Published By : 18 Mar 2016 | Published By : QYRESEARCH
In the last few years, the entry of new and major players in the market has greatly driven the demand for smartwatches. The entry of vendors such as Apple Inc., Sony Corporations, and Samsung Electronics, Inc. and the advent of the latest technologies has resulted in a wide range of sophisticated wearable devices for the customers to choose from. Moreover, the global market for smartwatches is projected to receive a major impetus from leading players planning to expand their offerings of wearable products.
Surge in Smartphone Users Driving Demand for Smartwatches
Smartwatches are essentially digital watches that have a lot more functionalities compared to a traditional digital or analog time tracking wristwatch. These devices are best described as completely digital tools that allow users to stay connected online and also track their health and fitness round the clock. Currently, smartwatches are available in the market as companion devices and as a result, the presence of a massive pool of smartphone users across the globe is a major force propelling the worldwide market for smartwatches.
High Internet and Smartphone Penetration Boosts North America Market
Geographically, North America is the largest market for smartwatches based on revenue generated. The region is home to an increasing number of health-conscious and tech-savvy users and as a result, the demand for smartwatches is projected to remain extremely high in North America. The region also boasts high smartphone and internet penetration, which has aided the growth of the smartwatch market in North America. The end users in this region also have a much greater purchasing power, which is further projected to boost the smartwatches market in North America by 2020.
Developing Countries Exhibit Strong Potential for Growth
Regions such as Europe and Asia are anticipated to witness an exponential rise in the demand for smartwatches in the coming years. The demand will be particularly high in Asian countries such as Japan, Australia, India, and China owing to the increasing disposable income of the consumers and the availability of medium to low-end smartwatches.