According to the latest market research study released by Technavio, the global smart wearable lifestyle devices and services market is expected to grow at a CAGR of close to 16% 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.
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Technavio research analysts categorize the global smart wearable lifestyle devices and services market based on the product:
Global smart wearable lifestyle devices and services market share by product 2015
|
Fitness and lifestyle devices |
45% |
|
Smart watches |
26% |
|
Smart glasses |
17% |
|
Others |
12% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Global fitness and lifestyle devices market
In 2015, the fitness and lifestyle devices segment accounted for the largest share of the global smart wearable lifestyle devices and services market by accounting for around 45% of the overall market revenue. This segment of the market is expected to showcase significant growth during the forecast period owing to the increased inclination of individual users toward fitness devices. The adoption of smart wearable fitness and lifestyle devices is the highest in developed countries such as the US and Canada, and in countries of Western Europe. High mortality rates also boost the demand for these devices.
“The decline in the ASP of smart wearable devices in developed countries is propelling the adoption of such devices among consumers in both, developed and developing markets. Initially, the adoption of these devices was confined to developed countries because of the high cost. However, with the decline in cost, vendors are shifting their focus to developing markets in an attempt to gain market shares and expand their consumer base,” says Rakesh Panda, a lead analyst at Technavio for research on machine to machine (M2M) and connected devices.
The demand for fashionable smart wearable devices in the market is currently on a rise. The availability of such products with latest designs and functions is an important buying criterion for many customers. As a result, many new entrants are trying to provide such innovative products at competitive prices to increase their market base.
Global smart watches market
The global smart watches market accounted for a revenue of almost $2 billion during 2020 and is expected to account for over $3 billion in 2020. The market is dominated by North America, which generates almost one-third of the market’s overall revenue. The market in APAC is growing rapidly owing to the availability of low-cost Android smart watches in China.
Furthermore, rapid changes with respect to lifestyles is propelling the demand for smart watches globally. Samsung, Sony, Apple, Nike, and Google constitute the key smart watch providers worldwide.
Global smart glasses market
Increased adoption of smart glasses among consumers as well as enterprises for gaming, entertainment, healthcare, and manufacturing is the fundamental driving force behind the growth of the global smart wearable lifestyle devices and services market. Smart glasses find application in virtual gaming, virtual/3D music and video streaming, and to watch HD movies and images. They are also used to assist physicians during surgeries by allowing hands-free communication among surgeons and nurses, and help in telemedicine consultation. The increased penetration of high-speed Internet also reflects positively on the growth of the global market for smart glasses.
The top leading vendors for smart wearable devices operating in the global smart wearable lifestyle devices and services market are:
- Adidas
- Apple
- Fitbit
- Garmin
- Jawbone
- Nike
- Samsung
- Sony
The top leading vendors for smart wearable services operating in the global smart wearable lifestyle devices and services market are:
- AT&T
- EE
- Sprint
- Telefónica
Other prominent vendors in the market include Agent , Atheer Labs, Atlas Wearables, Beartek, Bia Sport, Bragi, Brilliant Services, BSX Insight, Buhel, Carre Technologies, Casio, Emotiv Systems, Epson America, Force Impact Technologies, Glassup, Goqii, Healbe, Intelligent Headset, Kapture Kapture, Keryos, KMS, Lechal, Logbar, Microsoft, Mio, Movable, Neptune, Netatmo, Optinvent, Orpyx Medical Technologies, Owlet, Pixie Scientific, Razer, Rslsteeper, Sensible Baby, Seraphim Sense, Skully Helmets, Somaxis, Sproutling, Sqord, Sunfriend, Suunto, TWare, Tarsier, Vuzix, and Wellograph..
A more detailed analysis is available in the Technavio report tilted, ‘Global Smart Wearable Lifestyle Devices and Services Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Smart Wearable Healthcare Devices and Services Market 2016-2020
- Global Smart Wearable Entertainment Devices and Services Market 2015-2019
- Global Motion Sensor Market for Wearables2016-2020
- Global Industrial Wearable Devices Market 2015-2019
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