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The global smartwatches market was valued at $701.2 million in 2013 and is expected to expand at a CAGR of 53.6% from 2014 to 2020, according to Transparency Market Research. As the perception of smartwatches is changing from being just an expensive accessory to a fitness and time tracker, more and more users are looking to buy these devices for health reasons.
Back in 2013, the mid-end smartwatches segment dominated the overall market with a share of 44%. However, as the understanding and usage of these watches is undergoing a revolution, consumers across the world are likely to invest in high-end smartwatches in the coming years, thus spurring the growth of the segment in the forecast period.
Amongst the operating systems, iOS smartwatches were a clear hit in 2014. Android trailed this segment closely in the same year. However, analysts predict thatwith Android Wear OS launched by Google Inc., the segment of smartwatches based on Android Wear OS is likely to accelerate at a CAGR of 57.9% from 2014 to 2020. The research report suggests that North America leads the global smartwatches market due to the huge pool of tech-savvy and health-conscious users in the region.