Kids' Smartwatch Market - Forecasts from 2022 to 2027
The kids' smartwatch market is projected to grow at a CAGR of 16.45% during the forecast period to reach US$1,687.197 million by 2027, from US$581.136 million in 2020.
A smartwatch is a digital watch that can perform a range of tasks in addition to timekeeping. Monitoring heart rate, tracking exercise, and delivering reminders throughout the day are just a few examples. A touchscreen display on a smartwatch, like on a smartphone, allows the conduction of actions by tapping or swiping on the screen. Smartwatches now come with various apps comparable to those found on smartphones and tablets. These apps include features such as weather forecasting, stock market updates, and map & directions. The majority of smartwatches can also make phone calls and send and receive text messages. The many features of kids' smartwatches, such as location tracking in an emergency and smart notification, are some drivers propelling the kids' smartwatch market forward.
The global kids' smartwatch market is predicted to expand due to increased consumer health awareness, enhanced smartwatch features, and technical advancements.
People's increased health awareness is a major element driving the market for kids' smartwatches to grow. Smartwatches can be used to take the necessary steps ahead of time based on a person's health parameters. Doctors can easily keep track of their patient's health and treat them appropriately. A growing number of parents are utilizing digital tools such as smartwatches to monitor their children's health. As a result, the rise in consumer health awareness is pushing the growth of the kids' smartwatch market. Because each smartwatch has a fitness tracker component, its product development is expanding as a whole because it offers multi-functional features for monitoring health parameters. Parents can follow their children's glucose and blood pressure levels before and after they participate in physical activities, as well as when they attend various sites on the school campus, using smartwatches with health and fitness monitors. In the next years, this is expected to give market players several opportunities.
The availability of smart notification functions in a smartwatch that aid in the safety of children is also driving the growth of the worldwide kids' smartwatch market. Smartphones are linked to smartwatches. As a result, they can send messages, make phone calls, and set alarms. The kids' smartwatch has an emergency button that broadcasts the location to the parents, who can then track the kid's location using the app. When the child enters or quits the area, the program alerts the parent. The global kids' smartwatch market will benefit from rapid technological advancements. The benefits of merging design and technology components in the display will improve the user experience and drive the worldwide kids' smartwatch market forward. For instance, in June 2021, at the Mobile World Congress in Barcelona, ViacomCBS Networks International (VCNI) launched Nickelodeon's first-ever linked smart "NickWatch." This innovative family-friendly wearable device provides entertainment as well as communication security. In 2022, the device will be available for purchase. Similarly, in May 2021, during the product introduction conference in China, Huawei officially announced the Huawei Watch 4X New Shinning, a new model in the existing children's smartwatch series. The device has a 1.41-inch AMOLED touch display with a resolution of 320 x 360p, measures 53 x 45.7 x 14.7 mm, and weighs 59.4 grams. It also has a 5MP front camera and an 8MP side camera.
Low battery life, as well as a lack of data security and privacy, may act as market restraints.
These devices are prone to get misplaced due to their small size. Market expansion may be hampered by the technology's high initial cost, as well as concerns with power consumption and battery life. Smartwatches use GPS navigation systems to receive location-based information. Users may be asked to provide their location to get specific information. Furthermore, network operators own and regulate subscriber location data, including mobile content providers. Consumers are concerned about security, despite legislative frameworks created to safeguard it because operators have access to such information. As a result, the absence of data privacy and security will stifle the market for children's smartwatches.
By region, North America is expected to drive the growth of the kids' smartwatch market during the forecast period.
North America is predicted to have a large proportion of the market for children's smartwatches. The region is anticipated to have the highest number of 5G connections via wearable devices in 2022. The new standard will greatly boost the smartwatch's streaming and downloading capabilities, with rates that might be 100 times quicker than standard 4G. According to Ericsson, by 2022, nearly a third of the smartphone base in North America, or about 100 million subscribers, will be 5G-enabled. The trend toward self-contained smartwatches that do not rely on smartphone connectivity has enormous market potential.
The recent breakout of COVID-19 caused a dramatic drop in global demand for electronics in the first quarter of 2020. However, online sales of wearable gadgets such as smartwatches saw a significant increase, eliminating many other costs associated with sales and allowing users to purchase products at reduced prices on online platforms while comparing features and prices. The use of smartwatches to track children's fitness and health in order to keep kids active and healthy while they are homebound during the coronavirus outbreak fueled market demand. Companies are already working on improving Android and iOS mobile devices to enable COVID-19 contact tracing through Bluetooth during this pandemic. For example, GOQii recently released the Smart Vital Junior smartwatch for children. The watch would aid in the monitoring of changes in blood oxygen levels, heart rate, and temperature in children in real-time.
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