Wearable Tech: Is that the futureApr 23, 2020
You will be wondering in recent times what is all this fuss about wearables in Indian markets. It’s a no brainer these days to see the plethora of smartwatches, fitness trackers, fitness bands and sports watches out there in the open. In simple terms, wearable tech is the latest innovation in the technology field after smartphones that will bring a new era of the connected world and the possibilities are endless.
The wearables are much more than just wearing gadgets. Wearable tech is not just about putting on a digital watch or fitness band. Wearable tech is more about sensors and chips that relate to the connected self. It seamlessly makes use of internet connection, Bluetooth technology to connect wirelessly to one’s smartphone and tap into one’s goals to stay fit, active or to lose weight.
Though most of the wearables are worn on the wrist, nowadays these are frequently tied around the body and hung around the neck as an inseparable part of the body. Wearables have quickly started to blend with jewelry and clothing. According to Euromonitor forecasts, wearables will be the best-selling consumer electronics after smartphones and expected to exceed 305 million units by 2020 with a CAGR of 55% for the next 4 years.
Key Players in Wearables tech space
So far, it’s mainly the smaller companies that are providing the bang for the buck in this space. Fitbit, Jawbone, Mi, and Misfit had achieved huge success in fitness trackers space while Garmin, TomTom make one of the most amazing sports watches for hiking, cycling and running. In the smartwatches segment, the big players are Sony, Apple, Samsung, Asus, and Motorola. The headgear segment is ruled by Oculus Rift. Google Glass and Microsoft’s Hololens are examples of augmented reality devices.
Developed markets like the U.S. are set to see the biggest demand for wearables in terms of retail volume by 2020.
Emerging markets are unlikely to experience high demand for wearables since internet penetration rates aren’t as high and people in those countries are still making the transition to smartphones.
Future Trends of Wearables Tech
A huge amount of data is already being tracked by these wearables these days. Steps and heart rate are easily monitored and are accurate. Glucose and cholesterol levels are not being checked properly and need more visibility and powerful tools to analyze the data.
Future demands for better resolution and accuracy in terms of data so that one can be very sure about one’s physical and mental state. There are so many areas to look out for the growth of these devices typically in bedroom, bathroom, and kitchen.
The market share of smart wearables is going to exponential rise by 2018 due to the advancements in user interface and features. The trend shows that smartphones will not only be an accessory primarily focused on notifications but more of a computer wearable capable of processing on its own.