Wearable Product Makers Explore Their Innovative Side to Make Our Lives Better

Wearable device manufacturers are seen expanding their reach to change how many carry out their day to-day chores. 

Wearable electronic products that are found useful by medical practitioners and other sectors are proliferating among consumers worldwide. Aspiring wearable designers and intelligent component manufacturers are finally benefitting from the wearable technology market say researchers at the Allied Market Research (AMR). Furthermore, information technology, security companies as well as third party enterprises including health insurers are making huge profits from the recent developments in the wearable technology market.

Industry experts eyeing the size and share and demands in the sector emphasize that increasing consolidation, especially in the hardware segment will presage a higher emphasis on the development of wearable software. Besides this, the tech stocks are expected to be the robust performers in the low progressive and low inflation industry environment. According to industry experts at AMR, the wearable electronics industry is valued at $25.19 billion by 2020. Furthermore, this sector is anticipated to register a CAGR of 26% from 2014 to 2020. Moreover, the corresponding volume of the wearable electronics market would be about 142.6 million units, growing at a CAGR of 23% from 2014 to 2020. The wearable devices are becoming smarter. Demand for wearable watch or fitness watch are rising in regions such as North America and Europe.

Watch which wearable technology market players caught attention in 2016

https://www.youtube.com/watch?v=h8-TAqzYrno

Future wearable technology market  

The wearable technology market is witnessing a significant growth worldwide, especially in the United States. If we are to believe the figures presented by officials at the Fidelity International the global shipment of the wearable products for the 1st quarter in the last year had reached approximately 11.4 million units, which was an increase of 200% compared to the stats in 2014. Of those 11.4 million about 7 million alone were advanced fitness bands, a segment which is anticipated to fuel the future growth of the wearable technology market. Researchers reveal that the development of these wearable products will continue and potentially overshadow both smartphones as well as the tablet in the next five to six years.

For the wearable technology market to continue its growth, product designers will have to become more proficient and combine analytics, big data as well as cloud storage to deliver important insights to the customers at the right time. Besides this, gadgets will be designed by considering the user’s requirements. This process is termed as the human – centered design. Once made possible, the wearable products can soon emerge as an important part of our everyday life. The most significant wearable investment opportunities made so far are in data security, hardware, software, and others.

Wearable technology market is definitely making winds

 Courtesy: PwC 2014 survey

What is the future of healthcare wearables?

The wearables in the healthcare industry are definitely one of the big futures. Change is happening in the healthcare, said - Erik Jacobson, working with Accenture at the “IOTSWC15” event. One of the key enablers of the wearable technology in the healthcare sector is the customer expectations. The economic model that works both in the government systems and private systems. e.g. in the UK, the GP is getting high financial control over their trade or business; large B2B agreements between healthcare institutions and payers around operations etc. is fueling the growth of wearable products in the healthcare sector.

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Another focus area is value-based health, where a customer doesn’t just want to pay for the products but also for the end results. Wearables in healthcare can be considered as an endpoint of technology such as a smartphone. When we talk about wearables many will instantly think of a pair of smart glasses or probably a smart watch. But what’s next? Fitness bands are the obvious ones. The fitness market is incredibly mature attending to an array of fitness concerns. Next are the identity bands and the smart clothing or connected clothing which is the next stage of wearables.