The global smart watches market is expected to show a remarkable growth rate by coming years. One of the major factors contributing the growth of the global smart watches market is the entrance of big vendors in the market. The market has also witnessing an increase in R&D spending. The global leading players such as Sony, Samsung, Pebble, and Maritime have increased their R&D investments for smart watches. For that, they are entering into partnerships with value-added resellers and suppliers and investing in R&D activities. These increasing R&D investments are helping players to introduce new products with better integration ability and accuracy. This will help with the reduction in smart watch prices and lead to an increase in their adoption among consumers.
Although
the various driving factors, the global smart watches market is
retraining due to the lack of proper technology standards. In
addition, this is a new and emerging technology and thus technology
standards are not clearly defined. The wearable computing device has
failed because of the bulkiness, ugly look, battery issues and weak
functionality. However, after the launch of number of new smart
watches, consumer perceptions have changed. Nowadays, smart watches
have become an important accessory to smartphones and an independent
communication device. In future, smart watches will have a screen
which potentially run software and allows to serve a robust extension
to smartphone operating systems and apps.
The
global smart watches market is segmented into two major categories,
on the basis of application into general consumers, sports and
healthcare and others. The market is also segmented on the basis of
product characteristics into companion devices and standalone smart
watches.
The
market is driven by factors such as the rapidly growing consumer
electronics goods industry and its distinctive features. The rapid
technological advancements and changing consumer preferences will
also act as drivers for the global smart watches market. Other
factors fuelling the growth of the global smart watch market are the
growing adoption of wireless technologies and softwares. Also the
continuous adoption of mobile processor technologies is driving the
demand for this market.
Some
of the factors inhibiting the growth of the global smart watches
market are the lack of standardization in this technology. The
growing penetration of electronic devices will serve as an
opportunity, fuelling the growth of the global smart watches market.
Some
of the key players in this market are ConnecteDevice Ltd., Google
Inc., Martian Watches, Metawatch Ltd., Qualcomm Inc., Samsung
Electronics Co. Ltd., Sony Corp., Apple Inc., Pebble Technology among
others. Earlier the global smart watches market was dominated by
players with relatively low brand image in the electronic device
industry. However, after the entrance of new big vendors in the
consumer electronic device industry, the demand and curiosity for
smart watches have increased among the end consumers.
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