Global Smart Watch Market Has 'Potential' to Reach $32.9 Billion Sales by 2020, Report Says
The global smart watch market has the “potential” to reach $32.9 billion in annual sales by 2020, based on a 67.6 percent compound annual growth rate through the end of the decade, Allied Market Research said Thursday in a report.…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
Smart watch adoption is growing by double digits globally, led by North America, which accounts for a third of the world’s market penetration, the report said. “However, in the near future, the growth of this market is expected to be driven by the Asian region and China emerging as a popular hub, as it would evolve as a low-cost smart watch manufacturer.” But the report estimates North America will remain the dominant smart watch market through decade’s end, reaching $11.2 billion in sales by 2020. “Over the next decade, the market is expected to witness product based revolution with newer sensor technologies emerging. Further, since the market is still in its evolutionary phase, it would create opportunities for new companies to enter the market, eventually leading to an increased level of competitiveness.”