According to new data from Research and Markets (www.researchandmarkets.com), the global smartwatch market accounted for $41.77 million in 2017 and is expected to reach $198.9 million by 2026 growing at a compound annual growth rate (CAGR) of 18.9% during the forecast period.
Some of the key factors propelling the market growth are the meteoric rise in demand for wireless sports and fitness devices, heart rate monitoring, GPS tracking, adds the research group.
Additionally, new applications and launch of the wristband, smart bracelet, wearable computer and fitness belt by big brands are considered as the market growth opportunities. However, Research and Markets says the cost of smartwatch and lack of proper IT infrastructure are restraining factors for the growth of the smartwatch market.
Based on the sales channel, online e-commerce chain segment has lucrative market growth due to the increasing demand for smartwatch; the vendors in the market are providing their smartwatch also in the form of accessories online. By operating system, the Android segment acquired significant growth in terms of user-base, and it was logical to design watch operating systems compatible to android-powered smartphones, says Research and Markets.
On the basis of geography, North America region is projected to fuel the market due to the introduction and sale of prominent companies products, results in a higher revenue generator than any other region in the world.