A smart watch is a computerized device which has a touchscreen display along with special features which keeps the wearer updated not only with time and date but also other facts such as news, emails, missed phone calls etc. and it is worn on the wrist like a normal watch. It runs on various operating systems such as Android, Tizen, and Linux etc.
Rockville, WA — (SBWIRE) — 07/18/2018 — After the excitement that smartphones have harbored in our lives, next-generation electronics such as smart watches are slowing pacing up for the smart watches market to gain momentum. Mainly banking upon the ceaseless adoption of smartphones, the global smart watches market is poised be attractive in the future.
Taking a cue from the success of smartphones, key players in the smartwatches market such as Alphabet Inc., Apple Inc., Fitbit Inc., and Beijing Xiaomi Technology Co. are investing in R&D and technological advances for smartwatches to become mainstream.
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Not known to many Startup behind Modern day Smartwatches
Akin to a traditional watch, a smart watch is a portable gadget worn on the wrist. However, like smartphones, smartwatches have touchscreens, support apps, and often display capability of recording heart rate and other vital bodily parameters. It not only displays time and date, but keeps the wearer updated with other facts such as news, emails, missed phone calls on the user's smartphone, etc. A smart watch functions on one of the operating system such as Android, Linus, and Tizen.
While electronic giants Apple, Samsung, and Sony today rule the smart watches market with their products, it's Pebble – a small startup that is behind the modern-day smart watch. Among a large number of smartwatches available, the selection is totally dependent on personal needs. Along with aesthetics and a price that suits the pocket, a smartwatch should have bare minimum capability to display messages and notifications from the user's smartphone.
Rising Popularity of Online Retail Favors E-commerce Distribution Channel
Some of the factors fuelling the smartwatches market are increasing disposable income, ever-increasing appetite for electronics, convenience of tracking and managing tasks, and rapid penetration of smartphones. However, proving to be a roadblock to the growth of this market is high cost of smart watches. This limits their affordability to a small class of consumers.
As per estimates of a leading market research company, the global smart watches market is predicted to be worth US$61 bn by the end of 2022.
Among the various products being purveyed in the market, which includes companion, standalone, and classic, standalone smartwatches are poised to display leading growth rate during the forecast period. Standalone smartwatches are predicted to rise at a CAGR of 4.3% between 2017 and 2022. However, the companion smartwatches account for the maximum revenue in the overall market.
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Based on display type, OLED, SAMOLED, LCD, TFT, and others are the segments of the smart watches market. Of them, OLED segment is predicted to display the leading growth rate of 4.9% between 2017 and 2022. On the other hand, the LCD segment lags in terms of growth rate but holds the leading market share vis-a-vis revenue.
Depending upon operating system, watchOS, Android, RTOS, Tizen, Linux, and Pebble are the key segments of the smart watches market. Among them, the Tizen segment displays the leading growth rate yet small share in the overall market. The segment of watchOS is displaying a substantial growth rate along with leading share vis-a-vis revenue. The watchOS segment currently holds 48.9% market share and is expected to display a higher basis point (BPS) by the end of 2022.
The key segments of the smart watches market based on distribution channel are modern trade, franchised outlets, specialty stores, and e-commerce. Out of these, e-commerce is emerging to be a key distribution channel owing to increasing popularity of online retailing generally among urban consumers. North America is an attractive market for smartwatches mainly because of a tech-savvy population and high purchasing power.
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