12 February 2019, The Global Wearables Market is anticipated to witness significant growth in the coming years owing to high adoption of smart phones and increasing mobile applications. In addition, growing awareness regarding physical fitness among individuals and increasing purchasing power of consumers are expected to increase adoption of these products. High prevalence of chronic diseases and growing geriatric population are likely to drive the market. Wearables are the devices that enable users to monitor their health and physical activity in daily routine. These devices also assist to track several parameters, such as total calories burnt, blood pressure, and heart rate.
Moreover, numerous ongoing innovative projects in electronics and healthcare sector are expected to stimulate the market growth. Wearables devices, including continuous glucose monitoring, ECG monitors, blood pressure monitors, insulin pumps, and hearing aids are extensively employed in healthcare. Smart wearable devices are also used in entertainment sector to experience digital media. For instance, development of VR headsets and AR glasses are likely to witness high demand in entertainment sector.
Additionally, wearables find their usage in various industrial applications, such as logistics, packaging and warehouse, and enterprise. They are also likely to gain traction in military and defense owing to high demand for heads-up-display, hand-worn terminals, and smart clothing, wherein miniature sensors are integrated into fabrics.
Furthermore, advancements in technology, such as ease of payment with wearable device, and smartwatches with exciting features, such as capability to interact on social media platform, are expected to boost the market growth. Growing preference for smartwatches over analog devices is expected to drive the market in coming years. For instance, Google recently launched an update for Android smart wearables. The new Android 2.8 update aims to improve watches’ display performance and make reading on the smartwatch simpler than its predecessor.
However, high cost of wearables is expected to restrain the market growth. In addition, data security concerns, and limited battery life and durability are likely to challenge the market in future.
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