A new report by Allied Market Research (www.alliedmarketresearch.com) says that the wearable electronics market, which includes the Apple Watch, is expected to reach $25.19 billion globally by 2020.
Usage of wearable is still at its nascent stage; nevertheless, the dawn of mobile wireless systems and smart phones have sparked a new era for wearable electronics, globally, according to the research group. Gadgets, which were deemed to be just used in industrial and commercial applications are now finding place in mundane activities, enhancing quality of life through various applications such as healthcare, sports & fitness, and lifestyle to name a few.
The industry is being driven by various factors such as convergence of technologies, rising number of customers adopting digital services, and due to the presence of wireless connectivity. However, lack of design features, higher power usage of wearable devices, high initial investment and users’ concerns regarding data privacy are some of the major challenges for the players operating in wearable electronic space, Allied Market Research says.
The global market for wearable electronics was valued at US$4.01 billion in 2013. This includes all forms of wearable electronics, devices, and applications. Lifestyle applications accounted for a major share in the consumer application segment and had 20% market share of the overall market. What’s more, the market for lifestyle and fitness is anticipated to have the highest growth among other applications, notes Allied Market Research.