The world of technology is constantly evolving and changing. From smartphones to smartwatches, the world as we know it today is becoming the “smart” world as envisioned by futurist Ray Kurzweil.
Watches are essential gadgets, especially for those living an active lifestyle, but what if you could make your watch do more than just tell time? With the emergence of smartwatches, this is now possible. These newly created smart devices deliver more precision horological features paired with modern technology to make convenient everyday tasks simpler. If you’re interested in knowing about some of the latest developments in smartwatch technology and how it can streamline your life, then continue reading the article below.
A few years ago, smartwatches were a rare sight. An oddity to some, a necessary tool to others, it was clear that smartwatches were still in their infancy. With the recent rise of smartwatches, it’s easy to see that the market is booming. However, with the boom comes a lack of clarity around who uses smartwatches and what they are used for. The first thing you need to know is that smartwatches are not for everyone. The first generation of smartwatches was bulky, expensive, and, well, not that smart. They lacked the functionality that other gadgets provided, which made them nothing more than another piece of technology.
The global smartwatch market was valued at $20.64 billion in 2019 and is expected to hit $96.31 billion by 2027, expanding at a CAGR of 19.6% from 2020 to 2027.
Several factors have been mentioned as reasons for its sudden rise in popularity which includes:
- Fashion:watches are a fashion statement and many people like the look and feel of a smartwatch. The great thing about smartwatches is that there are so many options out there that you are bound to find one that you like.
- Functionality:the functionality of a smartwatch goes beyond just being able to tell the time. Smartwatches can be used to track health and fitness statistics such as heartbeat, blood pressure, body temperature, and many more. Some devices even have heart-tracking features that may help detect issues early on. Other uses for a smartwatch include being able to quickly view emails and phone calls without having to take your phone out of your pocket, as well as accessing social media apps.
- Communication:one of the main benefits of a smartwatch is the ability to communicate with others. As well as being able to send text messages, smartwatches are also able to send emails, make calls, take photos, and much more.
Market Dynamics
The global smartwatch market is divided into several major segments based on the application, technology, type, and geography. Furthermore, it is also divided into several sub-segments based on the application including sports & fitness, health care & wellness, entertainment, IoT & logistics, and function as well as regions such as North America, Europe, Latin America, Middle East & Africa (MEA), and the Asia Pacific.
The major players in this market – Apple, Fitbit, Garmin, Samsung, Google, Amazfit, and Huawei – are expected to drive most of the industry’s growth. Apple released a new version of its smartwatch with GPS functionality in 2016. This made the smartwatch more convenient and easier to use since you didn’t have to carry your phone with you on runs or hikes all of the time. But there have been some other brands that have been working hard to pave their own paths in this tiered industry as well including Fitbit, Garmin, Samsung, and Huawei.
Several wearable companies, such as Apple and Fitbit, have added features for smartwatches that appeal to older users by providing real-time information about their health. As an example, Apple Watch Series 4 comes with a fall detection app that automatically contacts emergency services if an individual suffers a hard impact while wearing it. Additional advanced technology includes an EKG monitor for instant heart rate tracking. This feature assists in detecting conditions like sleep apnea, which can determine whether or not one risks serious health complications caused by disrupted breathing patterns while sleeping.
What to expect ahead?
With many companies pushing out smartwatches for consumers, it’s important to note that the newest game changers are learning how to stand out against the competition by differentiating their products by addressing the industry-specific needs of customers. Likewise, throughout the history of technological advancement, what has made certain devices stand out is not only their ability to solve problems but also addressing the user’s need for style and comfort – which some companies may view as an essential aspect of longevity!
While there are several options available in the markets for smartwatches, the hybrid variant has caught the fancy of consumers who don’t want to deal with complex features or long hours of charging. They prefer ones that look like regular watches but have the added benefit of functions related to fitness tracking along with other smartphone functions.
Some of the smartwatch trends expected in the coming years are:
1) Having the ability to easily talk and send messages to others by simply making a sound
2) The ability to create customized experiences for you
3) Making it easier than ever before to access apps and widgets
4) The ability to use health and medical apps more seamlessly than ever before
5) Creating better-looking watch faces that fit into various styles of attire
6) Customizing the way your own smartphone looks with its chosen accessories
7) Having various additional biometric sensors used within each and every model
8) Creating materials that will ultimately help them last much longer
The Way Forward
In the next decade, wearable technology is expected to boom and there are some things we can expect from this. It’s hard to tell exactly what will be possible but one thing’s for certain: we’ll be able to use our phones and smartwatches to pay for things online, locate our cars in a busy parking lot, store insurance details (if relevant), plus much more! This would also cut down on the number of items we carry around with us like wallets full of credit cards. The possibilities are endless!
