Wearable electronics refers to an integrated computing device or product, which helps the person or the user wearing it to enhance day-to-day activities. The market for wearable electronics is expected to grow at a significant rate during the period 2013-2020. The market for wearable electronics was largely dominated by North America, followed by the European Union and Asia Pacific. Overall, the market is poised to grow at a CAGR of 26% during the forecast period.
The technological advancement in wearable electronics, help the user to avail advanced features and characteristics. The first form of electronic wearable electronic device was a calculator watch. Wearable devices, such as wrist bands, watches which can record audio, video and process data on the go was seen as something very futuristic, however advancements made in the past decade has made it possible for users to realize the potential of these devices in the current age. ‘Wearable technology’ forayed in as a technological advancement only a decade ago, and the interest in this sector still continues to grow. The interest is mostly led by wearable fitness trackers, smart watches, bands. Lately, such is the impact of these wearable devices, that now mobile operators are moving towards offering smart watches along with fitness trackers, or smart phones with smart watches as part of a bundled deal to woo customers.
The world wearable electronics market is segmented on the basis of product, component, application and geography. The product type segment namely wrist-wear, eye-wear, foot-wear, neck-wear, body-wear and other-wear are covered under the scope of this report. Component segment is further bifurcated into PCBs, memory, battery, sensor, connectivity, audio, display, camera and others. Moreover, application segment is divided into consumer, life style, fitness and sports, healthcare, entertainment, commercial, industrial and government. . Based on geography, the world wearable electronics market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
World Wearable Electronics Market Scenario
Usage of wearable is still at a nascent stage, the dawn of mobile wireless systems, smart phones has sparked a new era for wearable electronics globally. Gadgets which were deemed to be just used in industrial, commercial applications are now finding its way into normal consumers enhancing their quality of life through various applications such as healthcare, sports and fitness, lifestyle among a few.
Global wearable electronics market by products
Drivers of World Wearable Electronics Market
Convergence is a real game changer when it comes to technology adoption. It started off with mobile phones where people not only use it for making calls, but also take videos, watch movies, listen to songs etc. This has become much more interesting with inclusion of information technology and web based applications. Dependence on convergence, would lead consumers to try out new devices, which open new avenues and adoption rate for wearable electronics.
Presence of internet mobility
The presence of internet mobility for wearable electronics has given products an added dimension. This works as a two way system. First the user can gauge their fitness, health levels using the wearable devices. Second, they can share their achievements using the device to their friends in real time. So is also the case with patients, which can be monitored using these devices to check the status of their health condition, and in case need arises the concerned medical authorities are reported in time through these wearable electronics.
Wearable Electronic Market by Application Segment
The report looks at the various wearable electronic devices that are currently prevalent in the market and looks at the various factors which are driving its growth
Identify key areas of investment for wearable device manufacturers
Identify key issues and challenges, restraints barriers that are prevalent in the market, gauging these restraints would aid in tackling the nuances
Porter’s analysis to identify new entry barriers and impact of alternative technology on market growth
Identification of the top investment pockets in product and application segments.
Estimation of 2012-2020 by considering current market trends and future opportunities.
Report includes profiles of key players who are primarily responsible for driving growth and will further direct the course of wearable electronics market
Usage of wearable is still at a nascent stage, the dawn of mobile wireless systems, smart phones has sparked a new era for wearable electronics globally. Gadgets which were deemed to be just used in industrial, commercial applications are now finding its way into normal consumers enhancing their quality of life through various applications such as healthcare, sports and fitness, lifestyle among a few. As per our analysis, the market will follow moderate growth within prevailing market conditions. However, even to achieve this, whole lot of the onus is for the manufacturers to do the following:
Educate customers to showcase the benefits of wearable electronics even in the presence of substitutes
Position products wherein customers feel that the there is a fair price value rationale
Ease of access and wear ability. Smart watches have already gathered a lot of market even though wearable electronics are still in its early stages.
We believe the following reasons are the most important which could help the penetration for wearable electronics:
Watches are the most common form of wearable electronics worn by consumers, smart watches replace that and the watches are not only used to show time, calendar, altitude, but now these also track heart rate, pulse and gives an analysis of users’ health which can be further analyzed on their laptops or other devices. These watches also include sleep timers to monitor sleep
On a single device, convergence has helped consumers to make calls through their smart watches. In this case, from a single device, consumers achieve a lot of things and when compared to three or four different devices, a single device takes its place, which in turn has resulted in the success of this particular wearable electronic. If the same can be achieved for other wearable devices, there would be mass consumption of these devices as we have seen with smart phones
Adoption of smart phones is one bright spot which indicates that given accessibility and options, with perceived benefits, which showcases that there is a lot of potential for wearable electronics in the market.
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