The smartwatch market could break 100 million units shipped by 2024: new market research
A new market analysis indicates that the smartwatch sector has the potential to grow at an annual compound rate of 14.5% between 2019 and 2024 until its volumes equal 108.91 million units shipped. This is thought to be driven by a demand for fitness and health tracking - and may, indeed, become a particularly prevalent consumer priority in the wake of the Covid-19 pandemic.
Smartwatches may in fact be required to deliver ever more healthcare-focused features going forward, to the extent that models with clinical-grade technology may lead the market. They may also have a role in the collection and application of big health data - as, indeed, some preliminary examples of the combination of wearable and healthcare tech have demonstrated. This trend is especially apparent in the US, which is a major sector of this market in geographical terms and is likely to continue to be so until 2024.
In this country, smartwatches are taken up for purposes such as help with weight management, step-counting and other activity-tracking functions. However, this sub-sector is also responsible for the increasing demand for watches with eSIMs or other forms of phone-independent wireless components. These allow the user to remain connected with just their watch on, but may also become more important for smart-home or general IoT control in the near future.
Nevertheless, the new market research report also indicates that buyers also still expect "traditional" smartwatch use-cases from these devices. They include music controls, smartphone notification management, payments and alarms. However, there may also remain scope for new and innovative features that are yet to be introduced to this class of devices.