New report on Wearable Technology Market Analysis by Product Manufacturers of smart glasses, wearable cameras, smart watches, activity trackers, gaming devices, and augmented reality are expected to boost their production in the coming years. Smart glasses & watches are majorly used by health and fitness enthusiasts during their workouts. The adoptability of wearable cameras is also expected to increase due to its ease in operation. The towering global popularity of the smart-phone from the manufacturers such as Samsung, Apple, HTC, Nokia, Microsoft, etc., is the major factor driving the wearable industry. The global smart-phone market is increasing by 40% annually. The growth of wearable market is majorly dependent on how existing smart -phone users would adopt the wearable accessories or alternate devices to their smart-phones. The recent advancements in material sciences, photonic and software, and electronics industry have enabled the growth of wearable computing market, and they are expected to grow in the future. Advancements in the technology and expanding the presence of these technologies in different fields have made this market very opportunistic.
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Wearable computing devices are miniature electronic devices that can be worn on the body. Wearable devices are also termed as body-borne computers or wearables. Body borne devices enable hands free operations, real time data monitoring, network communication and logic calculations. The high tech industry is undergoing various interesting developments in the wearable’s industry. The wearable industry would reign its popularity, not only by integrating with smart-phones but by replacing them in consumer environments.
The research showcases the current market structure, trends, driving and restraining factors, and the forecast of the market till 2020. Porter’ five forces model helps in analyzing the potency of buyer and suppliers, threat of substitutes and new entrants. The technology providers have high negotiating powers due to which the bargaining power of supplier is high. Also, buyers have to depend on the service providers as they introduce novel technologies in the market. Therefore, bargaining power of buyer is less.
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