Published Date : Feb 29, 2016
In response to the rapid proliferation of smartphones worldwide, coupled with growing health concerns, the demand for smart wearable devices such as smartwatches has significantly increased. Smartwatches are digital watches, most often linked to a user’s smartphone and boast way more functionalities than traditional analog time tracking devices. These are full-fledged smart devices allowing users to stay connected online and continuously keep a track of their health as long as they wear it around their wrists. However, these devices are not standalone gadgets, rather they are marketed as companion devices that are linked to users’ smartphones.
Benefits Offered by Pre-installed Apps in Smartwatches Boost Their Demand in Global Market
Having a smartwatch wrapped around his wrist, will enable the user to receive notifications without having to remove phone from his pocket. Furthermore, the latest versions of smartwatches launched by the leading market players are pre-installed with apps that help users in keeping a track of various fitness related updates such as how many steps the user has walked throughout the day. A few smartwatch apps also help them monitor their blood pressure continuously. It is due to such inherent benefits of smartwatch that users from around the world are looking forward to getting this sophisticated device.
Demand for High-End Smartwatches to Increase at Fastest Pace in Future
According to a report published by Transparency Market Research, the global smartwatches market, which stood at US$701.2 mn in 2013 is poised to exhibit an exponential CAGR of 53.6% between 2014 and 2020. By price range, the global market for smartwatches is segmented into low-end, mid-end, and high-end smartwatches. Of these, mid-end smartwatches segment led the market in 2013, accounting for a share of 44% in the market. Despite holding only 17% of the market in 2013, the high-end smartwatches segment is likely to exhibit the fastest growth in the forthcoming years.
Manufacturers to Focus on Offering Customized Operating Systems
The most prominent enterprises operating in the global market for smartwatches are focusing on customizing the operating system they integrate in their wearable devices to suit the changing customer preferences. For instance, recently Google, Inc. has unveiled Android Wear, which is a customized operating system and an increasing number of smartwatch manufacturers have already expressed their keenness to enter the market for smartwatches offering Android Wear as their pre-installed operating system.