According to TechSci Research report “Global Smart Wearable Market Forecast & Opportunities, 2020“, the global market for smart wearables is projected to reach USD37 billion by 2020.
Though the global smart wearables market is currently in its nascent stage, growing IT spending, rising health concerns and increasing number of smartphone users is projected to fuel demand for smart wearables over the next five years. Among different types of smart wearables, demand for smartwatches and smart wristbands was the highest in 2014. With growing adoption and rising disposable income levels, niche smart wearable categories such as smart glasses and smart garments are also expected to gain significant pace through 2020. Smart wearables are increasingly finding applications across various segments including consumer electronics, healthcare, defense and apparels. Consumer electronics and healthcare sectors dominated the smart wearables market in 2014, and the trend is forecast to continue over the next five years.
Presently, Americas and Europe including countries such as the United States, Canada, the United Kingdom, Germany, etc., are the leading markets for smart wearables. An expanding smartphone user base, globally, coupled with continuously declining prices of smart wearables are anticipated to surge demand for different types of smart wearables during the forecast period, even among price sensitive consumers in emerging economies. Rising demand for smart garments especially among athletes, diabetic patients, etc. is anticipated to positively impact the global smart wearables market through 2020. Few of the other emerging technologies in the smart wearables market includes smart innerwear, smart tattoos and hologram projector based smart wearables, among others. Various companies are increasingly focusing on the launch of advanced technology based, easily compatible and light weight smart wearables.
“Though smart wristbands dominated the global smart wearables market in 2014, growing popularity of smartwatches due to continuously expanding smartphone user base is forecast to reduce the dominance of smart wristbands over the next five years. Traditional and luxury watch manufacturers are foraying into the smart watch segment to capitalize on lucrative market opportunities emerging in this segments.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Smart Wearable Market Forecast & Opportunities, 2020” has evaluated the future growth potential of smart wearable market across the globe and provides statistics and information on market structure, industry behavior and trends. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in the global smart wearable market.