The Wearable Tech Expo kicks off in New York City next week, and will feature the best and brightest in new, wearable gadgets. Smartwatch granddaddy Pebble will deliver a keynote presentation, along with consulting and advisory giant Deloitte.
Other presentations will cover the astronomical growth of the wearables market and how different industries—from healthcare to fitness to the workplace—will best benefit from this new technology.
Ahead of the event, TechNavio analysts conducted a special survey, which polled more than 100 experts ffrom companies that make, buy and sell components, products and apps for wearable devices in various sector of the wearable technology market. Respondents included:
- CEOs
- VP sales
- Scientists
- Managers
- Developers
- Engineers
Check out the survey results here.
The objective of this study is to understand the current and future market for wearable technology across areas such as lifestyle, fitness, entertainment, gaming, industry, and healthcare, specifically in the European and the US markets.
To jumpstart our coverage of the Expo, which runs from July 23-24 2014, TechNavio has also put together a list of the top four trends driving an impressive CAGR of 32.78 percent from 2013-2018 in the Global Consumer Smart Wearable Technology Market.
Decline in Cost and Increase in Competition
Wearable technology manufacturers are now focusing on boosting sales with affordable, consumer friendly prices. Where wearable tech was once the domain of trade shows and high tech junkies, it is now accessible to a much wider consumer base, which is also serving to sustain competition in the market.
The consumer wearable technology market is prime real estate for start-ups and other small, innovative tech firms. With so many players entering the market, competition is seriously intensifying. The US market, for example, is witnessing intense competition between start-ups and large players, which is forcing companies across the board to decreases prices.
For instance, in the second half of 2013, the price of the Pebble smartwatch was reduced by almost US$80. Similarly, Samsung launched its Gear 2 smartwatch for US$50 less than the previous version.
High Demand for Wearable Technology in Fitness and Sports
From the get-go, there has been huge potential for wearable tech in the health and fitness sector. Being able count steps, check heart rate, and monitor calories burned while on the go is valuable for any athlete or fitness enthusiast, and more and more users are buying smart fitness bands like the Fitbit Flex to measure and share their health information.
Increased Adoption of Smart Lifestyle Wearable Devices
It’s not just the fitness sector that’s getting a wearable tech boost. Our everyday lives are also getting the wearable treatment, with the adoption of smart lifestyle devices rising quickly in recent years. Gadgets like Google Glass, the Nod Ring and Rufus Cuff can be used to perform multiple tasks such as navigation, video recording, social networking, controlling connected devices like smartphones and tablets and making SMS calls.
Increased Adoption of Patient Wearable Devices
A very popular topic among wearable technology pundits, and one that will be addressed at the Wearable Tech Expo in a talk by the Consumer Electronics Association (CEA) is the use of wearables in healthcare.
Rapid growth in the aging population in developed countries is expected to drive adoption of smart wearable devices in this sector. The major challenges associated with an aging population are low retirement income, high dependency on healthcare and medication, high disability, and multiple chronic illnesses, with many patients requiring constant care.
Smart wearable devices for remote patient monitoring can provide qualitative and convenient healthcare services to the elderly at a low cost. For instance, at home, relatives and caregivers can provide aging patients with various mobile devices such as RTLS tags and location-tracking devices that constantly monitor the patient’s status.
These devices automatically send real-time alerts to healthcare service providers in the event of an accident, a fall, or a patient unexpectedly leaving a safe area. Also, wearable devices enable aging or physically disabled patients to contact their physicians instantly.
For more information, including free, downloadable research insights, check out TechNavio’s Wearable Tech Expo event page.
