Smart watches have been present in one form or the other since 1982, when Pulsar, a Seiko brand, brought the Pulsar NL C01 into the market. It had features such as a storage capacity of 24 digits of information, which is obviously way below the currently available capacities. Smart watches in the earlier days possessed limited functionality and limited data processing capability.
North America is one of the leaders in the smart watches market with the most number of sales in this region. This is because of the large penetration of smartphones in the population and also the increased purchasing power of the consumers. Given the rising smartphone penetration in this region with women smartphone users dominating the men smartphone users, one can expect a good growth in the demand for the smart watches market as well.
These smart gadgets have started receiving a lot of crowd attention in the market and is 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 few unique features of these smart gadgets.
With the advancement of technology and shrinking chip size, it is now possible to store large amounts of data in small spaces and access it with just a single touch. These small chips have now found their way into watches and phones. In addition to calling and messaging, users can now perform functions like using email, receive WhatsApp notifications or even monitor heartbeats with these watches.
The smart watches market is growing rapidly and we have new players entering the market such as Asus, Motorola, Tag Heuer, Alpina, Breitling, Xiaomi and more, apart from Google, Apple, and Samsung, which is the current market leader in the smart watches market with more than 65% of the smart watches market share.
The benefits associated with the storage of, and access to a large amount of data has led to the increased penetration of smartphones and smart watches. The reducing costs with time and other factors such as the compatibility and flexibility capabilities of these smart watches are contributing largely to the smart watches market.
Some of the challenges faced by the smart watches market are low internet penetration in some of the regions, lack of knowledge or skill to operate these smart watches, and also, the prevailing issue of low battery life of these gadgets.
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