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To Improve Adoption Rate of Wearable Technology, Manufacturers Need to Introduce Cost-Efficient Wearable Devices, Observes TMR

Posted on Sep 15, 2016

Despite having a large pool of participants, the competition in the market for Europe wearable technology market by the presence of multinational players, such as Google, Apple, Microsoft, Fitbit, Sony, and Nike, finds a report by Transparency Market Research (TMR). The high potential for growth has been attracting a number new players to this market; however, the high capital investment and government regulations are acting as entry barriers for them. 

The leading players are increasingly focusing on manufacturing cost-efficient wearables to improve their adoption rate. For instance, Fitbit recently launched Charge 2, an advanced version of Charge HR with an almost four-time larger display that the original Charge and connected GPS mode. The new health tracker has been priced the same as its predecessor, which increases its accessibility among consumers. In the long run, the rivalry between the key participants is likely to intensify due to this trend. 

The study offers a complete overview of the European market for wearable technology. As per the report, the overall market will present an opportunity worth US$2.5 bn by the end of 2019. In Europe, fitness and wellness emerged as the prime application area of wearable technology in 2013 with a share of more than 35% of the overall demand. Analysts expect the segment to remain dominant in the coming years. 

Germany Wearable Technology Market to Gain from Technological Advancements and Introduction of Innovative Devices 

In the report, the U.K., Germany, Norway, Sweden, and Denmark have been identified as the key geographical segments of the European wearable technology market. Among these, Germany has been holding the leading position since the last few years due to advancements in wearable technology and the introduction of innovative products. Analysts predict the trend to remain the same over the years to some. 

The U.K. has also been exhibiting a substantial rise in the wearable technology market due to a massive surge in the demand for wearable devices among consumers. In the forthcoming years, the continual launch of new and advanced products is likely to increase the demand for these devices in this country, leading to strong growth in the U.K. market for wearable technology. Other domestic markets such as Sweden, Denmark, and Norway are also projected to register a healthy rise in the years to come, states the report. 

Comfort and Convenience Offered by Wearable Devices to Boost Adoption of Wearable Technology

“The high level of comfort and convenience that wearable devices provide to consumers is the key factor from which the wearable technology market in Europe is gaining impetus,” says the author of this report. The portability, multi-functionality, and compactness of wearable devices, such as sleep sensors, smart glasses, smart watches, and military heads-up displays, have increased their application in various sectors across Europe. 

To cater to the growing demand for these devices, a number of technology providers have been entering this field, which is expected to increase the competition within the wearable technology market in Europe. The market is likely to gain significantly from this intensified rivalry as companies would be compelled to focus on technological advancements to gain visibility, notes the study. 

Low Availability of Long-lasting Power Sources to Hinder Market’s Growth 

Although the market is flourishing currently, it may face a severe challenge from the low availability of long-lasting, lightweight batteries, power sources for wearable devices, in the near future. The high cost of wearable devices is also expected to hinder the growth of this market to some extent in the coming years. 

The study presented here is based on a report by Transparency Market Research (TMR) titled European Wearable Technology Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.” 

The Europe market for wearable technology has been segmented into: 

By Application

  • Fitness and Wellness
  • Infotainment
  • Healthcare and Medical
  • Industrial and Military 

By Product

  • Smart clothing and smart sport glasses
  • Activity monitors
  • Sleep sensors
  • Smart watches
  • Heads-Up displays
  • Smart glasses
  • Continuous glucose monitor
  • Drug delivery
  • Monitors
  • Wearable patches
  • Hand worn terminals
  • Augmented reality headsets 

By Region

  • Germany
  • The U.K.
  • Denmark
  • Norway
  • Sweden

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