Smart Watches are electronic devices which are worn like watches but are equipped to do a lot more than an average watch.These stand alone or Smartphone dependent devices are can show Notification from Phone, Record Physical Activities, monitor heart rate, Make and Take calls, Search on The Web by listening to a voice command and in some cases can even capture photographs.
Market Dynamics
These smart gadgets have started receiving a lot of crowd attention in the market and are estimated to grow a lot more than imagined, given, the convenience and the flexible functionality of smart watches. These are becoming popular for providing hands-free control and access to data anywhere at any time of the day. Apart from this, biometric functionality, GPS and mapping capability and smartphone independent functionality are also a few unique features of these smart gadgets.
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These timepieces are also capable of detecting the physical movements of the user and are therefore capable of giving accurate details about Steps Walked, Calories Burnt, Active Time, etc.These factors greatly people’s decision to buy these Smart watches.
The only problem with these watches is that they do not have a good battery life which inhibits the continuous usage of these watches.
Market Segmentation
The watches can be classified on the basis of the screen they use. The prominent options available are LED, e-paper and LCD. The LED ones are the most capable and can show text, Images and Videos.The e-paper displays are also capable of showing text, images and have a good Battery life but the only con is that they are restricted to monochrome.LCD Displays can only show text but have the best battery life which may last for a month or two.
Price is also an important differentiating factor among the watches.The more expensive ones like Apple Watch or Gear S3 are even capable of acting on voice commands other than just showing notifications on a different screen.The cheaper watches act as a secondary display for the phones but can act as a separate phone itself because few of them have a SIM slot which can be used to make and take calls or send SMS.
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Geographic Analysis
The market for smartwatches is witnessing a double-digit growth rate globally.Currently, North America is a prominent source of revenue for Smart Watches and according to estimates, it contributes almost 1/3rd of the market revenue.However, in the near future, the growth of the market is expected to be driven by Asia-Pacific region with China and India acting as a popular hub given their large population and the manufacture and sales of the low-cost Smart-watches which are based on Android.
Key Players
Large Tech Companies like Apple, Samsung, Motorola,etc. are the Market Leaders but Sports Companies and Watch Maker Companies are also growing significantly too.A small Market Share is also controlled by Small Companies that manufacture low-cost watches and are improving too.
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