LONDON, Aug. 12, 2015 /PRNewswire/ -- The fledgling wearable devices market currently caters to a niche customer base. Improvements in devices and newer, interesting use cases will accelerate the transition to mass market proliferation. In addition to popular device manufacturers showcasing their wearable device ventures, an increasing number of industry-specific original equipment manufacturers are entering the market in partnership with technology companies.
New analysis from Frost & Sullivan, Growth Opportunities in the Global Wearable Devices Market (https://www.frost.com/mb1e), finds that wearable devices will play a large role in the healthcare industry delivering improved healthcare services through real-time, remote patient monitoring and post-surgery rehabilitation. Smart watches and fitness bands are the most popular wearable devices.
For complimentary access to more information on this research, please visit: http://owl.li/QHLb4
"Wearable devices will extend beyond fitness tracking to include two-way communication between the user and the healthcare ecosystem," said Frost & Sullivan Information & Communication Technologies Senior Research Analyst Shuba Ramkumar. "Though a number of applications currently address the business-to-consumer market, wearable devices will eventually offer support to healthcare institutions by sharing real-time data collected by the consumer."
Despite advancements in battery technology, the increasing use of organic light-emitting diode screens, advanced sensors, and the complex functionality on wearable devices will intensify battery power concerns. Along with this, the possibility of inaccurate data generation can affect customer uptake.
With embedded sensors continuously collecting data and breaking down context barriers by bringing that data into common social and physical spaces, the implementation of strict privacy and security laws is crucial. Data regulation laws require communication between technology vendors, legal institutions, and governments to determine the future of wearable device data.
"In the long-term, energy harvesting and wireless charging technologies will reduce battery issues, helping wearables to capture the interest of consumers," noted Ramkumar. "Assuming battery and data accuracy issues are resolved, the real value of wearable devices will accrue as part of the Internet of Things ecosystem, enabling communication of data across devices."
In terms of the larger picture, pursuing alternative business models will sustain customer interest in wearable devices. Service-based models and enterprise or vertical market partnerships will be especially effective in pushing wearable technology to the mass market.
Growth Opportunities in the Global Wearable Devices Market is a Market Insight that is part of the Mobile & Wireless Communications (http://www.wireless.frost.com) Growth Partnership Service program. This study outlines key points of inquiry in the wearable devices market, highlighting prospective growth opportunities and potential business models.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Growth Opportunities in the Global Wearable Devices Market
Corporate Communications – Europe
P: +48 22 481 62 03
SOURCE Frost & Sullivan