Wearable Technology and their product nowadays have come to the forefront as next ‘IT’ innovations. The Research Report says, growing at a Compound Annual Growth Rate(CAGR) value of 56.1% over the next five years, wearable technology and its devices will become an integral part of enterprise mobile strategies. The ABI research reports, as expected the North America Region will be the largest and will grow at a CAGR value of 39%, over the next five years. Other largest market Asia pacific will become another largest market by 2109 with a CAGR of 90%.
The ABI Research identified there will be six types of wearable devices most likely Smart Glasses, Smart Watches, Cameras, 3D motion trackers, Activity Trackers and Healthcare wearable devices. In these categories some of the devices like Healthcare wearable devices, Smart Glasses, Smartwatches will be the primary form factors purchased by the enterprises and consumed by employees.
ABI Research, enterprise expertise says, “such cases being made for wearable devices in the enterprises despite the newness of the technology”. However, which wearable device will be mostly consumed and adopted, this is a raising question. Companies such as Vuzix, SAP, Google Glass, Healthcare companies like Fitbix, BodyMedia, Smartwatch producing companies LG, Samsung, Google involved in producing and inventing new ideas in wearable technology by putting their efforts on production as well as research and analysis of next growing world of wearable computing devices. Once these companies effectively convince the enterprises customers from wearable devices, then the market will see the incredible growth.
The key market drivers for wearable computing are gaining universal popularity of smartphone from manufactures including Apple, Samsung, LG, HTC, BlackBerry, Microsoft and Nokia because they are manufacturing wearable devices along with smartphones to provide seamless communication and ease to do functioning jointly via smartphone and wearable computing. If we talk about consumer application that including Apple iWatch in smart watches category, smart glasses, gaming and Healthcare wearable product, they are all will be largely consumed by direct consumers and expected to explode onto the market. At present market is relatively nascent stage and was only around 20 million units sold in 2012. In 2013 approximately 700 million smartphone were shipped in whole universe by the main market holders Apple and Google Android. Rather than smartphone device, wearable computing device have sufficient potential benefit in any environment where communication is desired and ease to do more computing.
The ABI report is aimed to get analysis and determine the current status and share of wearable devices in the market. By this report we can say wearable computing market is one of the most emerging and highly anticipated development in the high tech IT industry in future. Wearable devices will not only integrate with smartphone technology but may even replace the need of smartphone in some particular segment of consumer electronics.
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