Smart Watch Market to See Huge Growth by 2028
Currently, the global smartwatch market is estimated to be valued at over 80 billion USD – which is certainly not a small number. However, a recent study by Vantage Market Research forecasts that this market will grow by over 18% year on year.
Which means the smartwatch market will be worth many times what it is now and could well rival the mobile phone market.
But what’s driving the desire for wearable technology, and why is the demand for smart watches growing so much? Let’s look at some of the key drivers.
1.A Connected World
One of the key drivers in most technological sectors is the increase in connectivity. Where once, we would have done certain things on our computers, others on our phones, and others with other kinds of technology, today, we demand portability.
We want all our apps and services to work everywhere, and we want the devices that run them to be able to communicate with each other. Smartwatches are a great bridge between technologies – you can access files and documents stored on the cloud and print or email them, for example, even when you’re not near a computer or phone.
2.Decreased Reliance on Geographical Proximity
One of the significant changes the pandemic made in the world is that it turned remote work from the exception to the rule for many knowledge workers. Many also plan to make the change permanent.
Which means we all need to be able to access productivity and other tools from more places than ever before. A smart watch means you can stay connected to the world nearly anywhere while doing almost anything. So you’ll never miss a work email or important call again.
3. Increased Focus On Wellness
Another big change that has happened recently is that we’ve learned more about what improves our health and increases longevity. As they say, sitting is the new smoking.
More people want to be more active, and while they’re doing it, they want to be able to track their progress, monitor their vitals, or count calories in real-time before ordering in a restaurant.
Smart watches are a convenient and always on way to stay on top of your health 24 hours a day, and that’s a big reason for the increase in demand.
4. Security Concerns
Whether we like it or not, the world is not as safe as it used to be. Smart watches can use location-sharing technology to allow our loved ones to track our movements during the day. If something goes wrong, it can help the authorities track us quicker and easier than they might otherwise be able to.
Smartwatches are also easier to hide, and even if you have your purse or even your car stolen, there’s a good chance you’ll still be able to call for help with a smartwatch.
5. Planning and Time Management
Planning and time management tools is another factor driving the demand for smartwatches.
We all live hectic lives, and whether it’s remembering to take your medication, make a call or pick up the kids from sports practice, we often need reminders of what’s on the schedule. A smart watch is a great way to stay on track every day, and unlike your phone, there’s no chance it will be in a drawer or another room when an important reminder alarm goes off!
6. GPS and Other Services
Our final reason for the explosion of demand for smart watches between now and 2028 is that we’re all realizing we don’t need to have ten devices when one will do.
Just like phones replaced MP3 players and digital cameras for most people, smart phones are consolidating the technology we already rely on into a more convenient package.
So, instead of having a GPS, a pedometer and a phone with you when you’re out for a run, you can take one device – your smart watch – with you. The same goes for recording important information during meetings or accessing your weekly grocery list while at the store.
We’re all very busy, and we need a lot of services to keep our lives on track – but we don’t want to have a giant duffle bag full of gadgets to do that. A smart watch combines so many of the technologies we all love and need into one neat, easy-to-carry package that’s always there when we need it.
With so much going for smart watches, it’s not hard to see why it might very well eclipse much of the other personal technology we use today. In fact, it might even make the smart phone as we know it today the Discman or iPod of tomorrow.
So if you’re still on the fence about smart watches, watch this space. You’re going to see explosive growth very soon!