With Unprecedented Interest from Consumers, Smartwatches Market is Poised for Impressive Growth
From being a design on paper until a few years ago to becoming one of the most sought-after consumer electronics products today, the smartwatch has charted
a success story that’s nothing short of phenomenal. From technology giants such as Apple and Samsung to more specialized players such as Garmin and Nike,
nearly every company that carries preexisting capabilities to produce a smartwatch has forayed into the global smartwatches market.
A smartwatch, as the name suggests, is a wearable device that offers a myriad of technologically-powered features to its wearer. A smartwatch is different
from a conventional digital or analog watch in that it is a ‘companion device’ meant for use with smartphones. This means that a smartwatch often needs to
be connected to a smartphone via the use of technologies such as Bluetooth and near-field communication (NFC).
Cutting-Edge Functionalities of Smartphone to Propel Market to New Heights
Smartwatches boast a wide range of technologies that can perform an equally staggering range of functions ranging from providing alerts to users to
tracking health parameters to navigation functions and more. This unprecedented degree of connectivity provided by smartphones has made them the wearable
electronic device of choice among a significant chunk of consumers worldwide. According to recent market estimates, the shipments of smartphones are
expected to see a steady upswing in the coming years. And, as wireless networks and infrastructure evolves, numerous exciting developments will also be
witnessed by the global smartwatches market. All of these advances will be helmed by the rapidly increasing internet penetration rate worldwide.
According to latest market estimates, the global smartwatches market stood at US$ 701.2 million as of 2013, and will register an astounding CAGR of 53.6%
The Strongest Growth Will be Seen in the High-End Smartwatches Segment in the Near Future
Smartwatches can be segmented into several different categories based on their price. When classified by price, the smartwatches market is composed of
high-end, mid-end, and low-end smartwatches. Market analysts predict that the demand for high-end smartwatches—those about the price point of US$ 250—will
be the strongest.
The reason for this is the active interest taken by tech behemoths in the smartwatches industry. Global brands such as Apple, Sony and Samsung have all
invested heavily in their own smartwatch portfolio.
As Market Stabilizes in Future, Demand for Mid-End Smartwatches Will be High
Not all consumers in the smartwatches market are willing to pay US$ 250 and upward for such a gadget. Hence, there is much scope to tap this consumer
segment that wants to purchase affordable yet hi-tech smartwatches. The market for smartwatches will be inhibited to an extent by the lack of awareness
about wearable technology in general. The other restraining factors that will need to be addressed by companies in the smartwatches market are: Low battery
life of smartwatches and the consequent limitations on the watch’s performance.
North America was seen to be the dominant regional player in the smartwatches market, whereas rapid growth is forecast in Europe and Asia Pacific.
Browse the full Global Smartwatches Market report at http://www.mrrse.com/smart-watch-market