The smartwatch market cap is growing exponentially.
As per the research, the global smartwatch market was worth $20.64 billion in 2019 and is expected to grow to $96.31 billion by 2027, with a CAGR of 19.6% between 2020 and 2027.
Smartwatches are designed to provide features such as internet connection, operating smartphone applications, making phone calls, communicating via text or video, checking caller ID, accessing weather updates, providing fitness monitoring capabilities, providing Location information & location directions, and more, either by their own or when paired with a smartphone or tablet.
Various technological developments in smartwatches are one of the main reasons for its growth. As in recent times, health and fitness awareness is also growing, resulting in having a positive impact on the smartwatch industry.
The high price of smartwatches, on the other hand, is a major limitation that is projected to stifle market growth to some extent.
Furthermore, an increase in investment in the creation of a connected ecosystem is likely to provide profitable chances for worldwide market growth.
CURRENT KEY MARKET TRENDS :-
Because every smart wristwatch has a fitness tracker, the smartwatch's popularity is skyrocketing, thanks to its multi-functional functions for monitoring health metrics.
- Smartwatches are assisting doctors by rendering some sophisticated and significant information, saving both time and resources. This data assists medical experts in solving challenges such as determining the influence of a new drug or continuously monitoring the recovery state of an operated patient.
- Fitbit is also working towards improvement in technology of smartwatches to detect health issues, sleep apnea and atrial fibrillation to promote health and fitness.
- In addition, the market of smartwatches is being driven by an increase in the number of tech-savvy people, a rising pool of chronic diseases such as obesity and diabetes, and the growing popularity of health and fitness to maintain a healthy lifestyle.
Because the wristwatch industry is fragmented, companies are relying on product innovation and development to acquire a competitive advantage and reduce the number of local players. As a result, market competition is fierce. Apple Inc., Fitbit Inc., and Samsung Electronics Co. Ltd. are among the major players.
By reading the above article, we are now sure that there is a massive growth in smartwatch industry, also they will be going to bring a huge impact in the market of technology, health, and fitness.
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Also check out - Things to know before buying a Smartwatch