Smart Wearables Market Latest Trends, Rising Demand and Applications

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Smart Wearables Market – Snapshot

Wearable technology refers to those portable smart gadgets that can be around a body. Wearables comprise gadgets like smart jewelry like Ringly, smart glasses like Google glass, and smart watches. Smart electronic devices comprise fashion electronics, tech togs, smart wearable technologies, and many other such gadgets that can be worn as clothing or as accessories or implants. The global smart wearables market is likely to witness immense growth over the tenure of assessment due to growing popularity of these gadgets.

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Technological Advancement to Shoot up Demand in the Near Future                                                                     

Advancements in research and development work have led to the augmented innovation in the last few years. It has triggered developments in the global smart wearables market. Research and development activities has led to the advent of new categories of product such as hearables, smart fabrics and others that integrate advanced design and technology in the daily lives of people. Of late, there has been an emphasis on offering aesthetic designs to draw the attention of customers.

Smart wearables could also include things like wristbands introduced by companies like Apple Inc., Fitbit, and Jawbone. These wristbands also act as activity trackers and have gained immense popularity, mostly amongst the younger generation. Such popularity of these products is mostly due to the increased awareness about fitness and health. Smart wearable come in the following forms.

Of all of these products, smartwatches are witnessing a spiral growth in its demand due to various additional features and these watches are becoming more of an everyday wear. Prominent brands like Fossil and Apple have kept the pricing consistent and in line with the traditional watches in a bid to maintain their revenue. With the advent of Google WearOS, many of the luxury premium makers of watches, such as Armani and TAG Heuer, are also entering the market. This factor is likely to encourage growth of the global smart wearables market in the years to come.

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Adoption of Wearable Tech to Extend from Consumer Sector to Other Industries

Advancements in technology have driven innovations in the consumer electronics sector and as per the current observable trends, smart wearables are expected to disrupt consumer trends in the near future. While consumer demand for smart wearables is anticipated to scale new heights, the adoption of the wearable technology across a range of industries is expected to witness considerable growth. Cost reduction, modernization of business operations, real-time monitoring, efficient inspection of industrial equipment, and improving workforce safety are some of the key areas in which deployment of smart wearables is likely to take place.

In the current scenario, oil & gas companies are increasingly evaluating the potential of smart wearables to improve efficiency and safety, particularly in the downstream applications in the oil & gas sector. The smart wearables market for oil & gas industry is slated to grow at a significant rate during the forecast period (2019-2027). Moreover, the onset of novel technologies, such as Artificial Intelligence (AI) and augmented reality (AR), is expected to create substantial demand for smart wearables for the oil & gas industry in the coming years. Thus, advancements in the wearable technology coupled with growing awareness pertaining to potential benefits and applications of smart wearables in the oil & gas industry are expected to drive the smart wearables market for oil & gas industry. The market is expected to reach ~US$ 6 Bn by the end of 2027.