Smart Watches – Market Dynamics
Technology has revolutionized the way people perceive the world. Almost every aspect of a 21st-century individuals’ life is governed by technology. Furthermore, technology has also introduced the concept of portability. One of the best examples of this fact is the introduction of smart watches. Off lately, the demand for this product has risen dramatically. Due to this, Market Research Future an organization that specializes in offering market research reports decided to release a report on ‘Smart Watch Market’. According to their assessment a great future lays ahead of this market.
Smart watches are basically computerized wristbands that can be connected to a cellphone. Furthermore, they also tend to offer a host of other advanced features to the recipients. One of the major benefits of this product is that it saves time and aids in assimilating data a lot more quickly.
The research analysts at MRFR suggest that this market will progress immensely during the forecast period of 2017-2027. This market is anticipated to tread forward at a very high CAGR. Furthermore, the estimated revenue turnover rates of the market also seem to be quite promising.
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Rapid technological advancements over the last couple of years are one of the major reasons due to which this smart watches market has attained development. The inquisitiveness regarding technologically sound products in the IT industry is another factor that further propels the growth of the market.
The healthcare industry has also very efficiently capitalized on this product. At present, the medical sector urgently requires a device that can help in remote patient monitoring. And ultimately owing to this fact it is the market that reaps the benefit.
Market Segmentation
The research report on ‘Smart Watch Market’ offered Market Research Future comprises of an in-depth evaluation of all the aspects of this market. Amongst them, the segmental analysis happens to be crucial. Here are some of the important pointers from that section of the report.
By application – Sports, personal assistance & safety, health/wellness, communication, media & entertainment and others. The others is further sub-segmented into defense & military, corporate, gaming, education, social networking, smart homes, science & research, photography, payments, public services, access control and consumer services.
By operating systems – Linux, android wear, tizen and others. The others is further sub-divided into MediaTek’s LinkIt and iOS.
Industry News
April 25, 2018 – This market just witnessed a rather surprising merger. Puma, leading sports brands recently announced its partnership with Fossil, a global watch brand. Together they are going to produce an exclusive line of smart watches.
Key Players & Market Strategies
Some of the most eminent players of this market happen to be Motorola, Martian, Huawei, Samsung, Connectdevice, Fitbit Inc., and Sony.
These players make constant efforts towards developing their services and creating new & innovative products. Apart from that they also utilize proven growth strategies like acquisitions, mergers & expansion of the business.
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Comprehensive Segmental Analysis
The market for smart watches is not at all restricted in terms of area. It has over the years, established its prominence on the global map. Some of the major areas where its presence can be observed are North America, Asia Pacific, Europe and Rest of the World.
According to the study undertaken by the research analysts of MRFR, in terms of region North America governs the market. It sums up for the highest number of market share. The main reason for its lead is the high standard of living and higher annual income in this region.
Europe happens to be the second largest market and its success can be completely attributed to the presence of countries like Germany, Italy & France. These countries have a high acceptance rate for wearable technologies.
However, the region that happens to be the fastest growing happens to be Asia Pacific. It is because it comprises of more than 40% of the global population and most of the countries of this area are still in their developing phase.
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