Wearable Tech Market worth $8 billion in 2013
The wearable tech market has been forecast to reach a value exceeding $8 billion in 2013.
Research from Futursource consulting indicates the segment - comprising wireless and smartwatches, activity trackers, wearable GPS, heart rate monitors and smartglasses - is seeing a more rapid growth than many would have expected. We’re still trying to get to grips with what the point of a smartwatch actually is.
"Many wearable devices are currently companion devices to other smart devices, in particular smartphones," says Oliver Rowntree, Research Analyst at Futuresource Consulting"
It's all about companionship, at the moment.But it isn’t sales of the likes of Samsung’s Galaxy Gear that are driving the market currently. Fitness devices comprise 97% of sales but that share will no doubt plummet quite rapidly once the smartwatch and smartglasses markets become more established.
Many of these devices will feature embedded sensors that mimic the functionality of the dedicated monitors which will inevitably eat in to sales.
Futuresource is predicting a combined wireless watch and smartwatch market of around 0.9 million units in 2013, with more than 60% of this accounted for by smartwatches. As well as Samsung, Sony already has a Smartwatch available and it’s inevitable that all the big boys will follow. We wouldn’t be at all surprised to be deluged with them at CES 2014 but it might take Apple entering the market to truly establish the Smartwatch as a desirable tech product for the mass market.
The tech needs to be standalone to become mainstreamThe future for Smartglasses is not quite so clear cut, largely because you can’t go out and buy a pair at the moment but GoogleGlass is set to go on sale in 2014 but questions of autonomous thees devices will be remain unclear and unless they can replicate many of the functions found in your typical smartphone, they are likely to remain a niche, luxury product as far as most people are concerned.
Are you planning on splashing out on any wearable tech in 2014?
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