The global market for smartwatch is projected to grow at a CAGR over 25% during 2016-2021. Personal assistance application dominated global smartwatch market, on account of increasing usage of third party application in connected devices and rising demand for technologically advanced products.
Smartwatch is a computerized wristwatch used to perform various tasks including calculations, translations, game-playing, messaging, health tracking, etc. and is directly connected to internet. The device is enabled with different operating systems including WatchOS, Android, Tizen, etc., which supports various smartphones.
Rising demand for smartwatches in the country can be attributed to growing number of smartphone users, rising per capita spending on consumer electronics, growing demand for technologically advanced products and rising need for standardized connectivity across the globe. In addition, increasing awareness about health & fitness devices coupled with rising number of companies entering smartwatch market across the globe is driving demand for smartwatch. Furthermore, companies involved in manufacturing smartwatches are investing in R&D pertaining to smartwatch design & development of the app ecosystem.
North America was the major demand generator for smartwatches across the globe, due to increasing number smartphone users, growing shift towards standardized connectivity coupled with increasing usage of smart functions. Apple Inc., Samsung Electronics Co. Ltd., Pebble Technology Corp., Garmin Ltd., etc., are few of the elading players in global smartwatch market.
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