The evolution can be chiefly credited to the increasing urbanization rate and the growing requirement for cutting-edge products with numerous features, as well as sleep quality monitoring, pulse rate tracking, and step counting.

Also, the increasing millennial population is extensively outlay on wearables due to its improving lifestyle.

The extension category dominated the industry in the past, with a share of approximately 60%, credited to the introduction of next-gen variants that can be utilized as an extension to smartphones and further similar devices.

As well, supplementary innovative applications, for example health tracking, alerts, and connectivity, compatible with extension smartwatches, have garnered customer interest recently. This factor will further increase the sales of these devices, chiefly amongst the middle- and upper-middle classes, in the years to come.

The iOS operating system-based smartwatches held about 50% share. The growth is because of the acceptance of Apple and the existence of other devices with inept features.

Apple’s watch software, has grown considerably in acceptance since its introduction and left numerous other OSs behind, with its capability and innovation. As a result of this, the iOS category has been contributing the highest revenue since 2015 and will maintain its stronghold in the years to come as well.

North America dominated the smartwatch market will observe at a rate of around 7%, since a large count of people are spending on these devices. The region, being a main region for prominent companies, for example Samsung, and Apple generates higher revenue.

Brand loyalty and the high customer status in this continent have largely aided companies in cashing in on the customer interest in these kind of consumer electronics.

Furthermore, the increasing health consciousness, growing disposable income, obtainability of these kind of products, and tech advancements are powering the requirement for these products.

The U.S.  has the major share, about 90%, due to the fact that the increasing interest of young adults and teenagers in smartwatches.

Also, the populace of the country is larger than that of Canada, which contributes to the higher share of the U.S., with regards to both volume and value, in North America.

It is because of the rising rate of urbanization all over the world, the increasing requirement for advanced products, with a number of features, the demand for smartwatches will continue to grow in the years to come.