwatches currently hold the highest market share (37.5%).
The extension smartwatches, also called companion smartwatches, require a tethered phone to work. They are connected to the phone via Bluetooth, and can show notifications, alerts, calls, and more. These can be Android compatible smartwatches, iOS compatible smartwatches, etc.
The extension smartwatch market segment, valued at $2.863 billion in 2016, is expected to show the highest growth during 2017-2025.
The hybrid smartwatches are a combination of standalone and extension smartwatches. Their market share is expected to grow at a CAGR of 17.4% during the forecast period.
Today, almost everyone uses smartphone, and with the rise in smartphone usage, the demand for smartwatches is also increasing. The tech giants like Apple, Samsung, Fossil, and Lenovo are providing the smartwatches through many online stores, and expanding their foothold across the globe. They are also providing smartwatches in the form of online accessories at competitive pricing, to increase the customer base.
APAC and North America regions comprise the major portion of the smartwatch market. The prominent players in APAC region are Apple, Fitbit, Garmin, Samsung, Nokia and LG.
Apple, Samsung, and Fossil, Tag Heuer International SA, and Sony are the tier-1 companies in global smartwatch market, and earn a total revenue of over $20 billion every year.
For more information, visit https://www.persistencemarketresearch.com/market-research/smart-watch-market.asp