Wearable Technology to Operate Independently in Future

With an increasing demand for specific applications and eliminating dependability on smartphones, manufacturers aim to develop independent devices.

Wearable technology, also known as wearables, are accessories that incorporate computer and electronic technologies to perform various functions. A device consists of electronics, sensors, software, and connectivity to enable data exchange for personal as well as business use. These devices are generally used as fitness tracker, media devices, navigation tools, health issue monitor, communication tool, and others. Wearables are able to perform operations, such as real time data monitoring, logical calculations, network communication, and others. It is usually used in integration with smartphones to obtain better results. The wearable technology market will be shaped in the future depending on how consumers use it with smartphones or adopt it as an alternative.

Sales figures of wearable:

2016 is a crucial year for wearables, such as smartwatches and fitness trackers. In the year 2015, global sales of fitness trackers and smartwatches were at 51 million units. It is predicted that the sales would be rocketed up to 86 million, comprising of 38 million units of fitness tracker and 46 million units of smartwatch, by the end of 2016. Though introduction of Apple Watch in the market helped smartwatches to increase adoption of wearables, the impact has not been made as per expectations.

Response for Wearables:

One of the reasons for not getting the expected response is unavailability of useful applications other than sending alerts to smartphone. Lauren Guenveur, mobile analyst for Kantar Worldpanel, said that demand for wearable technology has increased swiftly. He added that early consumer responses were mixed. Fitness trackers gained prominence due to clarity of use and this is the reason for Microsoft to introduce more features into their wearables. "Fitbit started off with a bang, but will consumers remain loyal to that concept, or want more?" said Shannon Conway, consumer analyst for Kantar Worldpanel.

Focus on specific users:

Garmin Ltd., an American tech company launched a fitness tracker, Approach X40, particularly for golf. This $249 device contain information on over 40,000 golf courses and tracks steps taken & heart rate. "[It] is the perfect all-in-one solution for golfers who want to know distances on the course and track wellness data without the hassle of switching between multiple devices," said Dan Bartel, Garmin vice-president of worldwide sales. Manufacturers are determining the present market condition, estimating the future market, and what consumers would prefer.

Potential growth & opportunities:

According to Global Web Index, people aged between 16 and 24 years are potential users of smartwatch. As per their stats, approximately 10 percent of consumers across the globe wear smartwatches. Technological innovations enable manufacturers to develop wearable which will be operate independently. Next generation Apple Watch is expected to launch after September 2016, and rumors point out that it would be integrated with cellular network connectivity that enables operation independent of smartphone.A report published on the wearable technology market provides estimations from 2014 to 2020. Analysts studying the market have revealed a thorough information on current market status, SWOT analysis of key manufacturers, and detailed segmentation in the report.