Wearable devices are worn by customers on their body. It facilitates mobile computing and wireless networking. These devices also facilitate end-users to integrate computer in everyday activity. Devices include tracking information associated to health and fitness. Some of widely used wearable devices are sleep tracking, all day stress tracking, activity measurement & calories burnt, VO2 max data and heart rate monitoring with elevate technology etc.
According to study, “India Wearable Devices Market (2018-2023)” some of the major companies that are currently working in the India wearable devices market are Apple India Private Limited, Huawei India Pvt Ltd., Microsoft Corporation (India) Private Limited, Samsung India Electronics Private Limited, Fitbit Inc., Garmin India Pvt Ltd., Intel Technology India Private Limited, Nike India Private Limited, Xiaomi India Pvt Ltd (Mi), Google India Private Limited, Sony India Private Limited. These key players are focusing on emergent wearable devices with highly developed features and applications, which provide an improved digital experience.
The wearable devices are categorized into smart watches, fitness monitors and internet-enabled eye-glasses. On the basis of product type, the market is segmented into foot wear, eye wear, neck wear, wrist wear, body wear and finger wear etc. The wrist wears include electronic watches and wrist bands. In addition, some start-ups have developed products with multi-function Bluetooth devices and GPS enabled smart sports shoes. Wearable devices are electronic devices that can be worn over the body and have some practical utility. They accomplish computing tasks similar to mobile phones. They promise potentially huge impact in fields such as fitness, health, and entertainment.
On the basis of component type, the market is segmented into power supply components, optoelectronic component, sensing components, display components, interface components, networking & positioning components and control components etc. Based on technology, the market is segmented into computing technology, networking technology, positioning technology, speech recognition technology, display technology and sensor technology. Additionally, on the basis of application, the market is segmented into defense, healthcare, enterprise & industrial, entertainment applications and consumer electronics etc. Some applications are used smart-phone sensors for tracking such as heart rate and steps taken etc.
Some of the key advantages include flexibility, easy to learn, high detection accuracy, user friendly and robustness etc. Some of disadvantages are smaller keyboard, new technology intimidating, small display and different ways to enter data etc.
The market of wearable devices is mainly driven by increasing disposable income. Rising fitness trends, growing keenness to own sophisticated devices, modernization of lifestyle, surging internet penetration, huge wireless subscriber base, increased advanced features or applications & digital experience and government policies are increasing significantly which led to the growth of the market. Apart from advantages, some of the challenges are the cost effectiveness, inflexibility in terms of wearing options for users, poor consumption and customer loyalty with existing app ecosystems. In addition, some new trends are longer battery life, data security, high internal memory, cloud storage, advance camera & GPS focused, easy to use and hands-free monitoring etc.
India is the largest market of wearable device after China. GOQii Inc. and Samsung India Electronics Pvt Ltd are the major key players in the country. Smart-watches are most popular in the market owing to their adaptable features. It is expected that Huawei will launched various wearable devices by 2019. In the upcoming years, it is estimated that the market will be grown increasingly due to increased availability of 4G and WiFi networks.
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