The global smart watch market is anticipated to grow at 24.2 billion in 2020 to USD 66.7 billion by 2027, expanding at a CAGR of 21.8% from 2020 to 2027.

The global smart watch market is anticipated to grow at a CAGR of 21.8% during the forecast period 2021-2027. The smart watch is a device worn on the wrist and is like a smartphone that uses touch screens, offers apps, record heart rate, etc. The rapid urbanization, the rapid development of technology, and rising number of smartphone users, use of MIMO technology offers the stability of the network, manages data traffic, and increases data speed, resulting in growth in demand for smart watches market during the forecast period 2021-2027.

The COVID-19 pandemic has significantly reduced the demand for the electronics sector but the online sales of wearable devices like smartwatches have tremendously increased resulting in cutting the other cost involved in offline sales. This had resulted in buying products at lesser prices on an online platform and can easily compare features and prices.

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Based on the operating system, the global smart watch market is divided into android, iOS, and others. The iOS segment is anticipated to witness substantial growth during the forecast period 2021-2027 owing to the rising disposable income in emerging countries which iOS-based service have increased their prominence.

The increasing demand for wireless fitness and sports devices, mounting health awareness among consumers, digitalization are the factors propelling the growth of the global smart watches market. Moreover, the rising emphasis on connected devices in different industries and rising demand for connected ecosystems will accelerate the opportunities in the global smartwatch market.

Asia-Pacific accounts for the significant growth in the global smart twatch market owing to the advancement and technological development in the consumer electronics industry, rising disposable income, mounting demand for advanced devices, presence of major industry players like Samsung Electronics Co. Ltd., Sony Corporation, Huawei Technologies Co. Ltd., in the region.

The prominent players in the smart watch industry include Alphabet Inc., Fitbit Inc., Lenovo Group Limited, Sony Corporation, Garmin Ltd., LG Electronics, Samsung Electronics Co. Ltd., ASUSTeK Computer Inc., TomTom International BV, and Apple Inc.

Source: VynZ Research