Smart wearable lifestyle market to continue growing
Stephen LawElectronics Production / Materials Wireless Engineering Medical Wearable Technology wearable
The global smart wearable lifestyle devices and services market to grow immensely and post an astounding CAGR of almost 16% during the forecast period, according to a report from tech analysts Technavio.
The research study covers the present scenario and growth prospects of the global smart wearable lifestyle devices and services marketfor 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the major vendors operating in the market. It includes vendors across all geographical regions.
Global smart wearable lifestyle services market segmentation by geography 2015 (% share) Source: Technavio
North America – 60%
Western Europe – 25%
APAC and ROW – 15%
The smart wearable lifestyle services market in North America was valued at USD 0.84 billion in 2015 and will reach USD 2.37 billion by 2020, growing at a CAGR of 23.05%. The market is driven by the early adoption of wearable devices in these regions. The key revenue contributors of this region are US, Canada, and Mexico. The largest contributor to the market in this region is the US because of the early adoption of lifestyle devices among adults and youth. The key reason for this high adoption is affordability. The decline in the ASP of wearable devices will boost the growth of the market during the forecast period.
Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global smart wearable lifestyle devices and services market:
* Growing emphasis on healthy lifestyle
* Increased demand for wearable lifestyle devices
* Growing use of smart glasses
* Increased focus on R&D
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Growing emphasis on healthy lifestyle
“The increased health awareness among people is reflected in the rapid growth in the demand for hygienic foods, gym memberships, healthy nutrition, and diet programs, and in the use of mobile health applications. Also, increased awareness is likely to continue to drive the demand in the market,” according to Rakesh Kumar Panda, a lead M2M and connected devices research analyst at Technavio.
Obesity is one of the major lifestyle-related diseases faced by several countries. Risks associated with obesity include diabetes, joint problems, high blood pressure, high cholesterol, cancer, gall bladder problems, breathing difficulties, and coronary artery diseases. People use various connected wearable health and fitness devices to reduce these risks. This has led to an increase in the need for healthy lifestyle and fitness bands that help in tracking fitness of the individuals.
Increased demand for wearable lifestyle devices
Technological innovation and growing health issues have increased the demand for lifestyle devices enabled with some modern features. Smart wearable devices help consumers to track and monitor their fitness and lifestyle activity on a regular basis. Individual users can use these devices to measure the distance traveled, speed, calorie intake, breathing and heart rates, and other fitness activities. These devices help users avoid several health issues such as obesity and heart congestion.
“In North America and Western Europe, the demand for and shipment of smart wearable fitness and sports devices have increased in the past years. The decline in the cost of these products is a major factor that is driving the adoption of lifestyle devices among individual users and sportspersons,” adds Rakesh.
Growing use of smart glasses
Smart glasses are portable devices that enable users to capture 3D images, stream virtual videos, and enhance their virtual gaming experience. Google Glass provides a platform for consumers to share their videos and pictures on social networking websites such as Facebook and Twitter with the help of pre-installed apps. It also provides Google maps. The adoption of smart glasses is high in North America and Western Europe. However, the deployment of high-speed internet connections will increase the demand for smart glasses in the emerging regions.
Google Glass and Epson Moverio BT-200 figure among the smart glasses commonly used by end-users to enhance their overall entertainment and gaming experience.
Increased focus on R&D
The market is highly competitive with several leading vendors providing a wide range of innovative products at competitive prices. Various companies are investing heavily in R&D to provide innovative offerings to increase their market share and remain competitive in the market. The smart wearable devices function with latest technologies such as gesture recognition and augmented reality.
Devices such as Fin, Ring, Kapture, and Myo are some of the products equipped with modern features. Fin is a smart wearable device worn on the thumb as its functioning is based on finger gestures. Vert, Babolat play, and D3o are some of the innovative products listed in the International (Consumer Electronics Show) CES 2015. Vert is a wearable device specially designed to improve the jumping capability of athletes.