Wearable computing is a kind of computing in which the user wears the computing device on the body in the form of clothing or any other wearable aid. Wearable computers are incorporated with special sensors such as accelerometers, thermometer, and heart rate monitors which provides real-time data for monitoring health.
Increasing adoption of smart watches and wristbands in consumer electronics sector is one of the major factors driving growth of the market
The increasing adoption of smart watches and wristbands among consumers is one of the major factors driving growth of the wearable computing devices market. For instance, according to the Coherent Market Insights’ analysis, the total sales of smart watches in 2016 accounted for US$ 36 million, which increased to US$ 76 million in 2017, globally. Rising inclination of the populace towards fitness, is expected to increase demand for wearable computer devices to help doctors monitor health of patients remotely. This in turn, is expected to help prevent deaths related to health issues such as obesity, heart attacks, asthma, and diabetes. These wearable computing devices are used to track various health parameters such as body temperature, blood pressure levels, and the count of blood cells, which further helps users detect, diagnose, and monitor all health parameters by themselves. Thus, growing demand for health monitoring in turn, is expected to propel growth of the global wearable computer devices market.
High cost and safety issues are among the factors restraining market growth
Low consumer awareness and safety concerns regarding data security are major factors restraining growth of the wearable computing devices market. Moreover, less battery back-up coupled with high cost of wearable devices are expected to limit growth of the market over the forecasted period.
Global Wearable Computing Devices: Key Trends
Advancements in sensor technology, is further increasing the demand for wearable computer. Miniature sensors based on micro- and nano-fabrication technology, are often referred to as MEMS (micro-electro-mechanical systems) and NEMS (nano-electro-mechanical systems). Major benefits of miniature sensors include capacity to minimize power consumption of devices. This in turn, is influencing increasing number of manufacturers to incorporate sensors in their wearable computer devices. For instance, in September 2014, Apple launched the Apple Watch, which can monitor health and fitness, track the wearer’s movement and heart rate. This watch incorporated with suite of MEMS sensors, makes it possible to deliver health data and vital statistics to the users. This data can further feed in to Apple’s Health app of iPhone and iPad for analysing the resultant data .These factors in turn, help boost growth of the market.
Global Wearable Computing Devices: Regional Insight
North America held a dominant position in the global wearable computing devices market in 2017, and is expected to retain its dominance throughout the forecast period (2018–2026). Growth of the market in the region is attributed to rising incidence of chronic diseases such as obesity, diabetic, heart disease, and arthritis. For instance, according to the National Centre for Health’s analysis, in the U.S., 37.7% adults and 17.2% youth were suffering from obesity in 2015, the percentage increased to 39.6% adults and 18.5% youth suffering from obesity in 2016. Thus, growing concern among people regarding chronic diseases has increased adoption of wearable computer devices. For instance, according to Coherent Market Insights’ analysis, in the U.S., most adopted wearable devices were those that transmit data, which accounted for around 39.7% share of the country’s wearable computing medical devices market, followed by sensor-enabled wrist wear and headset or eyeglass, which accounted for 32.6% and 22% share respectively, in 2013.
Furthermore, Asia Pacific is expected to be the fastest-growing region during the forecasted period. Growing geriatric population in emerging economies such as India and China, is one of the factors driving growth of the market in the region. For instance, According to the United Nations Population Fund (UNFPA), in India, the total geriatric population accounted for 7.9 million in 2011, which increased to 9.7 million in 2015. This in turn, is expected to increase the demand for wearable computer devices for easy and remote, and real-time diagnosis of health, which is thus, expected to fuel growth of the market in the region.
Global Wearable Computing Devices Market: Competitive Landscape
Major players operating in the wearable computing devices market include Adidas AG, Apple Inc., Boston Scientific Corp, Garmin Ltd, LG Electronics Inc., Google, LLC, Motorola Mobility Holdings, Inc., Nike, Inc., Pebble Technology Corp., and Samsung Electronics Co., Ltd., Major players in the market are focusing on inorganic growth strategies such as mergers and acquisitions, to strengthen their foothold in the market. For instance, in August 2013, Google acquired smartwatch developer WIMM Labs and its patents, as well as a portfolio of smart glasses patents from Hon Hai. Additionally, in April 2018, Nike, Inc. partnered with Invertex Ltd., a digital-based company for the launch of its HOVR smart shoe, which automatically tracks a runner’s distance, stride length, and cadence. This partnership will help the company gain a competitive edge in the market by increasing its product offerings.
Global Wearable Computing Devices Market: Taxonomy