Dec 13 2013, 6:36am CST | by Sumayah Aamir
Global smartwatches market is a fairly new and emerging market. The adoption of smartwatch software and wireless technologies by traditional watchmakers is rapidly growing. And there is also a strong expansion of smartwatches in the children, health and lifestyle areas. Research and Markets has recently issued a report titled "Global Smartwatches Market 2014-2018".
In this report, analysts forecast the year-over-year growth rate for the Global Smartwatches market. According to the report, Smartwatches market is expected to grow at an annual growth rate of 115.2 percent over the period 2014-2018. The entry of big vendors into the Global Smartwatches market will play a key role in this rapid smartwatch market growth. Relatively low brand image vendors were previously dominating the smartwtach market. However, big players in the Electronic Device industry, like Sony and Samsung, have entered in the smartwatches market. Smartwatches are in demand now due to the entry of big players. And this demand is increasing by every day.
The R&D spending on smartwatches is also increasing. But there are no proper technology standards. And this lack could become a major challenge to the growth of this market. This can also decrease the growth rate. Currently, Pebble, Martian Watches, Sony, Samsung and Qualcomm are the key vendors dominating the smartwatches market. However, there are big names that will come into the smartwatches market soon. Apple and Google are the big vendors that are currently working on their wearable technologies. ConnecteDevice and Metawatch are also mentioned in the report.
Commenting on the report, an analyst from the team said: The increasing R&D spending on smartwatches is a major trend witnessed in the Global Smartwatches market. Leading vendors such as Pebble, Maritime, Samsung, and Sony have increased their investment in the R&D of smartwatches. For instance, they are partnering with suppliers and value-added re-sellers and investing significantly in R&D. An increased focus on R&D and on establishing partnership networks is helping vendors introduce inexpensive solutions. Further, more focus on R&D is helping vendors introduce products with more accuracy and better integration ability. Thus, the high accuracy and the integration ability coupled with the reduction in smartwatch prices are leading to an increase in the adoption of smartwatches.
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