Consumer IoT Wearable Device Market
The wearable device market can be segmented into seven sections, according to ABI research latest report: wearable cameras, smart clothing, smart glasses, healthcare, sports and activity tracker, wearable 3D motion trackers, and smartphone-compatible watches.
The adoption of wearable technology is continuously increasing in the U.S. with the increasing demand for wrist wear/fitness wear, and health and wellness monitoring applications among others. The U.S. offers an ideal environment for innovation, which has facilitated massive advancements in the wearable technology.
The growing interest for investments and innovations in applications such as healthcare, garment and fashion is driving the growth of the wearable technology market. The wearable technology market is expected to reach USD 51.60 Billion by 2022
CCS Insight has updated its outlook on the future of wearable tech, indicating that 411 million smart wearable devices, worth a staggering $34 billion, will be sold in 2020.
The analyst claims the industry will hit $14 billion this year, with wrist-based devices – such as smartwatches and fitness trackers – continuing to dominate. Its forecast states half of all wearable tech sales over the next 12 months will be from these genres, with smartwatches making up 50% of the estimated 60 million shipments.
In the Health and Fitness IoT Devices, the global healthcare market has started a slow, sweeping change in philosophy. The market is changing from “Fee for Service” to “Value Based” healthcare driving the market toward monitoring devices with a wide range of capability and purpose.
Telemedicine1 is another market the IoT is changing. Telemedicine IoT solutions are allowing doctors expand their reach and to take care of patients located in any part of the world. Blood pressure, ECG, EEG, temperature, glucose, and other measurements can be performed on the patient at various levels, with Bluetooth-enabled wearables and MICS2/MedRadio3.
Enterprise IoT Wearable Device Market
The growth of the wearable device market is opening many interesting possibilities to enterprises regardless of the industry. Wearable devices, such as smart watches, have many advantages compared to smart phones.
Smart watches are more personal, improving both the work efficiency and safety. Moreover, a sensor hub, within a smart watch, is able to collect vital signs such as stress, vitality or activity levels of the person wearing the device on the wrist.
IoT and wearable technologies have enabled the connection between businesses and employees, providing them with tools to make workplaces more efficient and safe. As the market evolves, there comes a need to ensure privacy when personal data is being transmitted.
Enterprise wearable solution is a perfect match for retail markets, making inventory management faster and easier, enabling silent calls and notifications to improve efficiency while allowing a worker to have both hands free to perform other tasks.
Conclusion
The future growth of the wearable technology market is expected to be driven by consumer preference for sophisticated gadgets, increasing growth prospects of next-generation displays in wearable devices, and growing popularity of IoT and connected devices.
Consumers are not sure that the wearables industry has found the use cases that will drive mass adoption though; and hence they believe the wearable technology inflection point stands well beyond 2020 today.
1 Telemedicine is the use of telecommunication and information technology to provide clinical health care from a distance. It helps eliminate distance barriers and can improve access to medical services that would often not be consistently available in distant rural communities.
2 Medical Device Radio Communication: is a specification and communication spectrum created for and set aside by the U.S. Federal Communications Commission (FCC) for the communication needs of diagnostic and therapeutic medical implants and body-worn medical devices.
3 Medical Implant Communication Service: is a low-power, short-range (2 m), high-data-rate, 401–406 MHz (the core band is 402–405 MHz) communication network that has been accepted worldwide for transmitting data to support the diagnostic or therapeutic functions associated with medical implant devices.
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