The smartwatch market is expected to grow by USD 14.57 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global Smartwatch Market 2020-2024 (Graphic: Business Wire)
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Technological advances in electronic components such as system on a chip (SoC) and microelectromechanical systems (MEMS) have enabled smartwatch manufacturers to develop more compact and less power-consuming smartwatches. Advances in SoC technology have reduced the size of the printed circuit board and advances in chip packaging and process technologies have helped smartwatch manufacturers to incorporate several sensors and other components in limited board space. For example, Samsung Electronics uses the System-in-Package-embedded Package on Package (SiP-ePOP) technology in its Exynos7 Dual Chipset for smartwatches. The technology has helped the company to integrate DRAM, eMMC, and ICs in a small package and reduce the chip thickness by 30%. Many such technological advances are driving the growth of the global smartwatch market.
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As per Technavio, the increasing number of patent filings by smartwatch manufacturers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smartwatch Market: Increasing Number of Patent Filings by Smartwatch Manufacturers
Vendors in the market are focusing on obtaining patents related to displays, cameras, sensors, and other related technologies to integrate advanced technologies in next-generation smartwatches. For instance, in June 2019, Apple was granted a patent to integrate a camera optical sensor in a watch band that is capable of capturing images and videos in a 360o view. Similarly, in December 2018, LG Electronics filed a patent for its new technology which integrates camera on the strap of the smartwatch. The smartwatch will incorporate new features such as NFC for contactless payments, tracking calorie intake from food, and a quick response (QR) code and barcode scanner. The increasing number of patent-related activities among vendors is accelerating the development and commercialization of high-performance smartwatches. This trend will positively impact the growth of the global smartwatches market during the forecast period.
“Growing preference for smartwatches for contactless payments and the rising number of partnerships and strategic alliances will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Smartwatch Market: Segmentation Analysis
This market research report segments the smartwatch market by type (integrated and standalone) and geography (North America, APAC, Europe, South America, and MEA).
The North America region led the smartwatch market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing adoption of cellular smartwatches and developments in 5G technology in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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