A detailed look at the global wearables market
FYI, this story is more than a year old
The Global wearable technology market is expected to grow at a CAGR of 17.66% over the forecast period (2019-2024), according to ResearchAndMarketing.com’s "Global Wearable Technology Market Growth, Trends and Forecasts Through 2019-2024" report.
Wearable technology is an emerging trend that integrates electronics to daily activities and fits into the changing lifestyles.
It can be worn on any part of the body, but it is usually used as an accessory. The ability to connect to the Internet and enable data exchange between a network and a device is the driving factor that leads to the wearable technology trend.
Advancements in recent research causing increased innovation were instrumental in increasing the demand for the wearable market, which has led to new product categories like the smart fabrics, smart shoes, etc., that incorporate high-end technology and design in daily living. Lately, the focus has been on providing an aesthetic design to devices to attract the customers.
The smartwatch category is also experiencing a boom owing to additional features, like the brand that suits everyday lifestyle.
Companies competing in this category are Apple, Asus, LG, Huawei, Samsung, and Sony.
Strong brands, such as Apple and Fossil, are keep pricing consistent with the price bands of traditional watches to maintain the revenues.
With Google's WearOS, many other premium watchmakers, such as TAG, Armani, etc., have entered the segment.
Although wearable technology is still in its early stages, the niche segments are expected to have a longer-term perspective.
Changing consumer lifestyles and shift toward fitness, along with the need for advanced technologies for healthcare and security applications, are expected to drive the market over the forecast period.
Smart clothing is revolutionising the healthcare practices, and it is expected that the growing adoption of smart clothing to monitor health or help with treatment could reduce reliance on costlier equipment and healthcare system.
Increasing R&D in wearable textile-based personal systems allowing health monitoring, protection, and safety, and healthy lifestyle gained strong interest over the last few years.
Smart fabrics, i.e., specially-made garments infused with sensors that collect data and integrate with a smartphone, are getting traction owing to the added functionality the clothing offers.
The advancements in nano-technology and micro-fabrication technologies have enabled the miniaturisation process, which made smart sensors cost-effective and led to the emergence of smart fabrics.
With an increase in chronic disease cases, such as diabetes, cancer, respiratory disorders, and heart disease globally and growth in the number of surgeries performed in key matured healthcare markets such as the United States and Europe, the demand for smart fabric in healthcare will grow exponentially.
In 2019, Nike launched the HyperAdapt smart sneakers at an affordable price compared to its previous version. The shoe self-tightens to an athlete's preference, which can be adjusted via an app.
The data from the user is collected from components like sensors, accelerometers, and gyroscopes that can give Nike full, personalised information of its user's performance.
With the advent of smart gadgets, the demand is growing for more active and sophisticated wearable technologies.
Moreover, there is rapid growth for low-cost smart wireless sensor networks, which is boosting the market in the North America region.
Continuous improvements in the design and functionality of Smartwatches are the driving factor for wearable device usage in the United States.
According to a report, older people can detect a severe heart condition such as a fast heartbeat that can lead to the risk of heart attack or stroke, by Apple Watch which allows wearers to have a heart-rate monitor on their wrist.
As the defence sector is rapidly integrating toward an all-digital mindset across the board, wearable devices and technologies are primary drivers.
Recently, the Canadian Armed Forces test a mobile ad-hoc network with Google Glass head-up displays and smartphones for dispersed operations.
To provide employees from extreme working environments like high heat and toxic gas to open flames and massive machinery accidents, North Star BlueScope Steel and IBM Watson have come up with partnership up to develop wearable devices to protect workers exposed to extreme conditions.
As most of the industries give considerable importance to worker safety, organisations' are developing strategies to minimise workplace incidents. Safety experts and industry leaders of established organisations are searching for new and innovative ways to apply that technology to workplace safety.
In order to fulfil the demand of the industries, Fitbit and the Apple watch provides facilities to track time to time activities.
On March 2018, Garmin announced tactix Charlie, a new and improved ruggedised GPS wearable that combines specialised tactical functionality with mapping-enhanced navigation and advanced fitness training features.
The third-generation tactix watch introduces preloaded full-colour TOPO mapping, wrist-based heart rate, advanced performance metrics, and a specific Tactical activity profile, along with more than 26 built-in activities for any type of adventure.
On March 2019, Apple updated watchOS 5.2 software in Apple Watch Series 4, through which direct-to-consumer product can enable customers to take an electrocardiogram right from their wrist by their ECG app.