Wednesday, 13 July 2016

Wearable Products Innovative Side That Make Lives Better

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

Wearable Technology: Allied Market Research
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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


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.

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.

These devices are now being used by patients, helping them save on their medical costs. Today, product designers are focused on helping the patients get a positive outcome from the wearable that sits on them. Wearables on healthcare workforce, such as charity workers, nurses as well as clinicians who work with the patients can wear these products to make their job easier. Public health workers can use these intelligent gadgets to prevent people from becoming patients.


What can US customers expect from the wearable technology market?

Fidelity study outlines that in 2019 the official launch of the “HoloLens” by Microsoft will bring about a dramatic transformation in the wearable technology market. There will be a visible shift from the basic wearable to some of the most intelligent or the smart ones. However, the consumers of Apple Watch as well as Fitbits will keep growing, as their devices serve different functions and are made available at different price tags. While the Fitbits range from anywhere between US$75 to $300, the Apple Watch is available for a price between $550 to $15,000.

As per the research carried out by Slice Intelligence, less than 5% of the buyers who invested in a Fitbit device had also bought an Apple Watch in 2013. Both the smart products will continue to observe an upward growth. Over 25% customers want to use wearable products to plug into the social media and more than 28% want to have an access to entertainment with smart products. Recent surveys also outline that 32% of the homeowners want to use intelligent gadgets to control their home appliances such as microwave ovens, washing machines, coffee makers and others. Customer demands for devices that can help them with tracking medical information and workout have seen a rapid growth since 2013. 

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