LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global smart wearable fitness and sports devices and services market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to the report, the global smart wearable fitness and sports devices and services market is expected to grow at a CAGR of 25.22% and 38.35% respectively from 2016-2020. Growing emphasis on healthy lifestyle is increasing the popularity of fitness wearables among consumers. With growing health awareness among people, the demand for hygienic and nutritious food, gym memberships, and diet programs, and the use of mobile health applications is on the rise.
“The rise of obesity and related health disorders like diabetes, joint problems, high blood pressure, high cholesterol, cancer, gall bladder problems, breathing difficulties, and coronary artery diseases have led to an increased need for the adoption of a healthy lifestyle. Therefore, people are using various connected wearable health and fitness devices like fitness bands and sports equipment to track and control their health to reduce the risk of diseases,” says Rakesh Kumar Panda, a lead analyst at Technavio for M2M and connected devices research.
The top four emerging trends driving the global smart wearable fitness and sports devices and services market according to Technavio ICT research analysts are:
- Increased use of wearable devices in sports analytics
- Introduction of cross-over products
- Decline in cost of wearable devices
- Use of augmented reality technology
Increased use of wearable devices in sports analytics
Smart wearable fitness and sports devices are primarily used in sports analytics. Fitness and sports wearables consist of tracking devices, sensors, and software applications that implement sports analytics. Sports analytics embedded devices consist of performance devices, watches, and sensors, and wearable apparel technology for sports. This transforms athletes' performance analysis in training and on-field play enhancement and indicates changes in team composition.
The technology and software that are used in smart wearable devices aids in the critical decision-making process in several games and sports such as football, tennis, basketball, and golf. These devices are also used to track various activities of players such as to monitor speed, distance covered, and breathing and heart rates. Also, these devices can be used to monitor the fitness and performance activities of on-field players. Therefore, the increased usage of these devices in sports analytics can improve the performance of the sportsperson, raising the demand for these devices in the market.
Introduction of cross-over products
Previously, there was a clear distinction between a fitness device and a smartwatch. However, over the past years, many products have been rolled out in the market that primarily act as a fitness device but also provide the basic functionalities of a smartwatch. One such example is Fitbit, which is known for its fitness devices rather than smartwatches. The company has launched Surge, a fitness device that comes with calling and texting functionalities, integrating smartwatch features in fitness devices. This trend is likely to gain momentum during the forecast period, which would diminish the gap between a wrist-worn fitness device and a smartwatch.
Decline in cost of wearable devices
“The significant decline in the cost of smart wearable devices is a major factor that drives the growth of the smart wearable fitness and sports devices and services market. In 2013, the Pebble smartwatch's price was reduced by nearly USD 80. Likewise, Samsung Gear 2 smartwatch was launched for USD 50 less than the previous version," says Rakesh.
In 2012, the cost of a smart wearable device was around USD 800, depending on the application. The price fell to USD 350 to USD 380 in 2016. The significant decline in the cost of wearable devices has increased the adoption rate of these devices both in developed and developing countries.
Use of augmented reality technology
The augmented reality technology has taken smart wearable devices to a new level by allowing users to view the real, physical environment live, directly, or indirectly by means of computer-generated sensors. This technology projects images in high resolution and allows users to manipulate 3D objects. Sportspersons can use augmented reality technology to monitor and analyze their game. They can decide their fitness activities based on the performance results obtained. The use of augmented reality technology in smart wearable devices is an emerging trend that is likely to drive the growth of the smart wearable fitness and sports devices and services market during the forecast period.
Browse Related Reports:
- Global Smart Wearable Lifestyle Devices and Services Market 2015-2019
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- Global Fitness Bands Market 2015-2019
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