The growing demand for smart wearable technology and the entry of significant number of established players offering consumer electronics is expected to drive the smart watch market. However, limited battery life is expected to be a one of the factors constraining the market growth, with a tradeoff between the overall performance and the battery life. Concern over privacy of the users may also hamper the acceptance of these watches; owing to the availability of user-related statistics on the cloud. Additionally, the existing high costs of the smart watches create an unwillingness for buyer. The smart watch market is currently overrun with companies offering high end products at premium prices. However, with technological advances, increasing commercialization and research and development activities, the market is expected to witness low end products over the forecast period. Moreover, with increasing number of the new entrants, the average selling price of the smart watch is further expected to decline in near future. Recent additions to the smart watch market such as the Android Wear platform by Google, Samsung Gear Live, LG G Watch and Moto 360 are further projected to fuel the growth of the smart watch market in near future.
A smart watch is an automated wristwatch with enhanced functions such as GPS, e-mail alerts and mp3 players along with timings, and functions in similarity with personal digital assistant (PDA). Basic smart watch offers platform for enabling features such as game-playing, translations, and calculations. However modern advanced smart watch is moreover an efficient wearable computer that allows functioning of mobile apps, mobile operating systems and even act as portable media players which plays audio and video files through the Bluetooth technology. Some smart watches feature complete mobile phone capability including calling features. They can be also paired with smart phones through near-field communications (NFC).
Smart watch has caught the interest of health conscious users that aim towards fitness tracking and health related issues. Growth traction in sales of smart phone is driving the smart watch market. There are numerous features introduced in smart watches however fitness remains the crucial point of development. For instance Google announced its smart watch that is targeted to deliver real-time distance, time and speed information whenever the user is on a walk. Health and fitness are expected to remain the key smart watch applications through the forecast period. Therefore the market is anticipated to witness increase in percentage sales of smart watch by health-conscious consumers which majorly focuses on real-time tracking and feedback of their daily activities.
Android is currently dominating the market in terms of the operating system. Google has also introduced Android Wear; an operating system developed for wearable devices and is already working with companies such as LG Corporation, Motorola Inc., Samsung Electronics, ASUSTeK Computer Inc. and HTC Corporation. For instance, Google Inc. along with LG Corporation has developed an android based smart watch called the G-watch.
Europe and North America currently dominate the overall smart watch market. Increase in [purchasing power and awareness among users are the factors boosting the market in this region. The Asia Pacific market is expected to grow at the fastest rate, on account of high smart phone penetration in the regions. Additionally, strong purchasing power index in this region will decide the growth of the regional industry over the forecast period. The regional market is also anticipated to grow due to the increased product proliferation in India, Singapore and Japan. Companies such as HTC Corporation, ZTE Corporation and Huawei Technologies Co. have been focusing on development of smart watches. For instance HTC has announced the launch of HTC its smart watch, known as the HTC One Wear, in early September. Similarly, Huawei has unveiled its first smart watch, known as the Huawei TalkBand B1, with fitness tracking functions and a pop-out earpiece for voice calls.
Some of the major players in smart watch market comprise of Apple Inc., Acer Inc., BlackBerry Ltd, Hon Hai/ Foxconn Technology Group, Google, Inc., LG Electronics, Microsoft Corporation, Qualcomm Telecommunications Company, Samsung Electronics Co., Ltd., Sony Mobile Telecommunications, and Toshiba Corporation. Smart phone manufacturers such as Apple Inc. and Samsung Electronics are expected to benefit from the growing adoption. Since smart watches are paired with smart phones, the increasing adoption of smart phones is anticipated to fuel the growth of smart watch market.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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