WEARABLE TECHNOLOGY MARKET ANALYSIS

Market Challenges And Opportunities

Global Wearable Technology Market Drivers:

Compactness and portability of wearable devices is expected to drive growth of the global wearable technology market during the forecast period. Over the years, wearable devices have become more and more compact and portable. This is attributed to technological advancements in the sector of wearable technology products. Previously, computing devices were bulky however, the size of these devices kept decreasing gradually and now a new era of technology has arrived where the products with computing technology can be worn in a slim and sleek fashion. These technologically advanced devices such as sleep sensors, smart glasses, smartwatches, and military heads-up displays and so on are compact yet multi-functional.

Growing application of wearable technology products in various sectors is expected to propel the global wearable technology market growth over the forecast period. Wearable technology is being adopted in various sectors including healthcare, infotainment, wellness, medical, military, industry, and others. Wearable devices such as heads-up displays are expected to find applications in various sectors including construction, industrial sector, and military sector apart from the healthcare and fitness sector.

Global Wearable Technology Opportunities:

Product innovations can present lucrative growth opportunities. Enhanced product quality design will result in better acceptance of wearable technology products. In the present scenario, only a few players are present in this market that enjoys complete dominance. Products currently available such as Google glasses, Nike + Fuelband, and so on, offer multi-functionality to the users but are priced high, and hence not affordable to middle-class consumers. This is a niche market and new entrants are likely to enhance product quality and lower the price.

New entrants are expected in the market, and Apple is already making efforts. The entry of Apple's product will likely pose fierce competition to the existing players in the wearable segment. Apple Watch 8 could detect skin temperature, unlike Fitbit Sense, despite adding additional health functions to Apple's wearable lineup. The watch can also track menstrual cycles, detect falls, ask for help using its fall detection feature, find low and high heart rates, and diagnose irregular heart rhythms using a 30-second test. The introduction of such cutting-edge capabilities in smartwatches drives the expansion of the wearable industry worldwide.

Global Wearable Technology Market Restraints:

High cost of wearable devices is expected to restrain growth global wearable technology market during the forecast period. Wearable devices are more expensive as compared to other electronic devices. Since the technology is in its nascent stage and there are fewer players in the market, the price of the product is significantly high. This high price is making the products unaffordable to middle-class consumers.

Slower acceptance of products by consumers is expected to hinder the global wearable technology market growth over the forecast period. Since this technology is new, consumer acceptance remains the biggest obstacle. Easy acceptance of technologically advanced products takes time when it comes to wearable technology products. For instance, products with wearable technology in a cyborg-like shape will be tough for a person to accept when they are not used to such products.