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In its new report titled Wearable Technology Market 2018-2028: Forecasts and Analysis by Product Type (Wristwear, Headwear, Bodywear), Application (Consumer Electronics, Healthcare, Enterprise & Industrial, Others) and Geography, with Analysis of Leading Companies, Visiongain forecasts the global wearable technology market to reach past $25 billion in 2018.
The global wearable technology market has thus far not quite delivered upon previous expectations of revenues, consumer adoption and even technological advances. However, the coming decade might provide the breakthroughs in which wearables really deliver upon the mass market acceptance which has long been expected. One of the main reasons is the entrance of Apple to the Smartwatches market, which is expected to disrupt not only the Smartwatches market, but the overall size of the wearable technology market.
For example, as the Apple SmartWatch will deliver many of the applications already delivered by fitness and activity trackers, companies competing with smart bracelets and other trackers will suffer market loss and they could see a great disruption to their specific market in the near future.
The global market for wearable cameras could also be facing dramatic changes, but this will not be caused by the entrance of new competitors; instead this will be caused by changing consumer demand and rapid penetration in highly developed economies. This will trigger changes in the business strategies of the dominant brands, and will enhance the revenue models for these devices.
Contrastingly, AR glasses and e-textiles will not deliver dramatic results as in the near future, these technologies are not expected to deliver great value to consumers or business users. Instead, most of the shipments and revenue growth for these submarkets will come after 2018, where there will be strategic changes in terms of technologies, applications and costs.
According to Visiongain, overall, each of the submarkets and regional markets within the wearables industry will deliver different business opportunities, but are also expected to face challenges which include regulatory decisions in the case of mHealth, low added value in terms of smartwatches, or high saturation levels for wearable cameras.