- Advances in SoC technology have reduced the size of the printed circuit board
- North America is expected to register the highest incremental growth during the forecast period
The smartwatch market is expected to grow by $14.57 billion during 2020-2024 due to technological advances in the semiconductor industry as per a report by Technavio. As per the report, technological advances in electronic components such as system on a chip (SoC) and microelectromechanical systems (MEMS) have allowed smartwatch manufacturers to develop more compact and less power-consuming smartwatches.
The report also said that the impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters. It will have a limited impact on the full-year economic growth. It also said that advances in SoC technology have reduced the size of the printed circuit board. Advances in chip packaging and process technologies have helped smartwatch manufacturers to incorporate several sensors and other components in limited board space.
North America to lead
The report also said that the increasing number of patent filings by smartwatch manufacturers will have a positive impact on the market and contribute to its growth significantly over the forecast period. Vendors in the market are focusing on obtaining patents related to displays, cameras, sensors, and other related technologies in order to integrate advanced technologies in next-generation smartwatches. The increasing number of patent-related activities among vendors is speeding up the development and commercialization of high-performance smartwatches.
It also said that the North America region led the smartwatch market in 2019, followed by APAC, Europe, South America, and MEA respectively. North America is expected to register the highest incremental growth during the forecast period. This is due to the increasing adoption of cellular smartwatches and developments in 5G technology in the region.