A report by the name of “Global Smart Watch Market Research Report, Insights, Opportunity, Analysis, Market Shares And Forecast 2017 – 2023” has been published. The report has found a 60% rise in CAGR in the market for smart watches. A distinctive rising trend has been found to be the reason behind this boom. Applications for smart watches include personal assistants,health monitoring, remote patient care and sports etc. There is also a high demand for remote patient care and health monitoring, both of which contribute to this increase in demand. However,safety, security and privacy of data is a big concern and may offer some hindrance to this expected growth.
Findings of the report:
- Highest growth is expected in the remote patient monitoring and remote health monitoring segment.
- North America has been the dominating market in terms of revenue in 2016 and is expected to keep this status due to increased health and fitness awareness. It is followed by Asia-Pacific and Europe.
- Asia will become the fastest growing market for smart watches due to the increasing presence of low cost android smart watch developers in the region and a growing interest in health awareness among the people.
- The major players are LG, Samsung,Huawei, Fossil group, Pebble technologies etc. The first two are based in South Korea and the last two are based in the United States. Huawei is based in China. Mergers,acquisitions, product launches,collaborations and joint ventures seem to provide an edge to these groups.
- Based on operating systems, IOS has dominated and is expected to dominate the market for quite some time due to their large market share when it comes to smart watches.
- The report further contains market segmentation, product segmentation, global competition and company profiles.