Smartwatch is a wearable electronic device, which is worn on the wrist. It is a portable wearable device with touch-screen display and comprises of various apps to control & access one’s mobile phone. It provides various features like connecting to the internet, making calls, running mobile apps, checking caller ID, messaging via text or video, providing fitness monitoring capabilities, accessing stock & weather updates, offering GPS coordinates & location directions, and more. Based on operating systems for instance Tizen and proprietary operating system, some smartwatches are anticipated to show considerable growth during the forecast period.
Referring to the study, “North America Smartwatch Market 2020-2030 by Product Type, Operating System, User Gender, Age Group, Distribution Channel, Application, and Country: Trend Outlook and Growth Opportunity” some of the key companies operating in the North America smartwatch market are Pebble Technology Corporation, ASUSTeK Computer Inc., Apple, Inc., Huawei Technologies Co. Ltd., Connected Device Ltd., Neptune Pine, Google Inc., Qualcomm Inc., Fitbit, Inc, Sony Corporation, Samsung Electronics, Razer Inc., Timex Group Inc., Xiaomi. Key vendors are focusing on acquiring patents related to cameras, displays, and sensors to integrate advanced technologies in the next-generation smartwatches. This will assist them gain a competitive advantage over the other vendors.
Based on product type, North America smartwatch market is segmented as standalone, extension and classical. Standalone segment holds major share in global market owing to rise in awareness over the advanced versions of the products at affordable prices. Based on operating system, market is segmented as Tizen, watchOS, Real-time Operating System (RTOS), android and others. Based on user gender, market is segmented as men and women. Based on age group, market is segmented as age <18, age 18-24, age 25-34, age 35-44, age 45-54 and age >55. Based on distribution channel, market is segmented as organized retail chain, un-organized retail chain and online e-commerce store. Based on price range, market is segmented as low price, medium price and high price. In addition, based on application, market is segmented as sports, wellness, personal assistance, medical & healthcare and other applications.
The North America smartwatch market is driven by increase in health awareness among the consumers, followed by rise in demand for wireless fitness & sports devices and emergence of large number of players in the market. However, high initial cost of smartwatch and growth in complexity of wearable devices & limited use of features, augmented with security risks may impact the market. Moreover, growth in technological advancements in the wearables market and rise in investment on building connected ecosystem are key opportunities for market.
It is predicted that future of the North America smartwatch market will be bright as a result of presence of leading smartwatch manufacturers, early adoption of advanced technology, increase in disposable income, rise in health & fitness-focused features in smartwatches and, emergence of built-in LTE smartwatches over the forecast period. The North America smartwatch market is also predicted to grow by 20.7% annually in the forecast period and reach US $48.25 billion by 2030.
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Ankur Gupta, Head Marketing & Communications
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