Juniper Research has revealed that the smart wearable device shipments including smart watches and glasses will approach 130 million by 2018, 10 times more than this year. The report notes that this change in adoption levels can be attributable to heightened consumer awareness on wearable technology and a better visibility of product adoption.
Juniper’s latest report, ‘Smart Wearable Devices: Fitness, Healthcare, Entertainment & Enterprise: 2013-2018’ contends that the market attractiveness of wearable technology has led to the emergence of a host of players competing against each other and competition is expected to intensify.
“It is worth observing that this change in adoption levels can also be attributable to heightened consumer awareness on wearable technology and a better visibility of product adoption, especially in the smart watch segment”, added report author Nitin Bhas.
However, with wearables set to become a crowded market place, Juniper Research believes that all these players will have a unique opportunity to take advantage of relevant and specific categories or sub segments.
The report anticipates that over time several changes will occur to the smart wearable device market, partly as a result of developments in the app model and embedded cellular connectivity. Revenue may be generated for companies, for example Fitbit and FiLIP, involved in the market through subscription to a service which is facilitated by the smart wearable device or through commission for a service rendered by virtue of the device.
For example, FiLIP is an FCC approved app-based communication watch for children which combines GPS, Wi-Fi and cellular capabilities to keep parents and kids connected via two way voice calling, messaging and location functionalities. The company’s service model includes an up-front device price and an on-going monthly plan.