Wearable technology is, primarily, an electronic items incorporated with certain kind of technology. The technology can be easily worn on body to track real-time information. Wearable technology implies wristbands that can be worn on wrist and helps track information such as pulse, heart rate, steps walked, sleep hours, and many other. Wristbands launched by Jawbone, Apple, Fitbit, and many other acts as activity trackers. This has gained significant customer base across the globe. The significant customer base is attributed to shift in fitness brought by wearable technology. For instance, as per report given by Fitbit, the company sold around 14 million units of its smart fitness wristbands.
Further, research and development in the field of wearable technology has resulted in innovations and new product categories. Ear-wearable and smart clothing are few examples of innovations. These products are incorporated with high-end technology. Lately, the companies are focussing on refining the design of the products to attract customers.
Even though wearable technology market is at its nascent stage, the niche segments are anticipated to have perspective for long term. In addition, changing lifestyles of consumer and shift towards fitness are providing lucrative growth opportunities for wearable technology market. Further, application of wearable device for security and healthcare are likely to drive market growth over the forecast period.
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Wearable Technology Market: Notable Developments
Integration of Internet of Things (IoT) with wearable technology is an emerging trend and yet to gain customer traction due to limited interoperability.
Once integrated, the market is likely to grow at a substantial rate in forthcoming years.
Some of the prominent players in the market are-
- Apple
- Sony
- Samsung
- Fitbit
- Mi
Wearable Technology Market: Key Trends
Owing to increasing urbanization, demand for aesthetically appealing and advanced feature wearable technology is also rising. People are opting for devices which can serve daily requirements as well as track real time information. As a result, demand for smart watches is rising across the globe.
Considering the rising demand from millennial consumers, the companies are focusing on development of products which can also work hour tracking and maintain the luxury standards of the user.
In 2018, Fossil Group introduced seven next-generation smartwatches. The product provides aesthetic design for Indian millennial along with enhanced technological feature on the wrist.
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Wearable Technology Market: Regional Analysis
North America is considered as hub technological advancements across the world. With introduction of smart gadgets, demand for sophisticated and multi-functional device is rising. Rising disposable income and high adoption rate of latest wearable devices are key driving factors for the market in the region. Further, presence of prominent players such as Garmin, Apple, and Fitbit are adding to growth of the wearable technology market in the region.
In addition, the regional market is witnessing inflow of capital from various sports association of North America. The investment aims at production of wearable technologies which can eliminate risk of preventable injuries. The investment is likely to boost wearable technology market in the region.
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For example, the US-based based basketball team Golden State Warriors has collaborated with smart clothing company Athos. The collaboration aims at production of wearable device that can help injury prevention and optimize performance of the player.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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