[September 30, 2016] |
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Smart Wearable Lifestyle Devices and Services - Market Drivers and Forecast: Technavio
Technavio
analysts forecast the global
smart wearable lifestyle devices and services market to
grow immensely and post an astounding CAGR of almost 16% during the
forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of
the global smart
wearable lifestyle devices and services market for
2016-2020. The report also presents the vendor landscape and a
corresponding detailed analysis of the major vendors operating in the
market. It includes vendors across all geographical regions.
Global smart wearable lifestyle services market segmentation by
geography 2015 (% share)
North America
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60%
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Western Europe
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25%
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APAC and ROW
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15%
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Source (News - Alert): Technavio
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The smart wearable lifestyle services market in North America was
valued at USD 0.84 billion in 2015 and will reach USD 2.37 billion by
2020, growing at a CAGR of 23.05%. The market is driven by the early
adoption of wearable devices in these regions. The key revenue
contributors of this region are US, Canada, and Mexico. The largest
contributor to the market in this region is the US because of the early
adoption of lifestyle devices among adults and youth. The key reason for
this high adoption is affordability. The decline in the ASP of wearable
devices will boost the growth of the market during the forecast period.
Technavio ICT
analysts highlight the following four factors that are contributing to
the growth of the global smart wearable lifestyle devices and services
market:
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Growing emphasis on healthy lifestyle
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Increased demand for wearable lifestyle devices
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Growing use of smart glasses
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Increased focus on R&D
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Growing emphasis on healthy lifestyle
"The increased health awareness among people is reflected in the
rapid growth in the demand for hygienic foods, gym memberships, healthy
nutrition, and diet programs, and in the use of mobile health
applications. Also, increased awareness is likely to continue to drive
the demand in the market," according to Rakesh Kumar Panda, a lead M2M
and connected devices research analyst at Technavio.
Obesity is one of the major lifestyle-related diseases faced by
several countries. Risks associated with obesity include diabetes, joint
problems, high blood pressure, high cholesterol, cancer, gall bladder
problems, breathing difficulties, and coronary artery diseases. People
use various connected wearable health and fitness devices to
reduce these risks. This has led to an increase in the need for healthy
lifestyle and fitness bands that help in tracking fitness of the
individuals.
Increased demand for wearable lifestyle devices
Technological innovation and growing health issues have increased the
demand for lifestyle devices enabled with some modern features. Smart
wearable devices help consumers to track and monitor their fitness
and lifestyle activity on a regular basis. Individual users can use
these devices to measure the distance traveled, speed, calorie intake,
breathing and heart rates, and other fitness activities. These devices
help users avoid several health issues such as obesity and heart
congestion.
"In North America and Western Europe, the demand for and shipment of
smart wearable fitness and sports devices have increased in the past
years. The decline in the cost of these products is a major factor that
is driving the adoption of lifestyle devices among individual users and
sportspersons," adds Rakesh.
Growing use of smart glasses
Smart glasses are portable devices that enable users to capture 3D
images, stream virtual videos, and enhance their virtual gaming
experience. Google (News - Alert) Glass provides a platform for consumers to
share their videos and pictures on social networking websites such as Facebook
and Twitter with the help of pre-installed apps. It also provides
Google maps. The adoption of smart glasses is high in North America and
Western Europe. However, the deployment of high-speed internet
connections will increase the demand for smart glasses in the emerging
regions.
Google Glass and Epson Moverio BT (News - Alert)-200 figure among the smart glasses
commonly used by end-users to enhance their overall entertainment and
gaming experience.
Increased focus on R&D
The market is highly competitive with several leading vendors providing
a wide range of innovative products at competitive prices. Various
companies are investing heavily in R&D to provide innovative offerings
to increase their market share and remain competitive in the market. The
smart wearable devices function with latest technologies such as gesture
recognition and augmented
reality.
Devices such as Fin, Ring, Kapture, and Myo are some of the
products equipped with modern features. Fin is a smart wearable device
worn on the thumb as its functioning is based on finger gestures. Vert (News - Alert),
Babolat play, and D3o are some of the innovative products listed in
the International (Consumer Electronics Show) CES 2015. Vert is a
wearable device specially designed to improve the jumping capability of
athletes.
Top vendors:
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160930005223/en/
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