By 2023, the global smartwatches market is estimated to reach $43.8 billion at 22.7% CAGR from 2018 to 2023 according to a report by Prescient & Strategic Intelligence. In another report by Mordor Intelligence, sales figures showed that in the US, there was an almost 350% increase in terms of smartwatches sold in 2015 and by 2023, unit shipments are expected to reach 110.38 million globally. This coincides with the release of the first Apple Watch in April of 2015. But in 2017, android-based smartwatches held the largest share in smartwatches despite Apple being the major market shareholder.
The integration of fitness and sports applications to smartwatches, such as steps tracking, calories counter, and heart rate measurement, are identified to be the major market drivers and made users more aware of their personal health.
In this issue of ParolaNEWS, looked at the patent landscape of Smartwatches. As Samsung and other tech giants lead the pack, companies like Pebble, Fitbit and E-ink also enter the top 10. See the full report by downloading our newsletter.