The wearable technology industry is booming: research giant Gartner [1] reported in August that the wearable market could hit 17% growth by the end of this year. Perhaps more impressively, experts are also forecasting that more than 500 million wearable units will be sold by 2021. Plenty of entrepreneurs and established technology firms alike are looking to enter this market — here are a few things to keep in mind before doing so.
The Wearable Market Will Soon Be Saturated
Wearables aren’t just watches, glasses, and fitness trackers anymore — wearable technology is now being made specifically for students [2], babies [3], and even pets [4]. Because the wearables market is growing so quickly, new ideas are being developed every day. If your organization has an idea for a winning wearable, it’s best to explore what’s already on the market. But do so quickly, because the market will soon saturate, and it will be even harder to develop original ideas and compete with other companies.
Not Every Wearable Will Be the Next Apple Watch
Many wearable companies, from start-ups to established companies, are aiming high when it comes to their products in an attempt to take on industry giants like Apple, Samsung, and Garmin. And the cost of manufacturing wearable devices drops every day, making innovation and production more affordable. But not every company will manage to rival major players — nor do they need to in order to succeed. More and more wearable devices are being manufactured for specific purposes, like improving employee productivity [5] or workplace safety [6]. Although these devices may not revolutionize the market, they can still have significant, positive impacts on the lives of consumers.
There’s Money to Be Made
Consumer interest in wearable technology has risen steadily in recent years, and profits are only projected to increase in the near future. Verizon, which provides connectivity for many wearable devices on the market, reported significant gains related to wearables in their Q3 financial report [7]. Moreover, many industry professionals believe that wearable devices may be able to replace some of the functionalities that smartphones [8] now offer consumers — and far more intuitively, to boot. All of this is to say that there’s still money to be made in this burgeoning market for companies with creative, functional devices. As acceptance continues to grow and wearables become a more common part of our day-to-day lives, demand for them will only increase. Will your company be ready to meet that demand?
Want to Know More?
Does your company want to break into the health, fitness, and medical wearables market? Contact Fluffy Spider [8] to see how our team can help your product find its niche.
