The Norway smartwatch market is expected to grow at a compound annual growth rate of 18.21% over the forecast period. Smartwatch is watch shaped smartphone gadget that uses different operating systems like Android, Tizen, Real-Time Operating System, Watch OS, etc., and supports smart features like fitness tracking, communication systems like call and e-mail, media management, includes applications. Smartwatches work on battery life and are used for healthcare, sports, personal assistance, and wellness purposes.
The major driving factor behind the Norway Smartwatch Market is the growing adoption of the internet and smart technology that has led to the smart era with the wide use of smartwatches. Besides that, the growing concern of people towards their health has led to wide-scale adoption of smartwatches that carry advanced health tracking features like sleep tracking, blood oxygen level, etc. Besides that, high research and investment in sectors powered by Artificial Intelligence, cloud services, etc. have made it possible for the major companies to introduce new technologies in the product which is expected to act as an attracting force to a developed nation like Norway.
One of the major constraints for the Norway Smartwatch market is the high price associated with the product and technology it supports.
The growing adoption of the Internet has led to wide-scale adoption of smart tech facilities in the country. This is one of the prime reasons behind the growth of the Norway Smartwatch market. The proportion of individuals using the Internet has sparked significantly in the nation from 1990 to 2020. According to the World Bank Data, only 0.707% of the population used the internet in the region but the developed infrastructure has led to an increase in this number, and as of 2020 the proportion stands as 97%. The growth of this level has led to wide-scale adoption of smart technology which is expected to drive the demand for smartwatches further in the upcoming years in Norway.
The major reason behind the shift from traditional watches to smartwatches is the technological support that smartwatches provide. Growing health consciousness among the people has led to a spur in demand for smartwatches because of various health-supporting features like built-in heart rate monitor, diet tracking monitor, sleep and exercise tracker, step tracker, etc. The change in the living standard of people has led to a shift towards keeping track of their healthy life and smartwatch usage has become an efficient way to do so. This is therefore expected to drive up the demand for smartwatches in Norway in the coming years. For instance, recently Huwaei Technologies Co. Ltd. has launched Huwaei Watch D that supports blood pressure monitoring along with ECG Capabilities.
In a developed nation like Norway, growing cardiovascular diseases is one of the major causes of death. Norwegian Institute of Public Health states that annually around 70,000 people are treated for cardiovascular disease in the country. With this concern, the health tracking mechanism becomes necessary to adopt.
The major constraint for the growth of the Norway Smartwatch Market is the cost of technology associated with it. The advanced technology provided by Smartwatches comes at a hefty cost which is not affordable by every section of society. This may serve as a restraint to the growth of the market. For instance, luxurious brands like Brix Lux Watch Omni and Built-in Nico Gerard Sunrise Pinnacle come at a price tag of around $114,000 and $112,000 respectively.
With the outburst of Covid 19 in Norway, every sector and industry was widely impacted by the disease and the restrictions like lockdown, curfew, social distancing, etc. that followed later. With the shutting down of industries and companies shutting down, the economy went through a negative growth and this severely affected the jobs of people. The necessities of life became the priority of people and the luxuries like smartwatches witnessed a negative demand. Therefore, the covid pandemic hurt the Norway Smartwatch Market.
|Growth Rate||CAGR of 18.21% during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, Application, And Operating System|
|Companies covered||Apple Inc., Samsung Electronics Co. Ltd., Garmin Ltd., Festina Group, Huawei Technologies Co. Ltd., Fitbit, Fossil Group|
|Customization scope||Free report customization with purchase|
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. NORWAY SMARTWATCH MARKET ANALYSIS, BY PRODUCT
6. NORWAY SMARTWATCH MARKET ANALYSIS, BY APPLICATION
6.2. Personal Assistance
7. NORWAY SMARTWATCH MARKET ANALYSIS, BY OPERATING SYSTEM
7.4. Watch OS
7.5. Real-Time Operating System
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Apple Inc.
9.2. Samsung Electronics Co.Ltd.
9.3. Garmin Ltd.
9.4. Festina Group
9.5. Huawei Technologies Co. Ltd.
9.7. Fossil Group
Samsung Electronics Co. Ltd.
Huawei Technologies Co. Ltd.
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