Wearable computing devices are electronic computer based equipment or devices that can be incorporated on a body or into an item of clothing. These small electronic devices provide the user with wireless networking and mobile computing. Currently, wearable computing devices come with wireless communication capabilities, microchips, and various sensors which can track activities, collect data, and provide enhanced customer experience. The devices range from providing limited, very specific features such as heart rate monitoring to advanced functions similar to those of smartphones. Wearable computing devices allow the wearer to browse the internet via applications, take and view videos or pictures, and read emails and text messages.
The advantages of wearable computing devices include real time data provision, local storage, and portable design. Some examples of wearable computing devices include smart watches, smart contact lenses and glasses, and smart fabrics and e-textiles. Market players are also launching wearable computing devices which can be integrated with smartphones. Use of wearable computing devices in health and fitness, medicine, gaming, music, transportation, and education has seen significant growth in the past few years.
Factors such as growing popularity of wearable medical and health devices, rising adoption of wristbands and smartwatches, and continuous technological advancements in the wearable devices market are some of the factors which are expected to drive the global wearable computing devices market from 2017 to 2025. Features such as real time data monitoring, unique user interface, and light weight designs are attracting end users to adopt the devices. Moreover, technological developments in Information Technology (IT) and material sciences is expected to fuel the growth of the wearable computing devices market over the forecast period. Privacy concerns pertaining to data generated from wearable devices and high cost associated with it are some of the factors expected to limit the market growth. In addition, limited battery backup provided by these devices is likely to be a restraining factor. Nonetheless, major global technology conglomerates including Microsoft Corporation, Google Inc., and Apple Inc. are investing significant amount of resources on developing advanced wearable computing devices.
The global wearable computing devices market is segmented on the basis of applications and region. By applications, the market is divided into consumer applications and non-consumer applications. The consumer applications segment is further divided into smart glasses, smart clothing, activity trackers, smart watches, wearable cameras, gaming devices and others. Non-consumer applications are classified into healthcare, defence and industrial. Rising acceptance of smart fitness gears, smart watches, and activity trackers in various fitness activities is expected to drive the growth of the consumer applications segment over the forecast period. By geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is likely to generate significant share of revenues owing to the presence of substantial number of market players and constant launch of technologically advanced products in the region. Further, strong growth of wireless internet connectivity in the region and emergence of China and India as Asia’s manufacturing hubs is expected fuel the market growth of the Asia Pacific region.
A number of startups are entering the wearable computing devices market with their smart solutions owing to huge popularity of Internet of Things (IoT). Major players in the market are further adopting various strategies such as strengthening of intellectual property, and regional expansion via mergers and acquisitions to grab the market share. Some of the key players in the global wearable computing devices market are Apple Inc., Adidas AG, Fitbit Inc., LG Electronics, Inc, Nike, Inc., Garmin, Ltd., Samsung Electronics Co., Ltd, Pebble Technology Corporation, Zephyr Technology Corporation, Sony Corporation, and AiQ Smart Clothing Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.