Smartwatch Market Projected to Have a Stable Growth in Future

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The smartwatch industry is expected to reach $43.8 billion by 2023, registering a CAGR of 22.7% during the forecast period. The market has been thriving in the mobile technology space, which can be attributed to the increasing awareness on personal health and fitness and the rise in smartwatch-controlled automotive capabilities.

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Smartwatch Market is Expected to Reach $43.8 Billion by 2023

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“ The advanced integration and cross-compatibility of personal assistance and health features, rising awareness on health and fitness, and improving smartwatch automotive control capabilities are some of the factors behind the growth of the smartwatch market . In 2017, the market attained a size of $10,223.9 million, and it is predicted to generate a $43,800.0 million revenue by 2023, progressing at a CAGR of 22.7% during the forecast period (2018–2023). On the basis of operating system, the smartwatch market is classified into iOS, Android, and others. Among these, in 2017, the iOS classification registered the dominating revenue share of more than 40.0% in the market, and it is anticipated to maintain its lead during the forecast period.

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“ Based on product, the smartwatch market is categorized into extension, classic, and standalone. Out of these, in 2017, the extension category held the largest revenue share of more than 50.0% in the market, and it is expected to continue dominating it during the 2018–2023 period. Besides, to meet the growing demand for smartwatches that are cross-platform-friendly, businesses in the smartwatch market are introducing new products that are compatible on different platforms. For instance, in August 2017, Fitbit launched its cross-platform Ionic smartwatch, integrated with health-monitoring and fitness features.

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“ Geographically, North America, being a key target region for prominent companies (like Apple and Samsung) for the introduction and sale of their products, is a higher revenue generator than any other region in the world. Some of the key players operating in this market are Apple Inc., Garmin Ltd., Fitbit Inc., Sony Corporation, Samsung Electronics Co. Ltd., Lenovo Group Limited, TomTom International BV, ASUSTeK Computer Inc., LG Electronics, and Alphabet Inc.

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