Wearable technologies become more innovative and more personalized. Therefore, it’s not a surprise that many of us start looking closer to this market.
For example, investors are looking for unique startups which are ready to revolutionize the entire industry with its creative and innovative concepts, while consumers are looking for solutions to simplify their lives.
Apparently, wearable technologies are the new revolution in the technological world, the result of which will be a total replace of the mobile phones.
Martin Cooper, the father of the modern cell phones, predicts that wearable devices will be designed for everyone personally, around their personalities, social statuses (i.e. education, background, job, family, etc.)
Even though many experts believe that tremendous growth in wearable technologies could lead to a security collapse, this doesn’t stop wearables to growing fast.
Here are the quick five facts to know about wearable technologies industry:
1. Approximately 80 million wearables were shipped worldwide in 2015. According to IDC research, collectively Apple, Fitbit and Xiaomi controlled 65% of the global wearable market: Fitbit with 22.2%, Apple with 18.6%, Xiaomi with 17.4%, and Garmin, No. 4 company, with only 4.1%. To remhttps://www.pebble.com/ind you, this was only 2015, while the number of wearable shipments will skyrocket to more than 214 million by 2019.
2. What’s more interesting is that wearable market was worth $7 billion in 2015, and that number will quadruple to $31 billion by 2020 making this field as one of the most fast-growing.
3. Currently you can distinguish wearables by these two characteristics: basic and smart wearables.
Basic wearables are those gadgets that can’t run third-party apps. For instance, Fitbit is the most popular basic wearable on the market. It tracks your heart rate, monitors your fitness activities, and counts how many steps you’re done.
Smart wearables are those that can run third party apps. Apple Watch or Pebble are the great examples of smart wearables. You can run different apps on those smartwatches, and they’re usually synchronized with your phone.
MYLE is an example of smart wearable too. You can run any third party apps on this tiny device, whether it’s budget, family communications or activity tracker and many others.
4. One of the hottest trends this year is the smart clothing. Smart clothing allows its users to gain more accurate health data than wrist-worn devices.
Smart clothing can collect precise information as you walk, sleep, work or train. It may even see your body position and which muscles you currently use during the specific physical activity. According to experts about 14% of consumers are expected to purchase some kind of smart clothing by 2018.
5. Apple Watch is a dominant force in the smartwatch market. They shipped nearly 7 million units in the Q2 after it went on sale — that’s more than all of its competitors combined over the past five Qs. Apple holds about 74% of the global smartwatch market right now and is expected to hold the lead until at least 2020.