2020: Multifold Growth for Wearables Industry
The next great wave of internet-enabled innovation has arrived and it is poised to usher in a world where we are seamlessly connected to our surroundings. From smartwatches and fitness bands of the last decade to smart bracelets and fitness rings, wearable technology has continuously evolved and become comprehensive over the last few decades. Wearables today are redefining the way consumers interact with the environment, and their popularity is exceptionally enormous.
Wearables are one of the many opportunities presented to us by Internet of Things (IoT) and are also among its fastest growing segments. While businesses, military forces and medical professionals have been using wearable technology for decades, the private consumer market has opened its doors to smart wearables only recently. With the continuous populous growth in the demand for smart tech-on-the-go, big data and analytics will have an important role to play. Consumers are no longer interested in just capturing and storing their data in a repository but with analytics coming into picture they are now looking at consuming the data in a smarter and more efficient way.
This embryonic market promises to not only be large, but also highly lucrative. Juniper Research forecasts that demand for wearables hardware will generate $53.2 billion in revenue by 2019, which will be 10 times more than the approximated sales of $5 billion forecasted by analysts for 2014.
In a few years, the wearables market that is made up largely of fitness trackers will be populated by a range of products for use cases that are today in their nascent stage of development. Smartwatches with a host of integrated features are expected to take the lead, superseding fitness trackers as the most popular wearable device within four years, according to Juniper.
As per a report by CCS Insight, a multi-fold volume growth for the wearables industry is expected from 123 million last year to 411 million in 2020.
Today, wearables are at the heart of every IoT and AI discussion. The immense potential and fully immersive features of Virtual and Augment Reality are leading to its popularity, even in the wearables section — so much so that it’s expected that by 2020, Virtual and Augmented Reality Headsets and eye-wear will dominate the wearables market, value wise. This will be followed by the Smartwatches and Smartphones segment.
The Key Players
With young and crowd-funded startups trying hard to compete with the electronic giants the wearable industry is on its path to an explosive growth compared to the last few years.
Smartwatches and health and fitness trackers continue to be the most successful wearables in the market and may continue to partially dominate the market. Giants like Samsung, Pebble, Fitbit, Apple, Sony, Lenovo and LG are the most bought producers of smart watches, while Nike, Fitbit, Xiaomi, Garmin, Jawbone and others continue to dominate the fitness tracker market.
Factors of Growth
Access to mass data leading to self analysis of one’s health or simply being connected to the world around with a small gadget — various factors are driving the growth of the wearable technology market. They are as follows:
⦁ Consumer preference for sophisticated gadgets
⦁ Growing popularity of IoT and connected devices
⦁ Ease of usability and mobility
⦁ Need for seamless global inter-connectivity
⦁ Widespread consumption by consumers and professionals alike e.g. healthcare
The future of wearable technology might already be here and it is just a matter of time before it becomes an integral part of our daily lives. Innovega Inc. has developed a display technology based eye-wear that provides high performance entertainment and information.
A further evolution in wearable technology will soon see an expansion beyond the fitness and medical industry into more mainstream areas such as entertainment, fashion and sports. One such example would be the Polo Tech Shirt from Ralph Lauren that stores biometric data and tracks the intensity of your training and the calories burned. A few worthy mentions of wearables in sports would be the Swingbyte 2, Play Connected Babolat, Mbody Coach smart shorts, however the area of sports still holds a huge potential for the wearable industry.
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*Original article posted here : https://www.linkedin.com/pulse/2020-multifold-growth-wearables-industry-sakshi-gaurav/