Wearable devices have small inbuilt electronics chipset or small computers. The devices can either be worn on the body or incorporated into clothing items. The Gadget have the ability to receive, analyze, store and send data to other smart devices. For instance, smart wearable watches track the daily physical activity and calorie expenditure. The exponential increase in demand for wearable devices is seen, owing to its features such as convenience, easy to wear and portability.
Wearable devices market assist patients & doctors by monitoring the real-time health condition and equipping them with valued information such as blood sugar level, blood pressure, and others. For instance, Health Care Originals, a company which manufactures intelligent asthma monitor, which is a type of wearable monitoring device. The device can monitor an oncoming asthma attack before any symptoms are noticed by the patient. Real-time health tracking and the health information assists healthcare sector to provide timely treatment to patients, this will facilitate the growth of the wearable devise market in the healthcare sector. Similarly, wearable hearing aids devices and smart insulin pumps assist patients in health management. Owing to increase in adoption of wearable devices in various industries is accounting for the growth of the wearable devises market in the healthcare sector.
Wearable devices are featured with location tracking and emergency assistance, which helps in tracking children’s activities and further assist in ensuring woman safety & security. Owing to multi-features associated with the device the demand for wearable devices is expected also companies are innovating new technologies to cater the need for wearable device, for instance, FOSSIL GROUP, Inc. a watch manufacturing company has made a large investment to boost innovation in smart wearable watches.
Integration between internet of things and wearable devices may be seen in coming years. This integration may cater users with more innovative features and assist businesses with advance artificial intelligence. Integration of internet of things and wearable devices may increase demand for wearable devices which may drive the market in coming years.
Lack of encryption of the data collected from various sources is a concern for the wearable device manufacturers, restricting the growth of wearable devices market. To assist manufacturers, Futurex an IT solution company is proving state of art security solution to resolve encryption problems. Similarly, Futurex is also assisting wearable device manufacturers to secure their operating systems from hackers.
With discreet abilities, a wearable device such as watches with an inbuilt camera can capture confidential information. Similarly, using stored data in a wearable device for the inappropriate purpose is also a possibility. Owing to which, restriction on the use of wearable devices may be seen at educational institutes, government institutions, and other high-security places, hampering the growth of wearable device market.
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Segmentation of global wearable device can be done on the basis of vertical, region and application. On the basis of vertical the global market is further bifurcated into health & wellness, healthcare & medical, infotainment and military. On the basis of geography, the global wearable device market is further bifurcated into North America, Europe, Asia Pacific, Central & South America, Middle East and Africa. On the basis of application, the global market is further bifurcated into implantable, smart watches, jewelry & accessories, smart clothing and different gears.
Major players associated with the global wearable device market are Apple Inc., Google LLC, Fitbit Inc., Jawbone. AT&T, Xiaomi, Koninklijke Philips N.V., and others. Major players in wearable device market are considering launch for new products and differentiated products as a strategy to capture the market of wearable devices. For instance, Fitbit Inc. a player in wearable device market is launching Fitbit Ace in the year 2018, to cater the needs of kids. Similarly, Apple Inc. has introduced AirPod wireless earbuds and Beats a headphone in addition to smartwatches.
The Global Wearable Devices can be segmented
• Health & wellness
• Healthcare & medical
• Smart watches
• Jewelry & accessories
• Smart clothing
• Different gears
• North America
• Asia Pacific
• Central & South America
• Middle East and Africa
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