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How has smart wearables market size outlook transformed with the rising demand for smartwatches and gaming?

Author : Ronak Bora | Published Date : 2019-05-27 

The growth graph of smart wearables market has remained exponential since the last few years, primarily driven by the explosive demand for AI across a spate of verticals. Wearables have been a part of the mainstream for a while now, however, they have registered increased prominence in recent times, driven by the rapid advancements in AI technology.

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An extremely convincing litmus test of the potential held by wearable AI is the fact that it is gaining significant traction in the impenetrable healthcare industry. According to the Brookings Institution, this potential stems from wearable AI devices’ innate ability to record medical data in a substantially reliable manner than their non-AI predecessors, allowing medical professionals to use the data to diagnose & treat diseases in their early stages. Despite being at a somewhat nascent stage, smart wearables market seems to have garnered massive mainstream popularity.

The Potential: According to Fortune, fueled by the release of an array of highly anticipated videogames in 2018, the gaming industry recorded its largest sales over the previous seven years. In 2018, apparently consumers spent an overall $43 billion on video games – an increase of 18% against the 2017 numbers.

AR/VR: The gaming industry has always been a pioneer in incorporating latest technologies in video games to enhance a game’s entertainment quotient. The advancements in augmented reality (AR) or virtual reality (VR) have thus facilitated a substantial opportunity for smart wearables market players.

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The Projection: VR games facilitate a highly immersive gaming experience that, through more advancements, is expected to interact with all of the user’s sensory inputs, actually tricking the mind into thinking that the experience is quite real. Driven by such advancements in AR/VR, the smart wearables market size from gaming applications, is projected to record a CAGR of 35% over 2019-2025.

North America held over 30% share in the wearable AI market due to the high per capita income of consumers in the region. The presence of major consumer electronics companies, such as Apple and Oculus, provided consumers with access to products at a lower price. Furthermore, the high adoption of smart wearables among consumers between the age group of 16 and 34 (millennials) also foster the smart wearables market growth.  

The players in the smart wearables market are forming partnerships with other companies present in the market to gain an edge over their competitors. For instance, in April 2018, Oculus collaborated with Xiaomi to launch a new standalone head mounted display product specifically designed for the China market. This partnership will allow Oculus to leverage on the distribution network of Xiaomi in the Greater China region and better compete with various smaller regional smart wearable device manufacturers in the region. The startups are also adopting inorganic growth strategies by collaborating with prominent organizations from adjacent industries. For instance, in December 2018, Huami signed an agreement with Timex Group to jointly develop a new smartwatch. According to the agreement, Huami will combine its AI technology and app design expertise with Timex Group’s manufacturing capabilities to build a new generation of smartwatches.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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