This updated analysis on the smart watch market by skilled analysts at Persistence Market Research’s predicts the industry to surge at a CAGR of 19% and reach an estimated value of US$ 120 Bn by 2031.
Smart devices have gained immense popularity over the past decade and have seen a substantial rise in demand and sales alike. Smart watches are devices that are capable of performing multiple tasks and are equipped with sensors that allow them to monitor various health parameters such as heart rate and calorie consumption, which makes them a popular choice among health-aware people and tech-savvy people alike.
Increasing adoption of smart devices, rising demand from emerging economies, increasing disposable income, and rising technological proliferation are some of the major factors driving demand for smart watches.
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Key Takeaways from Market Study
- Over the next ten years, the global smart watch market is estimated to rise at a CAGR of 19%.
- Demand for smart watches from the Asia Pacific region is expected to be highest among all regions.
- Rising proliferation of technology, increased demand for smart devices from emerging economies, and high demand from the millennial population are some of the major factors driving smart watch sales.
- By the end of the decade, market sales revenue is estimated to top US$ 120 Bn.
- Apple, Samsung, and Garmin are leading smart watch manufacturers in terms of sales and market share.
Demand from economies such as India and China is expected to be majorly influential in shaping the smart watch market on a global scale, says a Persistence Market Research analyst.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a revised market research report on the global smart watch market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides an in-depth analysis of the market through different segments, namely, type, operating system, age group, price range, sales channel, and region. The report also provides supply and demand trends along with an overview of the parent market.
About Electronics, Semiconductor, and ICT Division at Persistence Market Research
Expert analysis, strategic recommendations and actionable insights- the electronics, semiconductors, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, & ICT, of which 100+ reports are specifically on software, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductors, and ICT industry.
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