Smartwatch Market Size

Smartwatch Market size is anticipated to reach USD 106 Billion by the end of 2036, growing at a CAGR of 10% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of smartwatch was over USD 34 Billion. Consumption of these products is expected to be stimulated by the growing popularity of fitness among young people, as well as an increase in their use of health monitoring equipment. For instance, 67% of gym and fitness center users think technology improves their workout experience. Given that they are more aware of and familiar with the various types of intelligent devices, this product is likely to be needed because of increasing urbanization around the world. For instance, in 2023, the global urbanization rate was 57%.

Furthermore, stress monitoring in smartwatch is a useful feature that allows users to understand and control their stress levels. The feature can detect changes in different physiological parameters such as heart rate, blood pressure, skin temperature, and respiration which are influenced by stress. An emerging feature built on stress monitoring is emotion tracking or mood tracking in smartwatch. To determine the user's emotions, it is based on physiological data associated with stress but will use more sophisticated algorithms and even artificial intelligence to do so.