The demand for smartwatches is at an all-time high due to comfortability with electronics; this development is expected to motivate the smartwatch market 2020. The semiconductors and electronics industry reports are created by Market Research Future, which centers on market choices for expansion. The market will gain revenue of USD 109.28 billion by 2023, with a 17.34% CAGR in the forecast period.
The utility of smartwatches has increased the Smartwatch Market Growth at a time where the number of devices owned by an individual are more than one. The smartwatch market share is expected to rise with the companies in the market, releasing new and improved product versions that are increasingly well suited to the consumers.
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Segmental Analysis
The segmental analysis of the smartwatch market is conducted on the basis of region, operating system, and application. The operating system basis of segmenting the smartwatch market consists of Android, Tizen, iOS, Linux, and others. The application basis of segmenting the smartwatch market consists of health/wellness, personal assistance & safety, media and entertainment, communication, sports, and others. Based on the region, the smartwatch market is segmented into Europe, Asia-Pacific, North America, and the rest of the regions.
Detailed Regional Analysis
The regional investigation of the smartwatch market is conducted for regions like Europe, Asia-Pacific, North America, and the rest of the regions. The North American region is accountable for the principal market segment due to a better quality of life in the region with regards to the high disposable income levels. The European region is also regarded as the next principal market for smartwatches in countries like France, Italy, Germany, which have demonstrated a high adoption of wearable technologies. The Asia Pacific region is projected to be the fastest mounting region due to technology progresses by the regional companies and the subsequent entry of global players, and collective demand for luxury wearable devices. Furthermore, the growing competition between important players to unveil smartwatch designs with exclusive and cutting-edge features is improving the progress of the smartwatch market in the Asia-Pacific region.
Competitive Analysis
The market is observed to be on a hot streak of expansion in the forecast period. The market players are expected to contribute in a significant way to the progress of the market by investing capital and fortifying their assets along with their competencies, in the market to match the pulse of the market. The customer inclinations are projected to define the growth of the global market more than ever in the coming years. The intensive attention focused on research and development activities is projected to open up new areas for the development of the market in the forecast period. The robust marketing activities undertaken by the contenders in the market are inspiring the next steps for market development in the forecast period. The improved backing by government and trade bodies are creating a favorable pace of growth in the market. The control of overhead costs is projected to motivate the market considerably in the forecast period.
The outstanding contenders in the smartwatch market are Fossil Group (US), Pebble (US), Qualcomm (US), Samsung Electronics Co. Ltd. (South Korea), Huawei Technologies Co., Ltd. (China), Sony Corporation (Japan), ConnecteDevice Ltd. (Japan), Fitbit, Inc. (US), LG Electronics (South Korea) Apple Inc. (US), and Motorola (US), among others.
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