The smartwatch market has gained significant momentum in recent years due to the entry of several major players in the smartwatch market. Most component suppliers and smartphone vendors such as: Samsung Electronics, Inc., Sony Corporation, and Apple Inc. are expanding their wearable product offerings. Furthermore, most smartwatches available in the market currently work as companion devices; thus, the presence of a large number of existing smartphone users is a key factor anticipated to drive the market in the next few years. Companies manufacturing smartwatches are customizing their operating systems for use in wearable devices.
For instance, Google, Inc. has launched Android Wear, a customized version of the Android OS for use in wearable devices. Most hardware manufacturers are entering in the smartwatch market with Android Wear as the pre-installed OS; thus, the Android Wear OS has been experiencing significant growth in the smartwatch market.
Based on price range, the global smartwatches market is divided into high-end smartwatches, low-end smartwatches, and mid-end smartwatches. Among these, smartwatches that are above US$250 are high-end ones. The segment of high-end smartwatches is predicted to witness strong growth in the upcoming years.
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The focus of top-notch product manufacturers such as Apple Inc., Sony Corporation, and Samsung Electronics Inc. to innovate high-end smartwatches account for high growth of this segment. At present, companies involved in the manufacture of high-end smartwatches account for major share of the overall market. However, in the coming years, research and development and increased participation from mid-sized companies is expected to lead to larger number of newer mid-end and low-end smartwatch models.
By operating system, the smartwatches market is divided into iOS, Android, and others. Among them, iOS smartwatches led the overall market in 2014. The segment of Android smartwatches closely trailed in the same year. However, over the forecast period from 2014 to 2020, Android smartwatches is likely to rise at a CAGR of 57.90%.