The advanced integration and cross-compatibility of personal assistance and health features, rising awareness on health and fitness, and improving smartwatch automotive control capabilities are some of the factors behind the global smartwatch market growth.
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In 2017, the market attained a size of $10,223.9 million, and it is predicted to generate a $43,800.0 million revenue by 2023, progressing at a CAGR of 22.7% during the forecast period (2018–2023). Smartwatches offer a variety of features, such as time telling, calculator, camera, text messages, GPS navigation, SD card, touchscreen, and find the phone.
This can be ascribed to the launch of next-generation smartwatches that can be employed as an extension of smartphones or related products. These watches can receive alerts, calls, and notifications from a connected phone, and these have a better battery life as compared to others.
With improved access to technology, people are heavily using upgraded gadgets to maintain their fitness level. Health and fitness-focused smartwatches aid people to track their daily activities and reduce bad practices that may cause health problems.
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Some of the key players operating in this market are Apple Inc., Garmin Ltd., Fitbit Inc., Sony Corporation, Samsung Electronics Co. Ltd., Lenovo Group Limited, TomTom International BV, ASUSTeK Computer Inc., LG Electronics, and Alphabet Inc.
This post was originally published on Food and Beverage Herald