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The global wearables market is expected to grow at a CAGR of x % over the next x years amounting to approximately $ x billion in 2018.
With the industry poised to witness a growth in shipment volume of about x % CAGR over the next x years, the uptake of wearable devices in the enterprise segment is going to be much quicker.
Contextual computing capabilities, its importance in the IoT ecosystem, and its ability to empower the wearer with superhuman capabilities are primary reasons for the strong growth of wearable technology.
Key challenges in the adoption of wearable technologies include limited battery lifespan of devices, design and aesthetics of wearables, data privacy and management, and interoperability among solutions and vendors.
Wearables have several disruptive attributes which, once challenges are overcome, hold the potential to disrupt a number of industries, including banking, retail, healthcare, manufacturing, and security.
What are Wearables and Who are the Key Players?
Wearables are computing devices (e.g., glasses, watches, wrist bands, and helmets) worn on the body as clothing or accessories, which can perform a number of functions, including but not limited to, data recording, reporting, analyses, and communication. These devices can provide the wearer with real-time contextual information that can aid decision making and/or enhance experience.
•The global wearables market is expected to grow at a CAGR of x % over the next x years amounting to $ x billion in 2018.
•Smart glasses, which have many promising applications in industries ranging from healthcare to manufacturing, are expected to grow by x times over the next x years.
•Asia-Pacific currently accounts for just over x % of the global market and will continue to lag behind other mature markets in North America and Europe in the uptake of wearables.
•Wearables, such as smart watches and glasses, which have wider range of functionalities will eat into the sales of single function devices, such as activity trackers and wearable recorders.
•Glasses and watches will command a premium, while trackers and wearable recorders will compete largely on price.
The Sun in the IoT Galaxy
•As millions of devices become a part of the IoT ecosystem, wearable devices will become the human gateway for interacting seamlessly and continuously with all other connected devices, feeding valuable information and insights to the wearer.
•While laptops, smart phones and tablets act as the gateway to the digital world, wearable technology will become the gateway to the connected world.
Dawn of a New Era in Computing
•Smart phones and tablets belong to the era of mobile computing. That era is coming to an end. We are now entering the age of contextual computing, the amalgamation of mobile computing and contextual awareness, with wearables.
•The marriage of mobile computing and contextual awareness will unlock new opportunities and possibilities for everyone.
Enable Superhuman Capabilities
•Wearables can empower the wearer with several unique capabilities hitherto seen only in Sci-fi movies by super heroes.
• The portability, compactness, and wide range of functionalities these devices offer in a non-intrusive and unobtrusive manner give them disruptive potential in many industries ranging from healthcare to engineering, and in several application areas.
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