The wearable computing devices market is estimated to grow at a CAGR of about 7.7% over the forecast period 2019 - 2024. According to Cisco, 500 billion devices are expected to be connected to the Internet by 2030. The Internet of Things (IoT) is the network of these connected devices.
- The IoT is a critical part of business strategies going forward. Owing to the trend of BYOD, companies are increasingly looking to digital technologies to create or improve their competitive edge in the market with the help of IoT. Thus, the data collected from connected wearable devices provide the raw material for businesses to gain insights and respond rapidly to change.
- Moreover, Microsoft says that by 2020, medical data will double every 73 days and thus the healthcare connected devices will offer enormous potential for wearable computing devices. Data from wearable devices will help the healthcare team with a real-time view of the patient's health and activities and this will provide personalized health services to individuals.
- However, the high cost of gadgets, limited battery life coupled with safety issues are restraining the market growth during the forecasted period.
Scope of the Report
Wearable computing devices are small electronic devices worn by users which enable mobile computing and wireless networking. These devices collect data, track activities, and provide customized experiences to the user's needs and desires. The rising popularity of the internet of things and the growing adoption of smartwatches and wristbands are some of the factors fueling market growth. More than designer accessories, these devices are gaining popularity owing to smart and advanced features such as easy synchronization, and high portability.
Key Market Trends
Smartwatches Occupies Largest Market Share
- Smartwatches have taken the world of wearable technology by storm due to owing features such as human comfort, convenience, security and for monitoring health conditions. As a result, smartwatches are receiving greater attention because of their facile interaction with the human body, such as monitoring heart rate, wrist pulse, motion, blood pressure, intraocular pressure, and other health-related conditions.
- According to the CDC, absenteeism costs employers USD 225.8 billion. Work-related stress is one of the major reasons for workforce issues and a serious occupational risk. The fitness and health functions found in smartwatches provide reminders, incentives, and tracking to get people moving.
- Additionally, smart watches provide features such as dialing or receiving phone calls, dictate text messages, do hassle-free payments along with the translation of the text. All the features help the employees reduce their stress, increase focus and improve work performance.
- Moreover, the increased interest in the new technology is also reflected by the huge amount of apps offered for smartwatches, such as more than 10,000 apps for the 'Apple Watch', and more than 4000 apps for the 'Android Wear'. Additiobally, google trend-analysis also reﬂects a tremendous increase in searches for 'smartwatch and related terms supporting the increase in demand for smartwatches globally.
- Some, companies such as Samsung and Sony, have started to launch smartwatches as a complementary interface for their mobile devices (smartphone or tablet) while others are adopting a hybrid approach.
- All the above factors are expected to create a market for smartwatches which in return will have a positive outlook on wearable computing devices.
Asia-Pacific to Witness the Fastest Growth
- Asia-Pacific is expected to witness the fastest growth during the forecasted period owing to the rising incidence of chronic diseases such as obesity, diabetics, and heart diseases in these regions. Thus, with the increase in awareness about these diseases is increasing the demand for wearable computing devices market in these regions.
- Moreover, the emergence of China and India as a manufacturing hub is creating the demand for smart wearable devices such as smart glass and smartwatch for the business purpose because of the benefits associated with those smart devices. This is going to have a positive impact on the wearable computing devices market during the forecast period.
- According to Cisco Systems, the sale of wearable devices in the Asia-Pacific region will be 311 million by 2022 from 30.4 million in 2015. This is supported by increasing disposable income among the people and coupled with various government initiatives, such as smart city, smart nation, digitization, etc., in these is going to fuel the growth of the wearable computing devices market in the coming years.
The wearable computing devices market is highly competitive in nature. With the increasing awareness towards fitness, these devices are witnessinh demand in healthcare sectors. This is creating huge market opportunities in developing reasons because of the increase in purchasing power among the citizens. Thus many companies are entering into this market. Some of the players are Fitbit, Inc, Apple, Inc, Adidas AG, etc. Some of the developments in this market are:
- September 2018 - Maxim Integrated Products, Inc. unveiled its Health Sensor Platform 2.0 (HSP 2.0) to create wearable solutions that enabled the monitoring of various health parameters including electrocardiogram (ECG), heart rate, and temperature monitoring. The data collected by the HSP 2.0 can be owned by the wearer, alleviating data privacy concerns and allowing users to conduct their own data analysis. Data is stored on the platform for patient evaluation or streamed to a PC for analysis.
- September 2018- Apple announced a new series of Apple Watch 4 Series which helped women to track their ovulation cycle by reading their basal body temperature, which is an indicator of fertility. The integration of these sensors to a smartphone app gives the user a better understanding of the probability of conceiving and speeding-up the chances of getting pregnant.
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