Smartwatch reviewd by FanGuider.com shows how much watches have changed over the years. And since smartwatches have been around for quite some time now, it’s not surprising that majority of users have become adept at making use of the basic features and functions of smartwatches, such as tracking heart rate and counting steps taken. Today, many more features are included in smartwatches making it a must-have wearable for many adults, and children as well.
In 2018, the market of smartwatch was assessed at 48.14 billion US dollars and by 2024 is projected to attain a market value of 130.55 US dollars, recording a Compound Annual Growth Rate of 18.23% in the course of 2019-2024 forecast period.
What Drives the Smartwatch Market
Smartwatches that are driven by the IoT (Internet of Things) are a major trend that won’t merely work as a separate technology but will connect and interact with other devices that are also drive by the IoT to greatly make better the quality of life of a user.
The ever-growing demand for wireless and wearable fitness and sports devices is powering the market and industry. At present, the utilization of smartwatches amongst fitness and sports enthusiasts like runners, cyclers, gym-goers, swimmers, as well as athletes, is swiftly increasing, because of their extensive range of monitoring features. The wireless connection and synchronization feature of these smartwatches with smartphones allows users to control notifications, music, alarms, as well as other functions, wherein it pushes the market growth.
Another factor that drives the market is the consumers’ growing awareness and consciousnesses concerning health, thus consumers worldwide are willing to spend on gadgets and wearable devices that monitor health. For instance, the Apple watch series 4 could track the user’s nervous system, heart rate, emergency, or alerts user on inactivity, as well as on events that are related to health. A smartwatch user could carry out the necessary precautions beforehand by means of seeking advice from doctors. Doctors on the other hand could easily and remotely monitor the health status of a patient via the smartwatch as well as treat them accordingly.
Nonetheless, there are still consumers who don’t go for smartwatches primarily because of the lack of knowledge and awareness regarding its function and usefulness.