Because wearable devices face unique disadvantages or obstacles, the market impact of such devices will be inferior to tablets and smartphones.
Most wearable devices now need to be online with a smartphone or tablet to get the most out of them.
Wearable devices also have problems with consumer awareness. Consumers are still unclear about what benefits wearables can bring to them. Market research firm BI Intelligence also mentioned other barriers to the promotion of wearable devices in its latest release of the wearable computing market research report, including higher prices, fewer features, and fewer styles.
BI Intelligence also explored the long-term prospects of the wearable device market and predicted wearable device shipment data. BI Intelligence pointed out in the report that smart watches will become the vanguard leading the development of the entire wearable device market.
The BI Intelligence report also yields the following key conclusions:
1. The market for wearable devices is huge. It expects the global wearable device market to grow at a compound annual growth rate of 35% over the next five years, and wearable devices will have a global shipment of approximately 33 million units this year, which is expected to increase to 148 million units by 2019.
2. Smart watches will become a pioneer in the development of the entire wearable device market, and its share of wearable device shipments will become higher and higher. It estimates that smart watch shipments will grow at a compound annual growth rate of 41% over the next five years. This year, smartwatch shipments will account for 59% of wearable device shipments, and this data is expected to increase to over 70% by 2019.
3, Apple Watch will promote the development of the entire smart watch market. Apple Watch accounted for 40% of total smartwatch shipments this year, and this data is expected to reach a peak of 48% in 2017.
4. Fitness wristbands and various wearable devices will continue to cater to the needs of a small number of users. Because fitness wristbands are only useful to a few people who care about health and love sports, their share of the wearables market is expected to fall from 36% this year to 20% by 2019. In addition, the boundaries between fitness wristbands and smart watches will become increasingly blurred.
5, Apple and Google have entered the smart watch market, they will control the entire smart watch market, just as they already control the smart phone and tablet market. Because these platforms account for more than 90% of the entire mobile platform market, many mobile users interested in wearable devices will tend to choose Apple Watch and Android Wear-based devices.
6. Barriers to the development of the wearable device market remain, which is not conducive to improving consumer awareness and usage of wearable devices. As the number of features increases, smart watches must become a stand-alone computing device to become mainstream. Other obstacles include small screen size, ugly design, short battery life, and a lack of critical applications that can effectively increase consumer adoption.
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