Wearable devices help to keep a track of real-time data on the activities of its user and can be worn on the body with ease and comfort. Wearable devices include earwear, wrist bands, smartwatches, glasses, and other fitness trackers. Today wearable devices are becoming an area for innovation and development and with the adoption of the Internet of Things (IoT) the market is expected to witness significant growth during the forecast period. In addition, a growing number of the product launch of wearable devices by major market players in developing economies like China and India to increase their market share is anticipated to propel the wearable devices market growth opportunities for manufacturers and vendors during the forecast period. Like in March 2019, Fitbit launched three brand new wearable devices in Malaysia under the budget segment and aimed at a bigger market for consumers with their affordability.
Total Number of Adults With Diabetes (20-79 Years) in Million
Source: International Diabetes Federation (IDF), Knowledge Sourcing Intelligence
Growing Health Awareness
The treatment of diabetes is considered as the prime focus area of healthcare sector around the world. The changing lifestyle and eating habits along with the reduction in the physical workout have led rise to obesity, which is considered to be the major cause of diabetes among adults. The rising prevalence of diabetes coupled with increasing healthcare expenditure around the globe is expected to be the prime driver for the growth of the market for diabetes segments during the forecast period. The rising economic burden of diabetes and other chronic diseases coupled with increasing healthcare expenditure in various parts of the world is also anticipated to increase the demand for rapid diagnostic kits for glucose monitoring over the forecast period. Since, people with diabetes require access to systematic, regular, and organized healthcare and access to these essential services are considered as the main concern in diabetes management, especially in low- and middle-income countries, which is expected to boost the demand for wearable devices. Such issues can be effectively addressed by technological innovation like mobile health tools etc, thus it works as a driving factor for the growth of the market. In the fast-moving world, technological innovation like continuous glucose monitoring systems gives the blood glucose profile at the isolated times during the day, it allows diabetic patients to see their blood glucose level throughout the day all this increases the patient's preference towards the product which widen up the growth prospects of the market.
Increasing Demand for Data-Driven Operation in Various Industries
Industries such as sports over time have become competitive where a small moment can change the course of the game. Sports teams now have much loyal fan-base therefore agencies and teams are now realizing the need for proper performance tracking management to gain a competitive edge against the competitors. All such efforts towards the adoption of data-driven technologies and operations are expected to drive the growth of the market for witness trackers among others during the forecast period. With the increasing involvement of fans and rising number of stadiums around the globe, there is an increasing demand for data operations technology is further expected to propel the wearable device market growth opportunities for technology providers in ICT industry. Furthermore, increasing strategic analytics partnerships by the sports clubs in order to enhance their performance is further expected to boost the demand for sports technology wearable devices in the coming years. For instance, Manchester City Football Club recently expanded its partnership with SAP to bring analytics technology to the pitch so that coaches and players can access real-time data from side-lines during the games.
Wearable devices technology is the leading sports revolutions that are changing the definition of overall sports and the level of efficiency of the game today. The technology had expanded from simple biometric monitoring to the incorporation of the perceptual and psychological aspects of sports in order to enhance the overall performance. Today even big leagues incorporate wearable devices in their games and practice sessions and consider it an important part of the increasing initiative by the big market players are expected to drive the growth of the wearable devices market during the forecast period. For instance, sports wearable giants like Adidas introduce products like miCoach Elite systems which are fitted inside a gear or clothing is able to determine athletic performances like acceleration, speed, distance, and power is widely being used by major soccer leagues in American MLS games and European counterparts. Besides, a growing initiative by big sports clubs in various parts of the world for the adoption of wearable devices technology is expected to augment the wearable devices market growth in the coming years. For instance, recently Spanish football Club Barcelona teamed up with tech giant Wimu to develop wearable technology for itself to increase efficiency.
The number of players in the wearable device market is large and growing with the opportunity to generate significant revenues as a result of growing demand. Key players in the wearable device market are seen to adopt differentiated strategies and are also looking to expand their market portfolio through investments in the development of the new product line, and some companies are even opting for mergers, acquisitions, and strategic partnerships to expand their market presence. Moreover, major firms offer differentiated yet similar products to meet the different requirements of various end-users. The market growth will be high in the coming years since existing firms have invested heavily to capture significant market share in this competitive market. Therefore, the possibility of incurring high potential losses will act as a barrier to exit for the firms.
ABOUT THE AUTHOR:
Rajat Sudan is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from healthcare to semiconductor, with a special knack for ICT. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit https://www.knowledge-sourcing.com.