Global smartwatch revenues forecasted to surpass $60B

Smartwatches can also help to tackle COVID-19

smartwatches

Global smartwatch revenues forecasted to surpass $60B. Source: shutterstock.com

According to GlobalData, smartwatches will become a $64 billion industry by 2030, having grown at a CAGR of 13% between 2019 and 2030.

The report states that the growth is mostly due to the addition of features such as cellular connectivity, health and fitness monitoring. Besides, interoperability with other connected devices will drive the increase as well.

Nevertheless, the number of smartwatch shipments this year will be 9% lower than in 2019, due to delays in production caused by the pandemic.

As to the smartwatch revenues, they will also decline by 10% in 2020, as the global recession hits consumer spending.

A major focus for smartwatches is health and fitness, with capabilities such as electrocardiograms (ECGs), blood glucose monitoring, and stress monitoring becoming standard. Most vendors are targeting these products in the healthcare sector and the consumer market, but the development of accurate clinical-grade vitals monitoring is proving challenging
Rupantar Guha, Senior Analyst of Thematic Research

The study highlights that smartwatches could have a role to play in tackling COVID-19. For instance, some vendors are adding apps that remind people to wash their hands, whereas others are supporting research tracking the spread of the disease.

We’ve reported that MuchBetter payment app and Swiss watch smart glass provider, Winwatch, have launched a watch with payment glass feature. The watch will use STISS (Swiss Technology Inside Smart Sapphire), a strong sapphire glass infused with payment technology.

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