Wearable computing devices are miniature electronic devices that can be worn on the body. Wearable devices are also termed as body-borne computers or wearables. Body borne devices enable hands free operations, real time data monitoring, network communication and logic calculations. The high tech industry is undergoing various interesting developments in the wearable’s industry. The wearable industry would reign its popularity, not only by integrating with smart-phones but by replacing them in consumer environments.
The towering global popularity of the smart-phone from the manufacturers such as Samsung, Apple, HTC, Nokia, Microsoft, etc., is the major factor driving the wearable industry. The global smart-phone market is increasing by 40% annually. The growth of wearable market is majorly dependent on how existing smart -phone users would adopt the wearable accessories or alternate devices to their smart-phones. The recent advancements in material sciences, photonic and software, and electronics industry have enabled the growth of wearable computing market, and they are expected to grow in the future. Advancements in the technology and expanding the presence of these technologies in different fields have made this market very opportunistic.
Wearable Technology Market Analysis by Product
Manufacturers of smart glasses, wearable cameras, smart watches, activity trackers, gaming devices, and augmented reality are expected to boost their production in the coming years. Smart glasses & watches are majorly used by health and fitness enthusiasts during their workouts. The adoptability of wearable cameras is also expected to increase due to its ease in operation.
Wearable Technology Market Analysis by Applications
Apart from consumer goods, the wearable are being used in various sectors such as healthcare, government, defense & military, manufacturing and mining. Fitness & sport applications, home automation, industrial and enterprise applications are some additional applications in the wearable’s industry.
Wearable Technology Market Analysis by Geography
Wearable industry is a booming industry, and its study in different geographies would portray the scope of the global wearable market. The market is studied in various regions such as North America, Europe, Asia Pacific and LAMEA. Currently, North America is the leading region in the wearable computing market and Asia Pacific region is expected to adopt novel technologies introduced by the wearable’s industry due to rise in the spending capabilities of developing countries.
Manufacturers in the market are adopting product launch as their key developmental strategy. Google has launched Android wearable’s to compete with other novel product by the various companies in the industry. AT&T, Inc., Google, Inc., Apple, Inc., Nike, Inc., Addidas, Inc., Glassup SRL, Texas instruments, Inc., By-Wire.Net, Eurotech S.P.A are some major players in the wearable industry.
High Level Analysis
The research showcases the current market structure, trends, driving and restraining factors, and the forecast of the market till 2020. Porter’ five forces model helps in analyzing the potency of buyer and suppliers, threat of substitutes and new entrants. The technology providers have high negotiating powers due to which the bargaining power of supplier is high. Also, buyers have to depend on the service providers as they introduce novel technologies in the market. Therefore, bargaining power of buyer is less. New technological advancements have given rise to alternate products in the market; therefore, threat of substitutes is high. The wearable’s market is capital intensive; therefore, it reduces the threat of new entrants in the market. The constant innovation by the market players and introduction of new technologies intensifies the intersegment rivalry. Market estimations of each segment supports to analyze the key investment pockets of the industry. The key strategies adopted by the various players in the market are analyzed looking at the competitive scenario of the market.
- Porters five force’s model helps in analyzing the potential of buyers & suppliers, and the competitive sketch of the market, which would guide the market players to develop strategies accordingly
- Assessments are made according to the current business scenario and the future market structure & trends are forecast for the period 2013-2020 by considering 2013 as base year
- The analysis gives a wider view of the global market including its market trends, market structure, limiting factors and opportunities
- The advantages of the market are analyzed to help the stakeholders identify the opportunistic areas in a comprehensive manner
- The value chain analysis provides a systematic study on the key intermediaries involved, which would in turn help the stakeholders in the market to make appropriate strategies
The global market is segmented based on products, applications and geography.
MARKET BY PRODUCT
- Smart Glasses
- Wearable Cameras
- Smart Watches
- Activity Trackers
- Gaming Devices
- Augmented Reality
MARKET BY APPLICATIONS
- Defense & Military
- Manufacturing and Mining
- Fitness & Sport Applications
- Home Automation
- Industrial & Enterprise Applications
MARKET BY GEOGRAPHY
- North America
- Asia Pacific