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Published on : Oct 26, 2016

ALBANY, NY, Oct 26, 2016: The report is titled, “Worldwide Wearable Market and Major Vendors Development.” The report presents an in-depth analysis of the growth trajectory and the recent developments in the worldwide wearable market. It lays special focus on the vendors operating in the market and the latest gadgets introduced by them along with their key marketing strategies. 

With the downturn in the smartphone market in 2016, information and communication technology vendors are seeking opportunities from the rising applications of the internet of things (IoT). As a result of this, the market for wearable technology is expanding at a significant rate as it enables 24/7 hands-free communication and data measurement. The first section of the report highlights the progress of the global wearable device market. It also states that wristbands and smartwatches are the dominant categories in the global wearables market. 

The report further highlights the key innovations that have helped wearables technology evolve. The study provides insights into the key strategies, products, and shares of leading companies operating in the global wearable device market.  Leading companies such as Garmin, Fitbit, and Apple are focusing on increasing their research and development activities in order to develop advanced technology that could be deployed in the existing wearable devices. 

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The second section of the report states that the companies operating in the smartphones market are seeking opportunities in the growing wearables market to supplement the existing smartphone technology. The study highlights the startups that are gaining prominence in the global wearable device market with a single product category but rising product portfolio. Various information and communication technology companies have been mentioned in the report which are focusing on product differentiation to gain an established position in the global wearable device market. 

The report says that although, traditional watch makers are likely to face challenges from the advent of smart watches, they are also looking forward to entering the market to retain their existing consumer base. Smartwatches are gaining popularity among sports brands as they are being considered as the key to sports fashion. The report further points out that the competition in the smartwatch and wristband markets is oligopolistic in nature with a few leading companies dominating the market. 

The next section offers an overview of the development trends of wristbands and smartwatches. It states that smartwatches not only compete in terms of price but also materials and designs. Similarly, manufacturers of wristbands focus on sensor functionality, health management, and fitness. The report concludes by evaluating opportunities such as the implementation of healthcare big data in wrist-worn wearables through which manufacturers can gain. 

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