Deerfield Beach, FL -- (SBWIRE) -- 11/02/2017 -- A smartwatch is an electronic wearable device providing various functionalities to its user and acting as a companion device with smartphones. Smartwatches used as a GPS device. It also used to manage time and provide notifications to users. Heart rate, distance traveled is some important parameters measure by the smartwatches and can be beneficial to user's health. Smartwatches are compatible with smartphones and due to increasing popularity of electronic gadgets in the young generation, smartwatches market is growing rapidly with impressive CAGR.

According to the report, the global smart watches market was valued at approximately USD 16.44 billion in 2015 and is expected to reach approximately USD 21.09 by 2021, growing at a CAGR of around 53.01% between 2016 and 2021. Global demand for smartwatches stood around 21.1 million units in 2015 expected to reach 108.2 million units by 2021 with a CAGR of 42.8% during estimate period. Zion Market Research has published a new report titled "Smartwatches Market by Price Range (High-end, Mid-end, and Low-end) by Operating System (Android Wear, Watch OS (iOS) and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021"

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The smartwatches market is primarily driven by increasing adoption of smartphones and high demand of internet accessibility. Changing technological preferences in young population is expected to propel the market growth during the year to come. However, some restraints like limited battery life associated with the product may hinder the growth of the market. Moreover, affordable prices of smartwatches and rising demand from young population help to open up new opportunities in evolving consumer preference.

In terms of price range, global smartwatches market is segmented into high-end, mid-end and low-end smartwatches. High-end smartwatches dominated the smartwatches market owing to the awareness about health and increasing disposable income. Mid-end smartwatches are also expected have a faster growth in the future due to the establishment of new companies in the market.

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Based on the operating system, the smartwatches market has been segmented into android wear, watch OS (iOS) and other like Tizen OS, Pebble OS, LinkIt OS, etc. Android wear was leading operating system segment in smartwatches market and accounted for the largest market share in 2015. Growing demand for smartwatches due to its number of applications is expected to drive the smartwatches market over the forecast period.

In terms of regions, North America had the largest share of smartwatches market in 2015. It accounted for significant share of the market and it is also predicted to maintain this trend during the forecast period due to the high penetration of smartphones and advancement in technology in the region. North America was followed by Europe and Asia Pacific region. The demand of mid-end and low-end smartwatches is high in Asia Pacific due to which Asia Pacific is expected to witness the fastest growth in coming years.

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Some of the key participants involved in smartwatches market include Apple Inc., Nike Inc., Garmin Ltd., Qualcomm Incorporated, Sony Electronics Inc., Martian Watches, Pebble Technology Corporation, Fitbit Inc., ConnecteDevice Ltd., and Samsung Electronics Co. Ltd.