According to the latest market research study released by Technavio, the global wearable apps market is expected to grow at an impressive CAGR of almost 59% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Click here to request a free sample of this report
Technavio research analysts categorize the global wearable apps market based on product type:
Global wearable apps market shares by device type 2015
|
Smart watches |
50.73% |
|
Fitness bands |
27.39% |
|
Smart glasses |
21.88% |
Source: Technavio
Global smartwatch wearable apps market
The global smart watches market accounted for almost 51% of the overall revenue generated by the global wearable apps market during 2015. The high growth rate of the market is accreditable to the high acceptance of smartwatches in the market as a stylish accessory. The adoption of smartwatch apps is especially high in the entertainment sector as a large number of users stream audio content using smartwatch apps. Smartwatches are also increasingly adopted in the retail, entertainment, and healthcare sectors. The growing demand for self-monitoring of blood pressure, heart rate, nutrition level, and blood glucose levels is expected to propel the adoption of smartwatches during the forecast period.
“Many vendors in the global wearable apps are leveraging the crowdfunding strategy to create brand and product awareness. Crowdfunding helps to increase awareness among potential customers. Manufacturers organize seminars in order to attract investors. It also encourages several new vendors to enter the market, which will lead to an increase in competition and reduction in wearable device prices. Moreover, crowdfunding also allows vendors to predict customers’ interest in their products,” says Ujjwal P Doshi, a lead analyst at Technavio for Internet and e-commerce.
Global fitness band wearable apps market
Fueled by an increase in the number of health and fitness conscious individuals worldwide, the global fitness band wearable apps market is expected to undergo substantial growth during the forecast period and account for a revenue of almost $3 billion by 2020. One of the major reasons for the growth of the market is the extensive availability of cost-effective fitness apps, which is motivating individuals to adopt fitness activities. The growth of the market is also attributed to the decline in the average selling price of fitness bands after July 2014 as a result of the introduction of Xiaomi‘s Mi band.
Global smart glass wearable apps market
Smart glasses are widely used in the automobile and healthcare sectors. Smart glasses, known as smart eyewear, are used by doctors to simultaneously focus on a patient’s condition and medical procedures. AVINENT, a dental implantology company, developed the world’s first dental implant application for Google Glass. With the help of smart glasses such as Google Glass, doctors can retrieve critical information about the patient such as medical history and allergies. Currently, the smart glass market is in a nascent stage, and is characterized by the presence of a few manufacturers. The global market for smart glasses is projected to undergo significant growth during the forecast period owing to a rise in the number of new market entrants.
The top leading vendors operating in the global wearable apps market are:
- Apple
- Fitbit
- Samsung Electronics
- Appster
- DMI
- Fuzz Productions
- Intellectsoft
- Intersog
- LeewayHertz
- PointClear Solutions
- Redmadrobot
- Sourcebits
- Touch Instinct
- Worry Free Labs
A more detailed analysis is available in the Technavio report titled, ‘Global Wearable Apps Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Wearable Payment Market 2016-2020
- Global Smart Wearable Healthcare Devices and Services Market 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
