NEW YORK -- The global wearable technology market has thus far not quite delivered upon previous expectations of revenues, consumer adoption and even technological advances. However, 2015 might be the breakthrough year in which wearables begin to achieve that mass market acceptance that has long been expected. One of the main reasons is the entrance of Apple to the smartwatch market, which will disrupt not only the smartwatch market, but the overall size of the wearable technology market.
Visiongain has assessed that the value of the global wearables technology market in 2015 will reach $16.1 billion.
For example, as the Apple Watch will deliver many of the applications already delivered by Fitness and Activity Trackers, companies competing with Smart Bracelets and other trackers will suffer market loss and by 2018 they could see a great disruption to their specific market. The global market for Wearable Cameras could also be facing dramatic changes, but this will not be caused by the entrance of new competitors; instead this will be caused by changing consumer demand and rapid penetration in highly developed economies. This will trigger changes in the business strategies of the dominant brands, and will enhance the revenue models for these devices.
Contrastingly, AR Glasses and e-Textiles will not deliver dramatic results as in the near future, these technologies will not deliver great value to consumers or business users. Instead, most of the shipments and revenue growth for these submarkets will come after 2018, where there will be strategic changes in terms of technologies, applications and costs.
Overall, each of the submarkets and regional markets within the wearables industry will deliver different business opportunities, but are also expected to face challenges which include regulatory decisions in the case of mHealth, low added value in terms of SmartWatches or high saturation levels for Wearable Cameras.
Given the high penetration of mobile Internet and growing ownership base of smartphones in the Philippines, wearables should gain better traction in the local market. And, as Filipinos seek convenience and functionality with their gadgets to empower their lives, and look at how they adapt and conform to their personal style--wearables are definitely the next big thing to dominate tech in the Philippines.
Photo by LG Electronics