Wearable Technology Market Global Market – Overview
Wearable devices are formally defined as technological devices that can be worn on user’s body. Wearable technology has been used in various industries including education, finance, gaming, music and entertainment. Healthcare has been the most prominent field in terms of wearable technology applications. Increased applications in healthcare like monitoring physical activities of elderly people to reduce risk of illness and injuries, and ability to allow users to check their blood pressure, sugar, cholesterol and other physical activities has driven the usage of wearable devices in the healthcare field. The integration of wearable technologies with popular devices like smartphones and IVA speakers has increased the usability of Wearable Technology Market products. Overweight and obesity have become major problems for adults in many developed countries including US, where 37.5% of the population is overweight or obese. This demographic of customers has become a primary target for wearable devices like smart bands, fitness trackers and smart watches which allow users to track and monitor their fitness activities, sleeping patterns, heart rates, hydration level and temperature among others. Wearable devices like activity trackers and smart watches allow organizations to collect huge amount of personal user data like heart rate, location, exercise patterns, behavior and so on. This data can be analyzed and use by organizations to build strong customer relationship and improve user experience.
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There has been a recent upsurge in popularity and adoption of wearable devices due to the development in smartphone and IoT technology. Sleek design and better usability have been major factors driving the popularity and marketability of the wearable devices. However wearable technology is still a young market segment as most of the innovative appealing technologies used in wearable devices are still in early stages of development. The convulsion of wearable devices like wristwear for fitness tracking has started showing signs of cooling off because of the various issues associated with the devices. Users have expressed dissatisfaction in terms of durability, battery life and price of the devices. The dissatisfaction was reflected in the decrease in the market capitalization of Fitbit, a market leader in the wearable devices market, from over $10 billion to $3.7 billion in early 2015. Value for money of wearable fitness devices has been a significant demand currently unfulfilled by the market leaders. The price range of wristwear devices which lead the product segment by a huge margin is highly varied with most wearable priced between $100 – $200 while others including Mi band by Mi costing around $15 with claims of similar benefits and features as their competition. Sustained user engagement is another key user need which is being currently being unmet by wearable technology. To increase user engagement, different innovations are getting integrated and implemented in wearable devices including gamification of wearable devices, cloud synchronization and use of predictive analysis. Gamification in wearable devices is projected to increase user engagement as it will allow users to compete for fitness goals and share them with their friends. Predictive analytics will provide better user engagement as it can provide actionable fitness insights to users based on their physical activities. As for development in terms of battery life Samsung is currently developing a power saving method via human motion sensing. Although the path for increased user engagement and satisfactory hardware features in wearables is far from being solved companies are investing heavily for creating a better user experience in wearable technology.
Some of the prominent players in the global Wearable Technology market: Adidas AG (Germany), Xiaomi Inc. (China), Apple Inc. (US), Google Inc. (US), Garmin Ltd. (US), Fitbit (US), Jawbone (US), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Qualcomm Technologies, Inc. (US), Nike, Inc. (US), Lifesense Group (The Netherlands), Misfit, Inc. (US) and others.
Wearable Technology Market – Segmentation
Segmentation by Product: Wristwear (smart watch, fitness trackers), headwear and eyewear (augmented reality, virtual reality), neckwear (smart jewelry), smart clothing, wearable cameras, and implants.
Segmentation by Technology: Computing technologies, display technologies, networking technologies, and sensor technologies.
Segmentation by Components: Control, memory, battery, sensing, and connectivity.
Segmentation by Application: Fitness & Wellness, Consumer electronics, Healthcare, Defense, and Enterprise & industrial applications.
Segmentation by Region: North America, Europe, Asia-Pacific and Rest of the world.
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Wearable Technology market – Regional Analysis
The regional analysis of Wearable Technology market is studied for North America, Europe, Asia-Pacific and Rest of the World.
North America is expected to dominate the wearable technology market during the forecast period. Rising concerns over fitness in countries like US and increased application of wearable devices in healthcare are the factors driving the growth of wearable technology market in the region.
Asia pacific is expected to contribute significantly to the wearable technology market during the forecast period. Increase adoption of smartphones and their integration with wearable devices in countries like China, India and Japan is driving the growth of the wearable technology market in the region. Europe is expected to grow positively in the wearable technology market during the forecast period. Increased popularity and usability of wearable devices like smart watches is driving the growth of the wearable technology market in the region.
October 3, 2018,
Garmin International Inc. announced its integration with Spotify music apps which now allows users to listen to offline playlists through their wrists. Garmin fÄ“nix 5 Plus series watch can now store audio, enabling users to download and listen to music offline without having to take a phone along.
October 23, 2018,
Garmin International Inc. announced its collaboration with Fitabase to collaborate on deep analysis of wearable user data to improve user engagement. This collaboration allows Fitabase researchers to access data from Garmin wearables through Fitabase platform to provide curated deep data analysis.
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