The global market for smart wearables is projected to cross US$30 billion by 2020, according to a new report from Research and Markets (www.researchandmarkets.com).
Initially, the adoption of these devices was confined to developed countries because of the high cost. However, with the decline in cost, vendors have shifted their focus to developing countries to increase their revenue and market base, according to the research group.
The factors like growing IT spending, rising health concerns, growing popularity of smart wearables among consumers, an expanding smartphone user base globally, coupled with continuously declining prices of smart wearables are anticipated to propel demand for different types of smart wearables during the over the next six years. According to Research and Markets:
° The smartwatches segment captured maximum share of the smart wearables market in 2015.
° Wearables suppliers are looking beyond the smart watches, focusing on hearables, which they see as the next big growth area in the smart wearables market.
° With growing adoption and rising disposable income levels, the smart wearable categories such as smart glasses and sports and fitness are also expected to gain significant pace through 2021.
° The combined market for global kids and pets wearables is likely to cross the $1 billion mark by 2021.