Good news for the Apple Watch: the global smartwatch market is driven by increasing smartphone adoption along with fast internet connectivity according to Valuates Reports (https://reports.valuates.com).
Currently, due to their wide range of tracking capabilities, the use of smartwatches by runners, swimmers and other athletes is proliferating, according to the research group. These watches seamlessly integrate with smartphones allowing users to monitor music, alerts, alarms, auto sleep, and more.
In addition, the market players ongoing technological advances also stimulate the growth of smartwatches, as they are specialized products requiring constant R&D for various features
Valuates Reports says the market for wireless electronics is also growing with the rapid increase in internet connectivity and digitalization. The smartwatch provides many features that can be customized for our needs, making it one of the wearable segment’s highest revenue contributors.
North America had the largest share of smart watch revenue in 2017 and is expected to grow at a compound annual growth rate of 15% over the forecast period, according to Valuates Reports. The U.S. is one of the first countries to introduce and incorporate digital SIM cards into smartwatch technology.
Technological advances, increased use of utility features, and high-end product demand drives the Asia-Pacific smartwatch market. China has the highest smartwatch adoption; however, Australia is expected to grow at a faster pace, anticipating lucrative market growth over the forecast period for this technology.