In 2019, the smartwatches market was worth $17bn. It will become a $64bn industry by 2030, according to GlobalData forecasts, having grown at a compound annual growth rate (CAGR) of 13% between 2019 and 2030.
The growth is mostly attributable to the addition of features such as cellular connectivity, health and fitness monitoring, and interoperability with other connected devices. While these features presently add to user convenience and generate demand, smartwatches will require a killer use case if they are to become indispensable to consumers.
This report provides an overview of the smartwatches theme.
It identifies the key trends impacting growth of the theme over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends.
It includes a comprehensive industry analysis, including up-to-date forecasts for global smartwatches revenues and shipments to 2030.
The detailed value chain shows where smartwatches fit into the broader Internet of Things ecosystem.
Smartwatches could have a role to play in tackling COVID-19. Some vendors are adding apps that remind people to wash their hands frequently, while others are supporting research tracking the spread of the disease. Although smartwatches lack the capabilities to identify COVID-19 infection, they could be used as tools to monitor the health status of symptomatic patients.
Reasons to Buy
Smartwatches have enjoyed a steady rise in popularity over the past five years. In 2019, 180 million people owned a smartwatch, up from 29 million in 2015, according to GlobalData estimates. The growth is mostly attributable to the launch of the first Apple Watch in April 2015. This report tells you everything you need to know about smartwatches, identifies the leading vendors (as well as those that are lagging behind), and includes new forecasts shwoing the impact of COVID-19 on sales of these devices.
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Consumer electronics sector scorecard
Appendix: Our thematic research methodology