Smart Watch Market Global Insights and Rising Trends 2020-2025
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Smart Watch - A Market Overview and Forecast 2020 - 2025 This report presents a profound evaluation of the basic elements of the Smart Watch industry such as production scale and profit generation. Market driving factors, newly adopted technologies, latest business methodologies have been discussed in this report. The report also forecasts the potential of the market and reviews a thorough analysis of vital segments and regional markets.
"The smartwatch market was valued at shipments volume of 43.87 million in 2018 and it is expected to reach a volume of 108.91 million by 2024, registering a CAGR of 14.5% during the forecast period 2019 – 2024."
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Smart Watch Market: Apple Inc., Fitbit Inc., Samsung, and others.
IoT-driven smartwatches are a key trend that will not only operate as a standalone technology but interact with other IoT-devices to vastly improve a user's quality of life. The Kaa IoT platform complements wearable technology, such as smartwatch with superb ready-to-use IoT functions and applications. Kaa is easily integrated with tiny microchips in wearable devices. It enables instant interoperability, device management, data collection, events and rules execution, security, and other features, which will drive the market in the future.
– Increasing demand for wireless sports and fitness devices is driving the market. Currently, the use of smartwatches among cyclers, runners, gym-goers, swimmers, and athletes is increasing rapidly, owing to their wide range of monitoring capabilities. The wireless synchronization of these watches with smartphones enables users to control music, notifications, alarms, auto sleep, and other functions, which drives the growth of the market.– An increase in health awareness among the consumer is driving the market. Consumers across the world are spending a lot on health monitoring gadgets. The recent Apple watch series 4 can track heart rate, nervous system, emergency, or inactivity alerts, and health-related events. Using a smartwatch, a user can take the required precautions in advance by consulting doctors. Doctors can easily track patient health status remotely through the smartwatch and can treat them as per the requirement.– According to the survey from Rock Health on digital health adoption, in 2018, wearable adoption increased rapidly from 24% in 2017 to 33% in 2018. More consumers are leveraging such devices to address critical health needs rather than just fitness tracking.
Scope of the Report
A smartwatch is a wearable electronic device that also has computed capabilities for specific functions and closely resembles a wristwatch.nOwing to the type of application it is used for, in addition to displaying the time, many smartwatches have wireless communication capabilities that a user can use from the watches interface to initiate and answer phone calls, read emails and messages, receive weather report updates, dictate emails or text messages, or use it as a personal digital assistant.
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Competitive Insights:
September 2019 – Garmin unveiled a new Venu smartwatch and adult Marvel watches. The Garmin Venu, VivoActive 4, VivoMove 3, and Legacy Heroes Series are all designed to give a tougher competition for the Apple Watch.
August 2019 – Samsung launched Galaxy Watch Active 2, which comes with an improved heart rate and an accelerometer. It also features a haptic-response touch bezel instead of a physical one.
Furthermore, this study will help to solve the following issues:
–Cyclical dynamics-Report foresees the dynamics of industries by using core analytical and unconventional market research approaches.
–Identifying key cannibalizes- Strong substitute for a product or service is the most prominent threat. The report includes key cannibalizes of a market, by procuring marketing research. This helps in aligning new product development/launch strategies before.
–Spotting emerging trends- Report helps to identify upcoming hot market trends. The report also tracks possible impact and disruptions which a market would witness by a specific emerging trend.
–Interrelated opportunities-This report will allow making decisions based on data, thereby increasing the chances that the strategies will perform better.
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