With people getting better jobs in cities, their disposable income is growing. This is propelling the sale of things that were earlier considered a luxury and additional expense, such as vehicles and electronic gadgets. These things have become a marker of the socioeconomic status, with people flaunting their gadgets amongst peers and at social callings. Further, with people adopting a sedentary lifestyle, either out of necessity or choice, the incidence of lifestyle-associated diseases, such as obesity and diabetes, is rising.
As per P&S Intelligence, these two factors will be instrumental in the growth of the smartwatch market at a robust 22.7% CAGR during the forecast period (2018–2023), whereby the market value will increase to over $43,800.0 million by 2023 from $10,223.9 million in 2017. Earlier used to tell time, watches have evolved to become interactive personal assistants. High-end smartwatches are equipped with internet connectivity and features that integrate them with a smartphone. Moreover, an array of applications can be downloaded into them for various purposes, such as health and wellness tracking.
Access Report Summary – Smartwatch Market Segmentation Analysis Report
In this regard, the rising prevalence of obesity, which leads to other severe diseases, such as diabetes, high cholesterol, and blood pressure, the latter two of which are themselves triggers for the really nasty heart diseases, such as heart attack, is propelling smartwatch sales. In an article of June 2021, the World Health Organization (WHO) says, “Worldwide obesity has nearly tripled since 1975.” Hence, people are downloading applications on their smartwatches that help them count the steps they take and the calories they burn and monitor their heart rate, to help them keep a track of their fitness.
Another driver for the smartwatch market is that many of these devices integrate with smartphones. Although smartwatches have an internet connection and many are being integrated with long-term evolution (LTE) features, they cannot yet make phone calls on their own. However, they synchronize with a smartphone via Bluetooth or another technology, which, combined with their loudspeaker, allows people to answer calls coming on their phone with their smartwatch. On the other hand, the information collected by smartwatch sensors and applications can be sent to and stored in the smartphone.