According to analysts from International Data Corporation, the world market of wearable devices has demonstrated a significant rise in the fourth quarter of 2015, which can be totally granted to the growing popularity of fitness trackers and smart watches. From October till December 2015 tech manufacturers produced around 27.4 million items of electronic wearable gadgets. As a result, the total wearable tech market volume reached 78.1 million, which is 172% higher than the previous year scale.
Why is it so noteworthy? Because wearables market now represents a very promising development trend for vendors – with a huge target audience and great customer interest. Wearable devices are now designed not only for tech geeks – they have all the prospects to evolve into mass products. Until then, wearables market is open to new vectors of development within vendors’ community, tech factors, applications and usage options. So here you go, startuppers: a new market is waiting for interesting projects. And here is a small hint from Jitesh Ubrani (International Data Corporation): original design together with latest fashion trends are what wearables industry is waiting for.
Currently, there are several definite industry leaders in wearables segment, headed by Fitbit, which shipped around 21 million items in 2015 (93.2% more than 2014 sales). The secret of Fitbit success lies in the company’s fast-growing corporate program, their well-structured assortment and significant breakthrough in fitness trackers’ market. Meanwhile, their Chinese competitor Xiaomi has reached a 15.4% market share in 2015 and thus demonstrated a 1000% growth. Not surprisingly, Apple is on top: the company produced 4.1 million smart watches in three months, which equals a 14.3% global market share, although their sales growth rate is relatively weak.
In 2016, the wearables market is expected to grow even further, and startups should be noticeable contributors to global innovation development.
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