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Wearable Electronics Market on Track to Exceed $8 Billion in 2013
LONDON, December 2, 2013 /PRNewswire/ --
The consumer wearable electronics segment - comprising wireless and smartwatches,
activity trackers, wearable GPS, heart rate monitors and smartglasses - is experiencing a
period of rapid growth with a forecast value of over $8 billion in 2013, according to the
latest research from Futuresource Consulting.
"Many wearable devices are currently companion devices to other smart devices, in
particular smartphones," says Oliver Rowntree, Research Analyst at Futuresource
Consulting. "It's likely this will largely remain the case over the forecast period."
"Fitness devices are by far the most mature market, making up 97% of the projected
value in 2013, though this will fall dramatically as smartwatch and smartglasses
categories develop and products ship with embedded sensors that track and analyse
movements and activity, cannibalising some the functionality of dedicated fitness
products."
"The connected watch category will be the most significant growth area within wearable
technology over the forecast period and Futuresource projects a combined wireless watch
and smartwatch market of around 0.9 million units in 2013, with more than 60% of this
accounted for by smartwatches."
Smartwatch growth will be driven by new entrants into the market, both from CE
manufacturers - as companies such as Apple and LG move into smartwatches - and from watch
companies which will integrate smart features into their devices.
Smartglasses are the least established wearable category covered in this new report,
as no products are currently commercially available. Futuresource therefore anticipates
that the market for smartglasses will first emerge in 2014, when Google Glass will be
released.
According to the research, Futuresource forecasts that in 2014 there will be less than
one million smartglasses sold, growing to almost seven million by 2017, with a total
retail value closing in on two billion dollars. This assumes the entrance into the market
of a large number of key CE brands by 2015, though uptake will initially be limited to a
fairly niche, tech-savvy portion of consumers.
"One significant question with smartglasses is the degree of autonomy the devices will
have - whether they will be devices that are paired with another or whether they will be
standalone," says Rowntree. "Furthermore, unless wearable devices develop to fulfil much
of the function of other devices such as smartphones, uptake will be more limited in
emerging markets. As with specialist fitness wearables, without the functionality of
smartphones they are relatively niche luxury products."
Looking at the bigger picture, the wearable electronics segment will continue to
expand as consumer awareness and acceptance take hold, and Futuresource research pegs the
market at a value of around $20 billion by 2017.
For more information on the Worldwide Wearable Technology Report from Futuresource
Consulting or to make a purchase, get in touch with Simon Bryant, Head of CE at
Futuresource Consulting, via simon.bryant@futuresource-hq.com.
Free Wearables Webinar
Futuresource will host a free webinar during CES 2014 - "Wearable Tech: How Big, How
Soon?" takes place on Friday 10 January at 7:15am PST (15:15 GMT) and explores consumer
uptake and industry opportunities for a range of wearable devices. Places are limited, for
more information visit
http://www.futuresource-consulting.com/futuresource-conferences-events.html.
Notes
Futuresource Consulting is a specialist research and knowledge-based consulting company,
providing organisations with insight into consumer electronics, digital imaging,
entertainment media, broadcast, storage media, education technology and IT. With a
heritage stretching back to the 1980s, the company delivers in-depth analysis and
forecasts on a global scale, advising on strategic positioning, market trends, competitive
forces and technological developments. http://www.futuresource-consulting.com.
Authorised use of information
All information provided by Futuresource in any form is proprietary information that
belongs to Futuresource and is protected by UK and international copyright law. Except as
outlined below, direct or indirect reproduction of information, in whole or in part and by
any means, is prohibited without the express written consent of Futuresource.
Members of the press may use a press release in its entirety or take segments from it
as necessary; they may also use a graph, a slide, or a section of a supplied research
report less than fifty words long, provided all text is identified as "Source:
Futuresource Consulting" and all graphics are credited with "Futuresource Consulting,
copyright 2013".
Futuresource Media Contact
For industry comment, forecasting and trends contact:
Andy C Watson
+44(0)1582-500169
E-mail: andy.watson@futuresource-hq.com
[C:\Users\andy.watson\AppData\Local\Microsoft\Windows\Temporary Internet
Files\Content.Outlook\U50LEKWR\andy.watson@futuresource-hq.com ]
Web:http://www.futuresource-consulting.com
[C:\Users\andy.watson\AppData\Local\Microsoft\Windows\Temporary Internet
Files\Content.Outlook\U50LEKWR\www.futuresource-consulting.com ]
Futuresource Consulting
Wearable Electronics Market on Track to Exceed $8 Billion in 2013
LONDON, December 2, 2013 /PRNewswire/ --
The consumer wearable electronics segment - comprising wireless and smartwatches,
activity trackers, wearable GPS, heart rate monitors and smartglasses - is experiencing a
period of rapid growth with a forecast value of over $8 billion in 2013, according to the
latest research from Futuresource Consulting.
"Many wearable devices are currently companion devices to other smart devices, in
particular smartphones," says Oliver Rowntree, Research Analyst at Futuresource
Consulting. "It's likely this will largely remain the case over the forecast period."
"Fitness devices are by far the most mature market, making up 97% of the projected
value in 2013, though this will fall dramatically as smartwatch and smartglasses
categories develop and products ship with embedded sensors that track and analyse
movements and activity, cannibalising some the functionality of dedicated fitness
products."
"The connected watch category will be the most significant growth area within wearable
technology over the forecast period and Futuresource projects a combined wireless watch
and smartwatch market of around 0.9 million units in 2013, with more than 60% of this
accounted for by smartwatches."
Smartwatch growth will be driven by new entrants into the market, both from CE
manufacturers - as companies such as Apple and LG move into smartwatches - and from watch
companies which will integrate smart features into their devices.
Smartglasses are the least established wearable category covered in this new report,
as no products are currently commercially available. Futuresource therefore anticipates
that the market for smartglasses will first emerge in 2014, when Google Glass will be
released.
According to the research, Futuresource forecasts that in 2014 there will be less than
one million smartglasses sold, growing to almost seven million by 2017, with a total
retail value closing in on two billion dollars. This assumes the entrance into the market
of a large number of key CE brands by 2015, though uptake will initially be limited to a
fairly niche, tech-savvy portion of consumers.
"One significant question with smartglasses is the degree of autonomy the devices will
have - whether they will be devices that are paired with another or whether they will be
standalone," says Rowntree. "Furthermore, unless wearable devices develop to fulfil much
of the function of other devices such as smartphones, uptake will be more limited in
emerging markets. As with specialist fitness wearables, without the functionality of
smartphones they are relatively niche luxury products."
Looking at the bigger picture, the wearable electronics segment will continue to
expand as consumer awareness and acceptance take hold, and Futuresource research pegs the
market at a value of around $20 billion by 2017.
For more information on the Worldwide Wearable Technology Report from Futuresource
Consulting or to make a purchase, get in touch with Simon Bryant, Head of CE at
Futuresource Consulting, via simon.bryant@futuresource-hq.com.
Free Wearables Webinar
Futuresource will host a free webinar during CES 2014 - "Wearable Tech: How Big, How
Soon?" takes place on Friday 10 January at 7:15am PST (15:15 GMT) and explores consumer
uptake and industry opportunities for a range of wearable devices. Places are limited, for
more information visit
http://www.futuresource-consulting.com/futuresource-conferences-events.html.
Notes
Futuresource Consulting is a specialist research and knowledge-based consulting company,
providing organisations with insight into consumer electronics, digital imaging,
entertainment media, broadcast, storage media, education technology and IT. With a
heritage stretching back to the 1980s, the company delivers in-depth analysis and
forecasts on a global scale, advising on strategic positioning, market trends, competitive
forces and technological developments. http://www.futuresource-consulting.com.
Authorised use of information
All information provided by Futuresource in any form is proprietary information that
belongs to Futuresource and is protected by UK and international copyright law. Except as
outlined below, direct or indirect reproduction of information, in whole or in part and by
any means, is prohibited without the express written consent of Futuresource.
Members of the press may use a press release in its entirety or take segments from it
as necessary; they may also use a graph, a slide, or a section of a supplied research
report less than fifty words long, provided all text is identified as "Source:
Futuresource Consulting" and all graphics are credited with "Futuresource Consulting,
copyright 2013".
Futuresource Media Contact
For industry comment, forecasting and trends contact:
Andy C Watson
+44(0)1582-500169
E-mail: andy.watson@futuresource-hq.com
[C:\Users\andy.watson\AppData\Local\Microsoft\Windows\Temporary Internet
Files\Content.Outlook\U50LEKWR\andy.watson@futuresource-hq.com ]
Web:http://www.futuresource-consulting.com
[C:\Users\andy.watson\AppData\Local\Microsoft\Windows\Temporary Internet
Files\Content.Outlook\U50LEKWR\www.futuresource-consulting.com ]
Futuresource Consulting