Smartwatch Market Scope

Smartwatches haven’t quite broken through into mainstream consciousness. At least, not as much as smartphones. Yet.

However, as the ability to miniaturize technology and provide the same features as a smartphone is something that fits on your wrist grows, it’s gaining ground fast. Very soon, we’ll reach the tipping point, and smartwatches will be ubiquitous, just like phones. Let’s take a closer look at why.

1.Why Is the Demand for Smartwatches Growing?

When any new technology comes on the market, there are always early adopters. But most consumers are not early adopters. They like to wait and see how the new invention or innovation does and whether it’s sticking around for the long haul. Only then are they willing to give it a try.

Smartwatches have now reached the stage where we all know they’re here to stay, so it’s become a lot more common for consumers to buy them.

2.Smartwatch Market Size

Smartwatches might not be as big as smartphones yet, but they have already broken through USD 22 billion in annual sales, and the year-on-year growth in the market is supposed to be about 21.5% between now and 2028. So smartwatches are hot, and they’re only going to get hotter!

3.Healthcare & Fitness Market

The health and fitness market are a massive driver of smartwatch demand. Hikers, bikers and runners alike love them because they’re small, light and packed with features that make working out easier. Whether it’s GPS positioning on a hike, heartrate tracking or counting calories, smartwatches are the next best thing to a personal trainer.

4.IoT Smart Wearable Market

Maybe you’re not into sports. However, it’s not just sports people that are finding that smartwatches are perfect for modern life. They’re being used to unlock digital door locks that use RFID technology, make and take calls from anywhere, and take down your shopping list while you’re driving home from work. Smartwatches are smaller and easier to use than phones, and they won’t get you a fine for distracted driving!

5.Consumer Market

Finally, there are consumers. Most of us are hesitant to buy anything that’s too new, but smartwatches have been around for a few years already, and we know that they’re not going anywhere.

Consumers are discovering the convenience and ease of use that they offer. They’re also choosing them for safety purposes or even as an alternative to a phone for kids and the elderly.

6.Where to From Here?

It took a while for smartwatches to become a trusted and desirable part of the tech market, but they have officially arrived. It’s very likely that within the next few years, at least a percentage of people will be switching big, bulky and inconvenient to carry phones for sleek and easy-to-use watches.

There are more and more brands entering the market, and that means more options for consumers. There will be some brands that will have the cachet of being a luxury option, but a lot of people will still just be looking for reliable, affordable options. It’s an exciting time to be in the smartwatch market!



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