COVID-19
is expected to adversely impact the supply chain of the wearable
technology market as a few prominent players are based in China, which is
the epicenter of the pandemic. Moreover, in light of the current situation, the
key wearable technology is presently focusing on maintaining and generating
operating revenue, which led to fewer developments within the market in 2020.
The impact of COVID-19 is expected to reduce during the forecast period as many
scheduled product launches and related developments which were postponed will
be realized.
The
global wearable technology market size is projected to grow from USD 116.2
billion in 2021 to USD 265.4 million by 2026; it is expected to grow at a CAGR
of 18.0% from 2021 to 2026. Factors such as growing demand for smart devices in
the healthcare sector and surge in demand for IoT devices are driving the
growth of the market during the forecast period.
Driver:
Increasing growth prospects of next-generation displays in wearable devices
As a result of more
than 3 decades of R&D, technologists have realized the dream of bringing
displays into wearable devices such as smart glasses and smartwatches.
Recently, it has been possible to develop flexible and affordable electronic
displays; however, the major challenges that companies face are the high
requirement of luminance, high power consumption, and brightness issues.
However, recent product launches by various industry players suggest
improvements in the display technology in wearable devices. In February 2019,
Nubia Alpha launched a one-of-a-kind smartwatch that comes with an OLED
flexible display, a camera, and an eSIM support at MWC 2019. The Nubia Alpha
smartwatch specifications include a Snapdragon Wear 2100 SoC, 1 GB RAM, and 8
GB internal storage. The Nubia Alpha runs on a custom OS and packs a 500-mAh
battery. Additionally, advancements in backplane materials is the current
trend. Instead of silicon in the backplane, engineers use a metal oxide
composed of indium, gallium, and zinc in equal parts, giving the material its
name—IGZO or indium gallium zinc oxide—which is used in advanced wearable display
technology. It is expected that the industry outlook toward integrating the
next-generation display technology in wearable devices would further improve
the marketability of wearable products.
Restraint:
Limited battery life
The major limiting
factor to the growth of the wearable technology market is the absence of a
reliable and efficient battery system that could be easily worn without
compromising on the compactness and ease of use of the device. As wearable
computing moves toward convergence of all the computing devices into one
wearable device, the biggest challenge is to address the power requirement and
manage power consumption and recharging of batteries. With the growing demand
for wearable devices, it is not only essential to meet the power efficiency
need in a cost-effective manner but also to manage power consumption. This
factor is expected to have a high restraining impact on the market.
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Opportunity:
Demand for wearables that integrate all computing requirements in one compact
device
Consumers prefer to
have a single compact device that could integrate all the computing and
monitoring requirements. This preference presents an opportunity for the
development of multi-function and hybrid wearable devices that provide
convenience to users as well as integrates the functionality of many devices
into a single compact wearable device. The number of such devices is expected
to increase in the coming years. With a steady transformation from the Plain
Old Telephone System (POTS) to cellular gateways and mobile phones, cellular
technologies have become a leading medium for data transmission and communication.
This factor is expected to present a good opportunity for companies to launch
wearables connected with mobile devices such as smartphones and tablets.
Challenge:
Demand for continuous developments in devices
The consumer
electronics sector is a rapidly evolving marketplace. However, market players
face high price erosion as products with old technology lose their significance
when a new technology is developed. Technology advances at an incredible speed,
and keeping up with these advancements is quite difficult as by the time
engineers come up with a prototype, the technology changes. New technologies
are being developed at a rapid pace and integrated with various products as an
additional function. Consumers also prefer products that have more features and
are technologically advanced.LCDs were the most extensively used technologies
in the global market
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