Wearables

Part
01
of two
Part
01

Wearable Devices - Market Size

The total market size of the wearable devices market is currently placed at $4.8 billion and according to research, by 2024 with a CAGR of 15%, the global wearable devices market is expected to exceed more than $67 billion. Also, the global fitness tracker ring market of which key players like the Oura Rings and the Motiv Rings fall into is anticipated to flourish at a robust (CAGR) over the forecast period 2017-2024.

MARKET SIZE AND GROWTH FORECAST

  • Growth continued in the worldwide wearables market amid the second quarter of 2018 as shipment volume achieved 27.9 million units, which is a 5.5% increase from the previous year.
  • The market experienced similar gains in dollar value, growing 8.3% year-over-year to reach the present market size of $4.8 billion in 2018, fueled by the continued popularity of smartwatches with their high price tags.
  • From a provincial point of view, develop markets which involved North America, Japan, and Western Europe — declined 6.3% year over year as these business sectors to a great extent included essential wristbands a year ago, which have declined generously from that point forward and the development in smartwatches has not been sufficient to balance the decrease.
  • In the meantime, developing markets, comprehensive of Asia/Pacific (barring Japan), Central and Eastern Europe, Middle East and Africa, and Latin America developed 14% year over year as fundamental wristbands are still in intense interest (because of the low cost) and smartwatches likewise picked up footing.
  • The global wearable devices market is relied upon to surpass more than $51.50 billion by 2022 at a CAGR of 15%.
  • Key players in the wearable gadget showcase includes Apple Inc., Adidas AG, Garmin, Fitbit, Nike, Inc., Oura, Google Inc., Jawbone, Sony Corp, Samsung Electronics Co. Ltd., Motiv, and Xiaomi.
  • According to research, by 2024 with a CAGR of 15%, the global wearable devices market is required to surpass more than $67 billion.

APPLE WEARABLES

  • According to a report from IDC, Apple gadgets keep on driving the wearables showcase.
  • The report guarantees that the Cupertino-based organization delivered a sum of 46.2 million wearables for the year.
  • The firm likewise revealed that the overall market for wearable gadgets developed by 31.4% amid the final quarter of 2018, to achieve 59.3 million units transported, while shipments for the year developed 27.5% for an aggregate of 172.2 million.
  • Apple held its No. 1 position in wearables again in Q4, with 16.2 million wearables delivered — 10.4 million of which were Apple Watches, the report said.
  • Smartwatches together developed 54.3% in 2018 and represented 29.8% everything being equal. Apple Watches represented almost a large portion of that advertise, the report said.

JAWBONE WEARABLES

  • Jawbone, a driven wearables organization began off making speakers and goofy looking Bluetooth earpieces has been experiencing a harsh couple of years and has moved into creating exquisite wellness trackers planned by Yves Behar.
  • But regardless of the challenges the organization is experiencing, Chief Executive Hosain Rahman doesn't appear to experience much difficulty raising funds.
  • In the last 16 years of its existence, the organization has raised more than $950 million from a passel of high-flying investment firms like Khosla, Sequoia Capital, and Andreessen Horowitz.
  • Its valuation went down over the most recent two years, however, from a pinnacle of $3.1 billion in September 2014 to $1.3 billion in January 2016 when it raised $165 million from the Juwait Investment Authority.
  • However, as indicated by a report from Statista, insights demonstrates Jawbone's shipment share in the worldwide wellness tracker market from 2013 to 2016. Starting at 2016, a lot of wellness tracker shipments added up to 2%.

OURA RINGS

  • Oura Health is a Finnish well-being innovation organization and the producer of Oura ring. The organization has moved its private financing to €12.5 million and furthermore designated new board individuals with the United States business skill to reinforce its toehold in the US advertise.
  • The Oura ring is a wearable gadget as a ring that manages its wearers towards better rest, recuperation and availability by dissecting the body's rest, every day rhythms, action levels, and physiological reactions.

Additional FINDINGS

  • According to Researchnester, the Global wellness tracker ring business sector of which key players like the Oura Rings and the Motiv Rings fall into is foreseen to prosper at a strong compound yearly development rate (CAGR) over the gauge time frame for example 2017-2024.
  • This advertise development of the worldwide wellness tracker ring is collected by the expanding interest for savvy wearable gadgets combined with the expanded interest for keen wellness trackers.

Your Research team applied the following Strategy:

Despite an extensive search, we were unable to find the individual market shares for the key players. Key players identified include Apple iWatches, Fitbit, Jawbone, Oura Rings and Motiv Rings amongst others.

To identify the global market shares of key players in the wearable devices space, we first searched through market research reports that included IBIS World, IDC, and Digital Commerce 360. However, with this strategy, we did not find any useful information on the global market shares of key players in the wearable devices space.

As our second strategy, we tried to triangulate the information by trying to identify the top companies that are currently active in the market to identify their maximum market shares in the wearable devices space and use these findings to get an estimated share of the general market for other select key players like Motiv, Oura etc. However, this proved to be futile. We were not able to find any relevant information that would enable us to triangulate an estimated market shares of key players in the wearable devices space. Most of the resources like Statista, Bloomberg, TechCrunch, and WearableTechnologies in the public domain did not contain the financial statistics of the companies in the market.

Finally, we tried searching for information on global news forums, publications, articles, expert blogs such as Forbes, MarketWatch, Marketresearchengine, Researchnester, and Venturebeat. However, after an exhaustive search through all these sources, we were unable to identify actionable information on the total market shares of the key players in the wearable devices space. Most of the information that we did find was related to the available devices produced by these key players, applications and advantages of using these wearable devices, and how they function.

Consequently, we concluded that information regarding the said subject is scarce in the public domain as majority of the key players are private companies and do not reveal their financial statements publicly.
Part
02
of two
Part
02

Wearable Devices - Trends

Some of the top emerging trends around wearable devices in the United States include development and use of smarter smartwatches, fitness wearable tech devices, fitness and activity rings such as Motiv ring and Oura ring, wearable tech glasses such as Google Glass, revolutionary use of GPS systems, and wearable tech on soldiers' kits among others.

HEALTHCARE AND FITNESS

  • Advanced watches which are now smarter and may replace smartphones, are to be expected to perform more advanced recording of daily activities and health, such as determining glucose levels in our blood and linking it to our schedule, monitoring stress levels throughout the day, and distinguish the people and meetings who give us the most stress.
  • Wearable medical monitoring devices are being used to save both time and resources in hospitals. Products such as Zephyr Anywhere's BioPatch, an FDA-approved device, is attached to a patient's chest to observe their condition and deliver real-time data to their doctors.
  • Smart rings, such as Motiv rings tracks fitness and Oura rings tracks activity. These are the latest trend in wearable tech and they're packed with features like fitness trackers, NSC chips, or SOS buttons which can also be connected to a phone.

MANUFACTURING INDUSTRY

  • Manufacturing companies are now looking at procuring wearable devices such as smart helmets and boots with different sensors that can be used by the workers, as a way of monitoring performance, safety, and other key factors.

TRANSPORTATION AND LOGISTICS

  • The revolutionary use of GPS technology by companies such as Apple who've already added motion-tracking co-processors to their smartphone and smartwatch series is turning into a common trend.

MILITARY AND SECURITY

  • Wearable technologies, mostly unnoticeable and blended into soldier's kits, will enable soldiers to be tracked more accurately and their safety will be monitored with more ease, to reduce the risk of errors.

DATA FOR RETAILERS AND MARKETERS

  • Wearable devices such as Google Glass, Microsoft’s HoloLens, and smartwatches will allow marketers, entrepreneurs, and app developers to easily collect essential information on buying habits and locations of the target audience.
  • Smart rings can also be used to pay for stuffs, open locks, or send messages just by being close to devices that support NFC technology.

Your Research team applied the following Strategy:

As we began our search, we found several precompiled list of trends around wearable devices in the United States. We examined magazines such as Time Magazine, market research platforms such as Smart Insight, technology and science news platforms such as Electronics Weekly and Science Daily, medical platforms such as Medical Xpress and analytics websites such as Quantzig. To compile a consolidated and more universally accurate list of the top trends, we selected the trends that appeared in at least two sources.
Sources
Sources

From Part 01
Quotes
  • "The market experienced similar gains in dollar value, growing 8.3% year-over-year to $4.8 billion in 2Q18 fueled by the continued popularity of smartwatches with their high price tags. "
Quotes
  • "The scope of the report includes a detailed study of global and regional markets for Global Wearable Devices Market with the reasons given for variations in the growth of the industry in certain regions."
  • "The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global market"
Quotes
  • "Wearable devices are electronic or computer technology aided devices or products. Which are embedded into object of accessories and clothing which comfortably we can wear on the body. This wearable device will achieve many of the similar computer tasks like laptop, computers and mobile phones. "
  • "Wearable devices have a tendency to be more sophisticated than hand held equipment. The future development of the wearable innovation market is required to be driven by consumer preference for modern devices, expanding development prospects of cutting edge displays in wearable devices, and developing popularity of Internet of Things (IoT) and associated devices. Examples of wearable devices are caps, beanies, headbands, smart fabrics, glasses, watches jewelry such as rings, bracelets and hearing aid."
Quotes
  • "In addition, IDC noted it recently revised its “ear-worn” category of wearables to include wireless headphones that allow users to call upon a smart assistant through either a touch of a button or hot-word detection. That means devices like Apple’s AirPods, Google’s Pixel Buds, Bose’s QC35II and others are now being counted among the wearables category. "
  • "“The market for ear-worn wearables has grown substantially this past year and we expect this to continue in the years to come,” said Jitesh Ubrani, senior research analyst for IDC Mobile Device Trackers, in a statement. “It is the next battleground for companies as these types of headphones become a necessity for many given the exclusion of headphone jacks from modern devices."
Quotes
  • "The company has struggled to make money in the low-margin consumer gadgets business. Its most advanced wristband, the UP4 was released almost two years ago in April 2015, and its price has since dropped to around $50 from $200 on Amazon. Customers have complained of poor support and frequent breakages of Jawbone's different bands. (My own UP24 stopped working about three months after purchase; the replacement broke too.) "
Quotes
  • "Harpreet Rai, who is based in San Francisco, has a long background in finance. He previously led investments in technology, media and telecom at New York-based Hedge Fund Eminence Capital. Before joining Eminence, Harpreet worked at Morgan Stanley in their M&A group. Mr. Rai joined Ouraring Inc., a subsidiary of Oura Health, as President in 2017. "
  • "Mr. Lahtela emphasized the success of Oura Health in creating a new category within wearables by combining science, technology and design. “Bringing sleep and recovery from daily mental and physical strain into the core of the user experience with the first generation Oura ring was the right choice. Our users are very committed and our retention rates are much higher compared to wearables in general. We need to continue innovating in all areas to maintain our pioneering position,” Mr. Lahtela said."
Quotes
  • "In terms of region, global fitness tracker ring market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America region is anticipated to be the largest market for fitness tracker rings during the forecast period. Presence of leading manufacturing companies of fitness tracker rings such as Motive Inc. and high affordability in this region are anticipated to be the dynamic factors behind the growth of fitness tracker ring market in North America region. "
  • "Moreover, Europe region is anticipated to witness a remarkable growth over the forecast period owing to factors such as rising awareness towards fitness and wellness coupled with high adoption rate of wearable devices in this region. Further, Western European countries are expected to be the key contributors to the growth of fitness tracker ring market in this region"