[December 07, 2016] |
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Global Wearable Apps Market to Grow at an Outstanding CAGR of Over 57% Through 2020, Reports Technavio
Technavio
analysts forecast the global
wearable apps market to grow at a CAGR of close to 57%
during the forecast period, according to their latest report.
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Technavio publishes a new market research report on the global wearable apps market from 2016-2020. (Photo: Business Wire)
The research study covers the present scenario and growth prospects of
the global wearable
apps market for 2016-2020. The report segments the market
by wearable devices into three segments, which are smart glasses, fitness
bands, and smart watches. The smart watches segment accounted
for over 50% of the market share in 2015.
Request a sample report: http://www.technavio.com/request-a-sample?report=54794
Technavio's sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.
Technavio media
and entertainment analysts highlight the following four factors
that are contributing to the growth of the global wearable apps market:
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Availability of cost-effective fitness apps
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Increase in number of lifestyle diseases
-
Decline in cost of wearable devices
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Growing demand for sports and fitness apps
Availability of cost-effective fitness apps
Apps are available in both free and paid versions. The installation of
paid apps requires a one-time payment. "Fitness apps are gaining
high traction among individuals seeking a healthy lifestyle. Many
fitness conscious individuals may not enroll in gyms or health clubs due
to budget and time constraints. This has led to the intrduction of
sports and fitness apps, which are relatively economical," says
Ujjwal Doshi, a lead analyst at Technavio for Internet
and e-Commerce research. These apps track the daily workout of
an individual and suggest food habits and exercises as per said
individual's lifestyle, reducing the need for fitness trainers or
dieticians.
Increase in number of lifestyle diseases
The demand for wearable devices is increasing because of the growing
number of health-related issues. The number of diseases is increasing,
especially in the aging population, owing to lifestyle changes. The
aging population is more prone to lifestyle diseases such as
hypertension, diabetes,
cardiovascular disease, and Alzheimer's. Globally, about 380
million people in the age group of 20-79 years are expected to have
diabetes by 2025. 30% of the adult population showed symptoms of
hypertension in 2015. Thus, the increase in lifestyle diseases is
leading to the higher adoption of wearable apps for smartwatches and
fitness bands.
Decline in cost of wearable devices
The cost of fitness bands has been declining at a steady rate
over the past few years. In addition, the cost of smartwatches has also
witnessed a decline from a maximum price of close to USD 350 in 2014 to
USD 199 in 2015. "Most of the wearable device manufacturers
reduced the ASP of devices to make products more affordable for users
and to increase sales. The price was also reduced to attract a larger
target consumer segment and to sustain in the competitive market,"
says Ujjwal.
The competition in the market is increasing with the entry of several
startups and technology companies in the market. Moreover, companies
launch newer versions of existing products every six months, therefore,
they reduce the costs of the existing versions to ensure that they are
sold thus paving the way for newer versions. Technavio expects the price
of several fitness bands to decline further over the next few years,
making them more affordable for end-users.
Growing demand for sports and fitness apps
Sports and fitness apps have become an integral part of the life of
millions of mobile users. Such apps help and guide users to maintain a
healthy lifestyle and fitness
regime. The three app categories that are in high demand are running
trackers, heart rate monitors, and multi-sport and activity
trackers. Many free sports and fitness apps are available in app stores.
Some of the top 20 fitness apps include Argus, UP by Jawbone,
MapMyFitness, UA Recorder, Endomondo (News - Alert), and RunKeeper. The growing demand
for sports and fitness apps is driving the global smartwatch and fitness
band wearable apps market.
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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/20161207005056/en/
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