In recent years, the wearable technology industry has evolved from its initial phase (1.0) to a more advanced stage (2.0), marking a shift toward independent functionality and broader use cases beyond just smartphones. Industry analysts predict that by 2022, smartwatches will dominate over half of the wearable market. This trend is already visible, as many companies have launched smartwatch models in the past year. Even brands like Fitbit and Garmin, which originally focused on fitness tracking devices, have pivoted their strategies to enter the smartwatch space.
A recent report by Forrester highlights why major players like Fitbit and Garmin are now launching smartwatches such as the Ionic and Vivoactive 3. According to the data, smartwatches are expected to account for 55% of the wearables market by 2022, up from just 21% in the previous year. This rapid growth is driven by several factors. One key reason is the decreasing price of smartwatches, as component costs continue to drop, allowing more companies to produce affordable options. Additionally, the target audience is shifting from early adopters to mainstream consumers who are looking for devices that offer health tracking, notifications, mobile payments, and travel features—all in one.
Smartwatches stand out because they can integrate multiple functions into a single device, making them highly appealing to users. Forrester also notes that manufacturers are focusing on improving user experience, with companies like Apple, Samsung, and even Garmin continuously refining their interfaces and overall performance.
Beyond smartwatches, another significant growth area in wearables is healthcare. Forrester’s report mentions that the U.S. government is working to incorporate wearable devices into the healthcare system, which could lead to insurance companies subsidizing these devices to promote better health outcomes. Similar initiatives are already being seen in programs like Vitality in the UK and the U.S.
However, there are challenges ahead. One issue is that current wearable devices often fail to meet consumer expectations—while they collect health data, they don’t always provide actionable insights. Another challenge is the need for more insurance companies to support wearable adoption before it becomes widespread. Although health features are important, Forrester suggests they aren’t the main driver of market growth.
Additionally, smartwatches still face long-standing issues, such as limited app ecosystems and short battery life. To address this, manufacturers are exploring innovative designs, like the digital crown on the Apple Watch or the rotating bezel on Samsung watches.
Overall, Forrester predicts that key factors will drive the smartwatch market forward, helping the entire wearable industry reach critical mass by 2022. The global wearable market is expected to grow from $4.8 billion in 2016 to $9.1 billion by 2022, signaling a promising future for wearable technology.
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