The market for wearable technology is majorly fuelled by the multi-functionality, portability, compactness, and increasing application areas of wearable technology devices. The increasing demand for technologically advanced devices by the younger generation as well as the increasing demand for readily and real-time actionable data is also stimulating the market for wearable technology. The prime trends seen in the market are as follows:
- Demand for Wearables will Keep on Rising: In the year 2015, 39.5 mn U.S adults who are 18 and above utilized wearable devices such as fitness trackers and smart watches, a rise of 57.7% from 2014. It is predicted that this development will continue in the year 2016 and the following years, with 81.7 mn adults utilizing wearables by 2018.
- Fitbit to Lead in Activity Trackers: Fitbit has been and will continue to lead in the activity trackers segment. Fitbit ownership has increased substantially in past years starting from February to October 2015 and this will continue to gain popularity in the coming years. This brand name is requested by name via consumers continuously within the market.
- Wearable Applications to Become More Expensive and Sophisticated: Applications via companies that manufacture activity trackers and the third party software which are compatible with devices are poised to become more sophisticated. Applications are expected to take the sensors’ advantage in activity trackers and will provide people with a cloud-based repository comprising their information along with suggestions on improving their health.
- Athletes to Prefer ‘Smart Clothing’: Fitness wearables are poised to generate over $10 bn on the basis of revenue by the end of 2020. The sales will largely increase owing to increasing wrist-based trackers’ sales. Smart clothing already utilized in training for monitoring of performance will become a substantial part of sports in the coming future.
Hence, amongst the wearable technology devices, the Apple Watch led the market in 2015 and will continue to maintain its superiority in the coming years. On the other hand, Fitbit will also continue to hold its place in the coming years. The prime companies operating in the global wearable technology market are Adidas, Medtronic, Abbott, Eurotech, Nike, Garmin International Inc., Suunto, Sony, Zephyr, and Google, among others.