Published on : Jan 19, 2016
Demand for wearables has seen a sharp rise in the past few years, and this demand is projected to grow even further in the foreseeable future. The global wearable technology market is driven by several factors. Wearable technology products are popular due to their compactness and portability. Furthermore, the ease of the use offered by these products is also adding to their popularity.
The demand for wearable technology is also rising due to the multi-functionality offered by wearable technology products. These products come equipped with multiple features, for instance, fitness trackers help monitor heart rate, calories burned, miles covered, sleep, food, weight, and other activities. Presently, the global wearable technology market is dominated by the fitness and health segment. The demand for fitness tracking wearable devices is rising in the market, which has led to many big companies investing in this segment. Some of the top fitness trackers found in the market are from Fitbit, Jawbone, and Garmin.
The global wearable technology market will also be driven by the rising application of this technology in different sectors. As mentioned above, currently, wearables are used widely in the fitness segment. By application, the global wearable technology market is segmented into fitness and wellness, infotainment, industry and military, and healthcare and medical. Companies in the global wearable technology market are shying away from other sectors and are more focused on the fitness sector. Nevertheless, the market segment for fitness wrist wearables is getting saturated and soon companies will start exploring possibilities in other sectors.
The next boom is projected to be in the healthcare and medical sector. Many consumers tend to buy fitness tracking wearables and never use them again. However, chronic patients that buy tracking monitors use them regularly. Hence, players in the global wearable technology market are eyeing the healthcare and medical sector, which is offering significant opportunities to them. Another good opportunity that companies in the global wearable technology market will focus on is enhanced product quality design as it results in better acceptance of wearable products. Players in the global wearable technology market also need to ensure to make these products are available to consumers at affordable rates, as high price of these products is deterring many consumers from buying them.