The smart watch market consists of sales of smart watches and related services that are used in medical, sports, gaming, and personal assistance. A smart watch is a computer-based wristwatch that provides many other features besides timekeeping. Examples include monitoring the heart rate, tracking the activity, and delivering day-round reminders.
The global smart watch market is expected to decline from $54.80 billion in 2019 and to $52.88 billion in 2020 at a compound annual growth rate (CAGR) of -3.51%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $84.90 billion in 2023 at CAGR of 17.10%.