Rapid digitization of businesses and personal households is driving increased consumption of wearable technology devices, boosting the need for advanced computing solutions. Due to this burgeoning usage, prices of these devices have fallen, rendering them within reach of various end-users.

DUBAI, UAE / ACCESSWIRE / June 23, 2020 / As businesses and individuals become technologically more adept with passing time, the usage of various ICT tools to access the internet has seen a sharp increase. Over the years, nanotechnology has made is plausible to allow access to the World Wide Web through a plethora of devices, some of which are portable and can be worn on our hands or face. Going by these trends, the global wearable computing devices market is scheduled to record sales worth over 168 million units by the end of 2020. The number shall continue to rise in the future.

Presently, wearable computing devices are equipped with wireless communication devices, capable of discharging specific functions such as heart rate monitoring to advanced functions akin to those of smartphones, laptops and tablets. At a larger scale, the defense and healthcare industries are also effectively exploiting wearable computing devices to leverage their operations. From walkie-talkies and night-vision goggles to portable simulation devices, fitness trackers to mobile ECG devices, wearable devices have found increased acceptance in recent years.

"Increasing demand for convenience-driven operations has led to increased adoption of wearable devices. Market penetration has been extensive at the individual level, attributed to increased adoption of smart fitness devices and smart accessories to monitor health and fitness levels," concludes a prominent FMI analyst.

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Wearable Computing Devices- Key Takeaways

• Smart-fitness accessories accounted for over 70% of the global wearable computing devices market, attributed to rising health awareness among individuals.

• More than half of the market was captured by smart brands due to increased purchasing power among consumers across the developed and developing world.

• Consumer vertical gained immense popularity over B2B sales across the historical period. Growing demand for consumer goods is attributed as a key driver.

• Asia-Pacific emerged as a region with the fastest growth potential. Increasing internet penetration by consumers and growing awareness about technology is the key reason behind growth.

• The global wearable computing devices registered an impressive 36.8% CAGR between 2015 and 2020.

Wearable Computing Devices Market- Prominent Drivers

• Innovations in manufacturing technology have led to a reduction in the cost of producing wearable computing devices, motivating market players to accelerate investments in this domain.

• Surging popularity of wristbands and smart watches is compelling vendors to invest in these domains, accelerating development of the wearable computing devices market.

Wearable Computing Devices Market- Key Constraints

• High costs of procuring wearable devices coupled with information privacy apprehensions among consumers is expected to restrain the market.

• Limited battery back-up of wearable devices discourages consumers from purchasing these devices, limiting market penetration.

Anticipated Impact of the Coronavirus Outbreak

The coronavirus pandemic has brought the whole world to a standstill. Businesses have experienced major supply chain disruptions as countries have imposed lockdowns to prevent the spread of the virus. This has impacted the wearable computing devices industry to a significant extent. The first quarter of 2020 registered a major decline in the demand for electronics such as smartphones, tablets, smart watches, etc. More than six out of ten consumers reported major delays in the delivery of their products due to a massive dearth of logistical arrangements due to the lockdown. Simultaneously, online sales of certain wearable computing devices have surged. For instance, smartwatches proliferation has been experiencing an uptick since the first quarter of 2020, most of which were sold by Apple. The added benefits of health tracking have enabled demand growth.

Government-deemed essential businesses have been adopting wearable computing devices on a large-scale since the pandemic's outbreak. These devices are mostly used to enforce social distancing among the employees at the manufacturing site. An example of this is the Nodle M1 smart wearable device produced by Avnet which can be clipped to an employee's shirt or worn as a necklace to alert employees to maintain distance. The gadget also sounds an alarm when employees venture too close to each other.

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Competition Landscape

The wearable computing devices market is characterized by the presence of the following players: Nike Inc., Adidas AG, Samsung Electronics Ltd, Apple Inc. and Fitbit Inc. All the vendors concentrate on introducing advanced wearable devices and accessories to broad base their clientele and attract new customers. For instance, Apple's AirPod wireless headphones set sold 60 million pairs in 2019 and is anticipated to rise to 100 million by 2021. Likewise, its smart watches have acquired immense popularity among consumers due to its ability to track health and fitness levels. Constant technological innovations to offer diversified products to consumers is yet another important strategy resorted to by vendors to gain a prominent foothold.

More about the Wearable Computing Devices Market Report

In its seminal research report, FMI offers a bird's eye view of the wearable computing devices market, bringing forth insights about the key growth drivers and opportunities. The market has been divided into two major segments: product category and vertical. The product category segment is further divided into smart fitness accessories, smart accessories and smart textile. The vertical segment includes business-to-business (B2B) and consumer. The above mentioned segments have been analyzed across the following key regions: North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan and Middle East & Africa (MEA).

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