Revenue generated by the global smartwatch market is expected to reach $32.9bn by 2020, growing at a CAGR of 67.6% between 2014 – 2020.
Allied Market Research’s latest "Global Smartwatch Market – size, Industry Analysis, Trends, Growth and Forecast, 2014 – 2020" report adds that the smartwatch market is gaining traction, due its capability to replace conventional watches while offering smartphone functionality.
Extension smartwatchs garnered the largest market share within the global market for smartwatches. In terms of overall volumes, as of 2013, extension smartwatchs accounted for more than 2 million units, and is expected to experience unprecedented growth during the forecast period.
Geographically, the Asia-Pacific region is set to drive the global smartwatch market, with China expected to lead manufacture as a low cost hub.
North America is expected to generate the highest revenue, which is expected to reach $11.2bn by the forecast period.
The report highlights how the market is currently driven by leading tech companies such as Samsung, Apple and Google. However, in the future, the entry of watch companies is expected to increase the competition and dynamics of the market.
Led by innovations, the smartwatch companies are spending heavily on R&D. Top players such as Samsung, Pebble, Maritime and Sony are counting on their R&D investments to be the prioritized strategy to increase respective market shares.
