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Global Wearable Apps Market to Exhibit 57% CAGR 2016-2020 as Global Sales of Wearable Devices Surge

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Published on : Dec 22, 2016

ALBANY, NY, Dec 22, 2016: The report, titled “Global Wearable Apps Market 2016-2020,” states that the market will exhibit a staggering 57% CAGR over the period between 2016 and 2020.

The increasing availability of a variety of wearable devices, available in several price ranges, across the global market is the chief factor driving the global demand for wearable apps. With technological advancements in these devices and the rising population of affluent consumers across emerging economies, this factor will continue to contribute heavily to the overall development of the market in the next few years.

On the basis of the key wearable devices requiring apps, the global wearable apps market has been examined for smart glasses, fitness bands, and smart watches. Of these, the segment of smart glasses is expected to witness significant rise in terms of the total number of downloads and revenue. The potential use of smart glasses in the healthcare and industrial sectors in improving operational efficiency and the productivity of several processes is leading to their increased sales globally, which, in turn, is fueling the market for wearable apps for these products.

On the basis of category, the global market for wearable apps is segmented in the report into fitness apps, online transaction apps, industrial apps, healthcare apps, and customization apps. Of these, the segment of fitness apps dominated in 2015 and is expected to witness an increase in its share in the global market by the end of the forecast period. The rising numbers of health- and fitness-conscious individuals and the increased adoption of smartwatches and fitness bands across the globe are the key factors driving the market.

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On the basis of geography, the global wearable apps market has been segmented into Americas, Europe, Middle East, and Africa (EMEA), and Asia Pacific (APAC). Of these, the Americas dominated, accounting for the maximum share in the overall revenue of the global market. The market for wearable apps is booming in the Americas owing to the rising awareness regarding wearable devices among consumers.

The U.S. is the key contributor of revenue to the North America wearable apps market. The vast popularity of wrist wearables is one of the key drivers of the Americas wearable apps market. Also, the fact that some of the key manufacturers of wrist wearables, such as Fitbit and Apple, are located in the Americas is a key driving factor of the wearable apps market in the region.

The global market for wearable apps features a highly competitive vendor landscape owing to the presence of a large number of players. The key companies in the market compete in terms of factors such as pricing, user-friendliness, features, libraries, policies, and payment options. To gain sustainable returns in the market, companies are actively investing in designing, planning, acquiring new companies, and expanding across high-growth regional markets.

Some of the most notable vendors in the market are Samsung Electronics, Google, Apple, Appster, Fitbit, Fuzz Productions, LeewayHertz, Intellectsoft, Touch Instinct, Intersog, PointClear Solutions, Sourcebits, Redmadrobot, and Worry Free Labs. 

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