As stated by a market research institution, P&S Intelligence, the smartwatch market was valued USD 33,431.2 million in 2022, and it will power at a rate of 9.5% in the years to come, to reach a value of USD 69,282.5 million by 2030. 

The evolution can be chiefly credited to the increasing urbanization rate and the growing requirement for cutting-edge products with numerous features, as well as sleep quality monitoring, pulse rate tracking, and step counting. 

Also, the increasing millennial population is extensively outlay on wearables due to its improving lifestyle.

The extension category dominated the industry in the past, with a share of approximately 60%, credited to the introduction of next-gen variants that can be utilized as an extension to smartphones and further similar devices. 

Browse detailed report - Smartwatch Market Analysis and Demand Forecast Report

Apple’s watch software, has grown considerably in acceptance since its introduction and left numerous other OSs behind, with its capability and innovation. As a result of this, the iOS category has been contributing the highest revenue since 2015 and will maintain its stronghold in the years to come as well.

North America dominated the smartwatch market will observe at a rate of around 7%, since a large count of people are spending on these devices. The region, being a main region for prominent companies, for example Samsung, and Apple generates higher revenue. 

Brand loyalty and the high customer status in this continent have largely aided companies in cashing in on the customer interest in these kind of consumer electronics.