While wearable technology has been utilized in vertical sectors such as the military and healthcare for many years, ongoing advances have triggered a major resurgence of the concept, particularly among the consumer community.
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Research estimates that by 2015, wearable devices shipments will surpass 90 Million and will account for nearly $20 Billion in revenue. The market is further expected to grow at a CAGR of nearly 40% over the next six years.
Key enabling technologies including low cost sensors, wireless connectivity, active materials and energy have converged to make wearable technology mainstream. With the continued miniaturization of enabling technologies, wearable devices have hit the mass market in a diverse variety of form factors, ranging from glasses to even jewelry.
Driven by the ability to interconnect with key modern trends of healthcare, fitness, messaging and socialization, the wearable technology ecosystem is attracting significant levels of interest. Companies as varied as smartphone OEMs, wireless carriers, health insurers and retailers are circling the ecosystem alongside tiny startups, all vying for a stake.
The report presents an in-depth assessment of the wearable technology ecosystem including key market drivers, challenges, investment potential, consumer & vertical market opportunities, use cases, future roadmap, value chain, case studies, vendor market share and strategies. The report also presents forecasts for wearable device shipments and revenue from 2014 through to 2020.
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Key Findings:
The report has the following key findings:
- By 2015, wearable device OEMs will pocket nearly $20 Billion from device shipment revenues
- Wearable device shipments are further expected to grow at a CAGR of nearly 40% over the next 6 years, eventually accounting for 340 Million device shipments by the end of 2020
- Wireless carriers are increasingly integrating wearable devices within their M2M and IoT strategies
- Wearable devices will help wireless carriers drive over $71 Billion in additional service revenue by the end of 2020, following a CAGR of 95% between 2014 and 2020
- The wearable applications ecosystem will account for nearly $850 Million in revenue by the end of 2015
- Driven by ongoing innovation and crowdfunding campaigns, SNS Research estimates that investors are expected to pour over $700 Million into wearable company startups in 2014
- The market is ripe for acquisitions of pure-play wearable technology startups, as competition heats up between consumer and vertical centric OEMs
- Nearly 50% of all wearable devices shipped in 2020 will support embedded cellular connectivity. This represents a $1.1 Billion opportunity for wireless chipset suppliers
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