Increasing Demand For Health Monitoring Devices is Expanding the Growth of the Global Smartwatch Industry
8 Mar 2023
One of the most wearable fitness technologies is the smartwatch. Manufacturers are now coming up with smartwatches with sophisticated health monitoring features like blood oxygen and SpO2 sensors, electrocardiograms, calorie counters, stress monitors, and more. Many businesses are introducing smartwatches with health-checking devices, including Apple Inc., Fossil Group, Inc., SAMSUNG, Fitbit, Noise, and others. For instance, the new Apple Series 7 smartwatch model was introduced by Apple, Inc., in September 2021. It has several health monitoring features, including heart health monitoring, blood oxygen saturation monitoring, an electrocardiogram (ECG) sensor, native sleep tracking, and improved fall detection.
Many smartwatches are designed to do more than just telling time. They can also connect to other Bluetooth-enabled devices, offering additional functionality beyond simply displaying the time. By transforming into a wireless Bluetooth adaptor, this watch can enhance the functionality of its smartphone. Furthermore, the user can use this watch to make and receive phone calls, read & write emails and texts, check the weather, listen to music, and communicate with a digital assistant.
According to a recent report published by Allied Market Research, the global smartwatch market is projected to grow at a noteworthy CAGR from 2020 to 2027. The smartwatch market is anticipated to witness a surge in revenue owing to various factors such as the increasing demand for wireless fitness and sports equipment, growing consumer health consciousness, and technological advancements in operating systems and interfaces (UI) by the major players. For instance, in June 2022, Garmin launched the 955, which is among the pioneering GPS-enabled smartwatches designed for running. The watch is part of the 255 series and is equipped with solar charging capabilities, along with the forerunner feature. Athletes from all over the world have become very enamored with Garmin's newest Forerunner device. These smartwatches have training features designed for advanced runners and athletes, making them triathlon-ready.
At the launch of Huawei's flagship product in May 2022, the Huawei Consumer Business Group (HCBG) announced a series of hardware products, including the Huawei Watch FIT 2, Huawei Mate Xs 2, Huawei Watch D, Huawei Watch GT 3 Pro, Huawei Band 7, and Huawei S-TAG. This aims to make consumers' daily lives simpler.
In June 2022, Apple gave a preview of watch OS 9, showcasing its features and improved user interfaces for the wearable operating system. Apple Watch users now have a wider range of options to choose from when selecting a watch face, as well as more detailed complications that offer greater levels of personalization and information. Advanced views, metrics, and training experiences inspired by high-performing athletes help users advance their workouts in the updated Workout app.
Use of Organic Light-emitting Diodes (OLED) in Smartwatches is Widening
Increasing use of organic light emitting diode (OLED) displays is driving up demand for smartwatches, which is expected to drive the market growth. Because of their low power consumption and superior image quality, OLED (organic light emitting diode) displays provide an enhanced viewing experience. This allows manufacturers to produce displays in a variety of formats without sacrificing quality or resolution.
COVID-19 Impact on Smartwatch Market
The COVID-19 pandemic negatively impacted the global smartwatch industry because manufacturing firms had to delay operations temporarily so as to cater to the strict regulations to control the spread of the virus. Despite facing some setbacks due to transportation restrictions and disruptions in the supply chain, the consumer electronics sector was able to manage the situation fairly well. Also, once the global situation began to stabilize, the market for global smartwatches experienced consistent growth.
Authors Bio- Koyel Ghosh is a blogger with a strong passion and enjoys writing in miscellaneous domains, as she believes it lets her explore a wide variety of niches. She has an innate interest in creativity and enjoys experimenting with different writing styles. A writer who never stops imagining, she has been serving the corporate industry for the last five years.