With 19.9% CAGR, Smartwatch Market to Reach US$ 113.9 Billion by 2028 | Global Industry Report

According to the latest report published by IMARC Group, titled “Smartwatch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global smartwatch market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 113.9 Billion by 2028, exhibiting a growth rate (CAGR) of 19.9% during 2023-2028.

Year considered to estimate the market size:

  • Base year of the analysis: 2022
  • Historical period: 2017-2022
  • Forecast period: 2023-2028

A smartwatch refers to a wearable computing device that helps with timekeeping. It can be connected with smartphones through Bluetooth and third-party applications to provide enhanced features, such as monitoring heart rate, tracking daily activities, and setting alarm and reminders. A smartwatch can consist of a touchscreen display that offers additional functionalities, including displaying weather information, navigation, listing stock prices, texting, and making phone calls. As compared to traditional watches, smartwatches can collect, process, and react to stimuli from the real world.

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Smartwatch Market Trends:

The rising adoption of smart devices represents the key factor driving the global smartwatch market growth. In confluence with this, the proliferation of smartphones and improved internet connectivity are further inflating the product sales across the globe. Moreover, the increasing number of technologically literate consumers, especially in the developing economies, and the escalating demand for aesthetically appealing, multifunctional smart products are catalyzing the market growth. The rising participation in sports and fitness activities, facilitated by the growing health consciousness, has encouraged individuals to keep a track of their daily fitness regime. This, in turn, has prompted manufacturers to integrate artificial intelligence (AI), global positioning system (GPS), and waterproof technologies to ensure smart diagnostics. Furthermore, the adoption of smartwatches significantly increased amidst the outbreak of coronavirus disease (COVID-19) due to the growing need to accurately monitor various health parameters, such as oxygen saturation and blood pressure levels. 

Smartwatch Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global smartwatch market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • Apple Inc.
  • Fitbit Inc.
  • Alphabet Inc.
  • Fossil Group Inc
  • Garmin Ltd
  • Huawei Technologies Co. Ltd
  • LG Electronics Inc.
  • Samsung Electronics Co. Ltd.
  • Sony Corporation
  • Withings
  • Zepp Health Corporation.

Key Market Segmentation:

The report has segmented the global smartwatch market on the basis of product, operating system, application and distribution channel.

Breakup by Product:

  • Extension
  • Standalone
  • Hybrid

Breakup by Operating System:

  • WatchOS
  • Android
  • Others

Breakup by Application:

  • Personal Assistance
  • Healthcare and Wellness
  • Sports
  • Others

Breakup by Distribution Channel:

  • Online Stores
  • Offline Stores

Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Ask Analyst for 10% Free Customized Report: https://www.imarcgroup.com/request?type=report&id=4286&flag=E

The project report covers the following aspects:

  • Market Snapshot (Market Performance, Segments, Regional Insights, Covid-19 Impact, and outlook)
  • Project Details, Requirements, and Costs Involved
  • Project Economics
  • Regulatory Procedures and Approval
  • Key Success and Risk Factors

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Website: https://www.imarcgroup.com

 

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