Populace Drives the Smartwatch Industry’s Meteoric Rise

The global smartwatch market that went through a stagnating year in 2020 had staged a strong come in 2021 with an impressive 24% Yoyo growth. Research suggests that the industry was valued at $22 billion (approx.) in 2021. Further, it is expected to grow to $97 billion (approx) by 2028 at a CAGR of almost 22%. 

Horologists (persons engaged in making and repairing watches) may debate whether Patek Phillipe or Breguet made the first wristwatch, but the world has come a long way since then.  

The first generation of electric watches was introduced in the ’50s, and the first quartz watches hit the market in 1969. Some people consider the Microsoft SPOT launched in 2004 as the first true smartwatch. Many players have entered the market with more & more technologically advanced products. The revolutionary integration of smartphones with watches has opened a new vista of technology on the go. 

What Has Fueled The Growth Of The Smartwatch Market? 

• Increasing Health Awareness among Generation Z and Millennial: Stressful life and related health hazards have made the modern generation vigilant about personal fitness. From monitoring your pulse rate and blood pressure to reminding you to take medicines on time, this new technological phenomenon has transformed your personal health regime. 

Recent studies in the US show that 74% use the step counter regularly while others keep close track of the number of stairs climbed every day and so on. Interestingly, 18% monitor their sleeping patterns as well. Many health studies across the globe suggest that several medical issues directly result from inadequate or disturbed sleep. 

• The AI World: Artificial intelligence is taking the world by storm. Some smartwatches come with an integrated voice assistant or give you access to your smartphone’s voice assistant. You can manage your daily tasks and appointments on this wrist device that is way more than just a watch. With your smartwatch around, you don’t need to reach out to your smartphone to attend calls or reply to messages. Pair the device with Bluetooth earphone and communicate with ease.
• Carry Your House On Your Wrist: Imagine controlling your home lights, doors, and washing machines and operating your oven from your smartwatch. Some premium segment smartwatches allow these luxuries as well.
• The Cashless Paradise: Credit/debit cards have endeavoured to make this a cashless world. Smartwatches are taking it a step further by integrating payment apps that allow you to pay from your watch.
• Extended Battery Life: Some brands come with very efficient battery life. You can use your smartwatch for days at a stretch without charging.
• Audio/Video on Your Wrists: Smartwatches are music to many music lovers’ ears. You can pair them with high-end earbuds or your smartphones for an awesome audio experience on the go. The high-definition display allows you to catch an interesting YouTube video while travelling. 
• Style Statements: The sleek and fashionable look also works for style-conscious people. Many smartwatches come with changeable stylish watch faces. You can match your mood with your smartwatch face. 

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