Albany, NY -- (SBWIRE) -- 02/13/2017 -- A smartwatch is a wrist-worn type of wearable device providing various functionalities to its user and acting as a companion device with smartphones. Smartwatches are mostly need to be paired with a smartphone using any connecting technology such as near-field communication (NFC) or Bluetooth.

Smartwatches provide notifications to its user and can also be used to track health parameters such as heart rate, distance traveled, etc. Moreover, smartwatches can also be used as a GPS device. Smartwatch provide high degree of connectivity to its users and are useful for the group that aims health related purposes and fitness tracking.

Global smartphone shipments are expected to increase continuously in the coming years due to developing network infrastructure and increasing internet penetration. The global smartwatch market was valued at US$ 701.2 Mn in 2013 and is expected to grow at a CAGR of 53.6% during the forecast period 2014 – 2020.

On the basis of price range, the global smartwatches market is segmented into high-end smartwatches, mid-end smartwatches, and low-end smartwatches. Smartwatches with price above US$ 250 are considered under high-end smartwatches segment.

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High-end smartwatches segment is anticipated to witness strong growth in next few years (2015 - 2017) due to number of large smartphone manufacturers such as Apple Inc., Samsung Electronics Inc., and Sony Corporation focusing on the development and launch of their high-end smartwatch models. However, unwillingness to pay above US$ 250 for a smartwatch and low awareness pertaining to wearable technology and products is the major concern for the growth of smartwatches market.

Furthermore, limited battery life and its effect on overall performance are expected to restrain the global smartwatch market. Currently, the companies offering high-end smartwatches overrun the global smartwatch market. However, growing commercialization activities, and research and development is anticipated to result in significant number of mid-end and low-end smartwatch models over the forecast period.

In 2013, North America was the largest market for smartwatches in terms of revenue. The region has experienced significant adoption of high-end smartwatches due the presence of tech-savvy and health conscious users in this region.

Fitness and health are expected to remain the major applications of smartwatches over the forecast period. This is attributed mainly to the high smartphone penetration in the North American region. Furthermore, awareness among end-users and higher purchasing power is anticipated to drive the regional market over the forecast period 2014 – 2020.

Europe and Asia Pacific are anticipated to witness healthy growth over the forecast period. Demand from countries such as China, India, Japan, and Australia is anticipated to drive the Asia Pacific market in the next few coming years. Mass adoption of mid-end and low-end smartwatches in Asia Pacific, Latin America, and Eastern Europe is expected to drive the demand for this market over the forecast period.