The North America Smart Watch Market size is estimated at USD 46.35 billion in 2024, and is expected to reach USD 99.95 billion by 2029, growing at a CAGR of 16.61% during the forecast period (2024-2029).
A smartwatch is a wearable computer that takes the shape of a watch. Modern smartwatches offer a local touchscreen interface for daily usage, while an associated smartphone app handles management and telemetry.
The COVID-19 outbreak impacted the wearables market's supply. However, the use of smartwatches in health and medical terminology dramatically increased due to many manufacturers, including Apple, integrating functions like ECGs inside the watches. Future projections indicate that this will increase market share.
The population's growing concern for their own personal health and fitness and increased smartphone penetration are the main drivers propelling the growth of the market under study. Also, people have become more interested in smartwatches in recent years because they have high-tech features like tracking, alerts, and connection.
Therefore, the popularity of these devices depends upon a wide range of monitoring capabilities, including notifications, alarms, music control, auto sleep, and other functions that smartwatches offer. Vendors are too aligned on these factors when launching multiple variants.
The North American smartwatch market is fragmented; therefore, companies are banking on product innovation and development to gain an edge, as well as the number of local players. This makes the rivalry intense in the market. Apple Inc., Fitbit Inc., and Samsung Electronics Co. Ltd., among others, are key players.
In June 2022, Apple unveiled watchOS 9, which updates the wearable operating system with the newest features and better user interfaces. There are now additional watch faces available for Apple Watch users to select from, along with richer complications that provide more information and opportunities for customization. The redesigned Workout app helps users improve their workouts by giving them access to advanced stats, views, and training experiences that are based on those of elite athletes.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook