Smartwatches: Key market research findings
- Integration of haptic technology in smartwatches
- Introduction of smartwatch apps and Wi-Fi connectivity
Technavio has released a new market research report on the global smartwatch market, which is expected to grow at a CAGR of 8% between 2016 and 2020. The availability of smartwatches with advanced functionalities and features is expected to augment the interest of technology and fitness enthusiasts during the forecast period. The Americas account for 68% of the total markets share owing to factors like rapid advances in technology and changing consumer preferences over the usage of electronic devices.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the manufacturers are integrating forced feedback haptic technology in smartwatches. Through this technology, the user can easily differentiate the sense of vibration for different alarms and alerts. Also, the haptic technology enables these wearables to connect to the gaming consoles, for a more engaging and intuitive experience for the users. For instance, Apple has recently introduced its smartwatch integrated with its patented haptic technology,” says Navin Rajendra, Lead Analyst, Hardware & Semiconductor, Technavio Research
Owing to the growing interest of consumers, several smartwatch manufacturers have introduced updated versions of their smartwatches in 2015. They are offering various smartwatch apps to maximize the utility potential of this wearable. For instance, Citi bank launched smartwatch app that will allow the smartwatch users to check their bank balances, and real-time notifications for purchases. Also, manufacturers are focusing on developing smartwatches capable of making payments. These third-generation smart watches are expected to have Wi-Fi connectivity, which enables them to be connected to several devices efficiently.
The key players in the global smartwatch market include Apple, Samsung, Pebble, Fitbit, and Sony. The market is extremely competitive and is primarily dominated by large global players like Apple and Samsung. To gain traction in this market, many vendors are now forming strategic partnerships with other industry players to attract new customers to the wearable market. Since this market is still in its growth stage, many new players are expected to enter the market as it has a huge growth potential
A more detailed analysis is available in the Technavio report, Global Smartwatch Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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