In 2019, an estimated million smartwatches were sold in the United States. Between 2016 and 2020 annual smartwatch sales are forecast to grow from million units to over million as these devices skyrocketed in popularity.
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While digital wristwatches have been around for decades, true smartwatches are a relatively new phenomena in the consumer electronics industry. These modern devices typically include features like touchscreens, biometric monitoring, and internet connections. Consumer electronics giants Apple and Samsung are the biggest names in the industry, controlling a combined market share of over percent. Estimates suggest that over million of these devices will be shipped around the world in 2019 with this figure rising to over million by 2023.
Wearables
Smartwatches are often classified under the overarching consumer wearables market which also includes products like smart wristbands, smart clothing, and head mounted displays. The internet connections present in many of these devices allow them to share statistics and information with other smart devices, forming a network which is often referred to as the Internet of Things (IoT).
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