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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