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Global Market Wearables Technology Worth $8.9 Billion in 2014
Wearable Technology Market Analysis and Commentary
09 Apr 2015 - Futuresource UK, is announcing the release of the global wearable technology report highlighting how the market for wearable technology was worth over $8.9bn in 2014, with 56 million devices shipped in the year.
Here are some highlights from the latest research:
- Smartwatches & Wireless Watches, GPS Watches & Activity Trackers volumes grew 140% in 2014, expected to surge 50% in 2015.
- Gifting plays a big part in this market with Q4 representing 42% of 2014 sales.
- Fitness, Health, Mobile Communications were drivers in 2014, but other applications are expected to evolve in 2015 and beyond, including mobile pay.
- 9% of consumers told Futuresource they will buy a Smartwatch in 2015.
- The biggest brands in 2014 were Fitbit, Samsung, and Garmin.
- Numerous examples of sports and lifestyle brands, Swiss Watch makers, jewellery and fashion houses are exploring opportunities with wearable technology in 2015.
- While volumes remain small at this time, head mounted displays and virtual reality VR is gaining momentum with industrial and entertainment-based content creation building.
The latest report, from the Worldwide Wearable Technology Quarterly Tracking service, examines a number of trends and developments within the market, covering everything from high-end smartwatches and jewellery, through fitness wearables, to head mounted virtual reality displays.
"The market for wearable technology is growing but still finding its feet with consumer applications that extend beyond fitness and health applications, it is still very much in its infancy," commented Simon Bryant Associate, Director Futuresource Consulting. "The future of this market depends on killer applications, practical usage cases, and replacement models, which are as yet an unknown quantity."
As well as reviewing key developments in the market by product group, brand, feature, and channel, the report also provides an outlook to 2019. With a review of new product and category roadmaps and a detailed product database of the key devices available and their features/specifications.
According to Futuresource, we have yet to see the true impact of feature convergence, which will see jewellery, watches and apparel delivering many of the most popular applications.
Futuresource Consulting is a specialist research and knowledge-based consulting company, providing organisations with insight into consumer electronics, digital imaging, entertainment media, broadcast, storage media, education technology and IT. With a heritage stretching back to the 1980s, the company delivers in-depth analysis and forecasts on a global scale, advising on strategic positioning, market trends, competitive forces and technological developments. www.futuresource-consulting.com
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