Wearable sector has been under the scrutiny of different analysts and researching companies for some time now. Due to the increasing fast pace popularity, everyone is ready to bet on the upcoming revenues and output products for different smart wearables.
Nearly, a month ago we informed you about the report by the CSS insight, which stated that the current value of wearable market which is about $12 million is going to shot up in 2019 to nearly $25 billion.
Now, again we came across a new study performed by Juniper Research.
As per the study, the fitness wearable sector is expected to produce over 10bn hardware revenue by the year of 2020. The mentioned revenue is greater than the estimated $3.3bn of this year. The report also highlighted the underlying cause behind the expansion of the industry is considered to be mostly backed by the sales of wrist-based trackers. Also, dozens of different accessories and smart clothes used by professional sport teams also accentuate the significance of the growing industry and its capabilities.
The leagues like NFA and NBA are in partnership with various top-of-the-line companies like Zebra Technologies and Microsoft to gather the live data and different new measurements to understand the games and players’ statistics and movements perfectly. Smart clothing is already in use by the teams around the world, to monitor and gauge the performance.
A recent research by Smart Wearable Devices: Worldwide Consumer & Enterprise Markets 2015-2020 also found out that the devices and technologies with more helpful, healthy and advanced specifications like, tracking blood-oxygen saturation levels and heart rate monitoring are becoming more and more favored in public. The Juniper Analysis on the other hand also points that these devices do need capable and well working applications that makes the users understand the advanced metrics. Not getting the complete functionality of such advanced features will risk drowning consumers in data.
The wearables can also more provide more-learned and a deep insight into the players game statistics with adding extra precise functions and technology. Research author James Moar stated that;
“Without clear boundaries for data ownership and use, biometrics could become part of sports players’ contracts, and even dictate initial hiring practices through predictive analytics. While wearables companies involved in corporate wellness have been very careful to ensure employers can only see aggregate data and that workers can opt out, pro sports have no such safeguards.”
Juniper Research Consumer Wearables Market Survey also noted that the fitness wearables are the most sought after devices in the wearable industry now. Over 70% of the population considered buying the fitness wearable to compliment their everyday life.
Although the fitness wearables are more popular at the current times, but the pace with which high-end smart watches are increasing implies that they will be popular by 2019.
The whitepaper, Wearables ~ the Heartbeat on your Sleeve, is available to download from the Juniper Research website together with further details of the new research.