Increasing Health Concerns Strengthening Smartwatch Market

Smartwatch Market

Global Smartwatch Market
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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Global Smartwatch Market
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