TechNavio has announced the publication of its market research report on the Global Smartwatch Market, which is expected to grow at a CAGR of 96.8 percent from 2014-2019.
The latest report from TechNavio emphasizes budding alliances between smartwatch vendors and the fashion industry. These days, vendors and consumers alike have started considering the physical appearance of a smartwatch as one of most important criteria and therefore, they are working with fashion designers to develop better, more appealing products.
Apple already invited several prominent names from the fashion industry when they first announced their entry to the smartwatch market, and other vendors are expected to follow suit.
"Watches that combine advanced functionalities with expensive designs are expected to enter the luxury goods market during the forecast period," says Faisal Ghaus, Vice President of TechNavio.
Furthermore, the report highlights the growing demand for wearable technology in fitness and sports that has been increasing rapidly because of an increase in health awareness among individual consumers. Many users are buying smart fitness devices in the form of wristbands and armbands to keep track of their general physical fitness, track performance and even monitor heart rate and sleep.
