The Smartwatch market, is expected to grow massively, boosted also by a growing sub-segment of independent devices with include a SIM card to connect directly to cellular networks. In addition the category growth for wearables is likely to be driven by more fashionable designed devices or sensors included in jewelry, which will be more appealing to female consumers – an important segment which has remained almost untapped so far.
According to a research report published, nearly a third of the CMOs and Senior Marketers believe that the wearable technology will have the biggest impact.
According to a sales forecast report by GfK, among the Wearables the Smartwatches are likely to see a boost in growth increasing to 26.1 Million units in 2015. Though the growth is predominantly riding on the Smartwatch category adoption, according to research the wearable technology ownership will double by 2015—increasing from 7 percent in 2014 to 14 percent by 2015.
17.6 million smartwatches and health and fitness trackers (HFT) bought worldwide last year
HFT accounted for 77 percent of overall volume sold at 13.5 Million Units
GfK predicts smartwatch sales will overtake HFT sales in 2015
The Key barriers to adoption of Wearables are Price and Lack of Perceived value which constitutes almost 50 percent of consumers. The adoption of Wearables technology will increase with brands addressing the key concerns about the perceived value, which constitutes about 30 percent of consumers, the price will remain a concern for 26 percent of the consumers.
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