The global wearable technology market will expand at a remarkable CAGR of 40.80% during the forecast period from 2012 to 2018, says Transparency Market Research (TMR). Although the global wearable technology market is expected to enjoy impressive growth, the dynamics of this market are changing.
These changing dynamics will not favor the wearable wristwatches segment. On the contrary, strong growth will be associated with the segment of virtual reality or VR wearables.
Wrist-worn Wearables Market Reaches Saturation
In the past few years, wrist-worn wearables were what consumers and players in the global wearable technology market focused on. Companies were fiercely competing to launch smartwatches that offered multiple features and came equipped with the latest technology. However, the wrist-worn wearables market has now reached its saturation point.
The value proposition of these wrist-worn wearables is that they compile your physical activity data and provide analysis of it. However, there has not been any cutting-edge innovations observed in the wrist-worn wearable technology segment for some time. Furthermore, the competition in the wrist-worn wearable technology market has become even steeper. The market is flooded with these products. So, even if companies such as Apple, Xiaomi, and Fitbit ship millions of devices, the share of wrist-worn wearables such as smartwatches and smart bracelets is projected to remain more or less the same.
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VR is the Next Big Thing in the Global Wearables Industry
The saturation of the wrist-worn technology wearables segment has led to companies focusing on VR devices. The number of shipments of smart headwear is expected to soar in the coming few years. This growth is attributed to the increasing demand for wearable virtual reality technologies. Major players such as Sony, Oculus, Google, and HTC have entered the market, which is projected to drive the virtual reality wearable technology market further.
There is massive scope for further innovation in the global wearable technology market. Several new entrants are expected to enter the VR wearable technology market and drive innovation and competition. In addition to this, wrist-worn wearables are mostly made keeping in mind physical fitness, while VR wearables are expected to find application in several areas. Some of these areas are military, education, entertainment, healthcare, fashion, engineering, sport, media, business, construction, scientific visualization, and telecommunications.
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Currently, time, cost, and technological limitations are challenging the VR wearable technology market. However, with rising innovation, players in the global wearable technology market will be able to overcome these issues.
Another driver of the VR wearable technology market is the rising investment in it. Recently, Facebook invested US$2 bn in the virtual reality hardware firm Oculus. According to Zuckerberg, after games, they are going to create an Oculus platform for several other experiences.
At present, many people are using smartwatches or bracelets in their daily lives, but the market for wrist-worn wearables has reached maturity. In the foreseeable future, VR is expected to become a part of our daily lives.