$250BN of potential opportunity is opening up IN wearables
Download PDFDisruption - as wristwear heads to ~$ 100 bn sales revenue is the next big trend- $250BN of potential opportunity is opening up
Disruption - as wristwear heads to ~$ 100 bn sales revenue is the next big trend- $250BN of potential opportunity is opening up
GLOBAL wearable technology STUDIES & PROJECTS COMPRISING ADVANCED AR/vr devices; Market growth could be attributed to the demanding lifestyle in developed and developing countries as well as increasing advancements in wearable products such as smart goggles, wristbands, and smart shoes.
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How MarketsandMarkets helped A Client to IDENTIFY A REVENUE OPPORTUNTITY OF >US$100 MILLION IN 4-5 YEARS IN CLINICAL GRADE WEARABLES MARKET
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MarketsandMarkets PROVIDED CONSULTATION TO AN AUGMENTED REALITY EQUIPMENT START-UP TO ASSESS THE GAMING MARKET SCENARIO THAT COULD INCREASE THEIR REVENUE BY >USD 50 MILLION IN 5 YEARS
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SIMILARLY, ADJACENT MARKETS HOLD A POTENTIAL OF OVER USD 125 BILLION IN wearable technology, MAJORITY OF WHICH WILL BE CONTRIBUTED BY wearable payment devices, and wearable healthcare devices
Download PDFTHERE IS ~USD 265 Bn POTENTIAL WITHIN wearable technology APPLICATIONS, more than HALF OF WHICH IS CONTRIBUTED BY consumer electronics
Wearable technology MARKET IS ESTIMATED TO GROW AT A HEALTHY CAGR OF 18-20% IN THE COMING 5 YEARS, DRIVEN BY rising popularity of iot and connected devices and growing consumer preference for sleek and compact devices in fitness and healthcare applications
THERE IS ~USD 265 Bn POTENTIAL WITHIN wearable technology APPLICATIONS, more than HALF OF WHICH IS CONTRIBUTED BY consumer electronics
MARKET POTENTIAL WITHIN WEARABLE TECHNOLOGY IN DIFFERENT APPLICATIONS BY 2026 (US$ BILLION)
SIMILARLY, ADJACENT MARKETS HOLD A POTENTIAL OF OVER USD 125 BILLION IN wearable technology, MAJORITY OF WHICH WILL BE CONTRIBUTED BY wearable payment devices, and wearable healthcare devices
MARKET OPPORTUNITY IN ADJACENT MARKETS OF WEARABLE TECHNOLOGY BY 2026 (US$ BILLION)
ADDITIONALLY, WE HAVE ASSISTED A HOST OF wearable technology PLAYERS to TAP HIGH GROWTH OPPORTUNITIES ACROSS EMERGING END-USERS, GEOGRAPHIES & COMPETITION
WHY DO COMPANIES NEED HELP TO GROW ?
ABSENCE OF ORIGINAL RESEARCH:
- Complex and overlapping markets for library prep and target enrichment kits, hence difficult to calculate market potential and TAM
- Insufficient secondary research for strategic decisions
INTELLIGENCE IS NOT DEMOCRATISED:
- Client's unmet needs need to be understood by all market facing employees for new product development and vendor selection.
- Bleak knowledge about upcoming technologies and growing applications such as consumer electronics and healthcare applications
GROWTH PROGRAM DESIGN AND EXECUTION:
- Lack of wearable technology knowledge and practice in competitive intel, pricing and product features, especially in wearables
SOME UNKNOWNS & ADJACENCIES
- Adoption levels of automation in wearables is low. Currently it ranges between 30-40% globally, however, in developed countries it is approaching 50%. As automation reduces TAT, helps in minimization of errors and provides reproducible results, it is largely used in consumer electronics and healthcare applications
- Increasing focus on personalized health tracking drive the wearables market
- Markets such as wearables in healthcare, wearables in automotive, and wearables in manufacturing provide immense growth opportunities owing to rising popularity of IoT and connected devices
- In target enrichment, developed countries use compact devices are mostly preferred
GROWTH PROBLEMS ENCOUNTERED BY WEARABLES COMPANIES
Customer prioritization and assessing unmet needs:
- What are the disruptions in our clients' businesses? How can we support them for our own growth?
- Who are the most potential customers going forward? Should we prioritize consumer electronics, healthcare, enterprise & industrial applications or aerospace & defense companies?
- What are the key unmet needs of customers? Who are the key stakeholders in different settings? Do vendor selection criteria differ by settings? Which new product features should be added to the existing products?
Where to Play:
- Which applications and technologies should we focus on? Should it be AR/VR, smartwatches, smartbands, or any other?
- Which regions should we place our bets on? Should we continue with developed countries or do developing countries offer more growth opportunities?
Building a compelling Right to Win (RTW):
- For M&A, which are the right targets for us? Should we target AR/VR companies or smartwatches, smartbands companies? Should we enter new markets directly or through partners?
- How can we differentiate from top players? What is their right-to-win vs ours?
OBSTACLES TO GROWTH FOR CURRENT PLAYERS
- Not able to keep pace with fast evolving wearables industry - New technologies are emerging leading to decreasing cost of devices
- Many start-ups and emerging companies eating up market share of established companies
- Limited clarity on unmet needs, hence requirements for product features
- Limited clarity on relevant vs redundant wearable devices for the future
- Unclear picture about the regulatory and reimbursement scenario
KEY UNCERTAINTIES/ PERSPECTIVES WHICH INDUSTRY LEADERS SEEK ANSWERS TO
KEY QUESTIONS OF WEARABLE COMPANIES
- Which wearable technology will be relevant and redundant in the next 5 years?
- Can wearable devices become affordable?
- How can companies optimize the manufacturing processes to be more agile and efficient to achieve a more features which higher efficiency?
- What regulatory policies can help strategize and achieve higher sales?
- What can be done to increase the awareness of wearable devices in healthcare applications?
KEY QUESTIONS OF COMPANIES IN ADJACENT MARKETS
- What are the regulations surrounding data privacy and security?
- Which machine learning approaches can be used to address data limitations so that AI models do not lead to misleading insights or faulty predictions?
- How are companies handling machine bias?
- When can a 100% AI integration into wearable devices be expected?
- What will be the impact of automation on wearables market?
LEADERS ACROSS VARIOUS FUNCTIONS IN wearables COMPANIES NEED HELP IN TACKLING BELOW INTERCONNECTED REVENUE RELATED PROBLEMS (1)
LEADERS ACROSS VARIOUS FUNCTIONS IN wearables COMPANIES NEED HELP IN TACKLING BELOW INTERCONNECTED REVENUE RELATED PROBLEMS (2)
LEADERS ACROSS VARIOUS FUNCTIONS IN wearables COMPANIES NEED HELP IN TACKLING BELOW INTERCONNECTED REVENUE RELATED PROBLEMS(3)
What is driving change
in your business
- Product life cycles getting shorter.
- Ecosystems getting converged.
- Newer technologies and new use-cases disrupting.
- New markets, new geographies, new clients, competition and partners.
Are changes only impacting you or your clients and their clients as well?
The trial will be a guided tour by our representative to help you discover the shift in revenue sources of your clients and clients' clients that will impact your revenue. This is your opportunity to unlock the research IP worth $100 million
Ri story: for A multinational corporation and a leader in wearable technology markets, we helped client to accelerate market capture by 6-12 monthsIN AR/vr MARKET
BUSINESS CHALLENGE
- Client wanted to re-establish one of its lines of business and was looking at a detailed assessment, globally
- Based on the study client wanted to either partner or acquire leading companies in this business
RI STORY: MNM PROVIDED CONSULTATION TO AN AUGMENTED REALITY EQUIPMENT START-UP TO ASSESS THE GAMING MARKET SCENARIO THAT COULD INCREASE THEIR REVENUE BY >USD 50 MILLION IN 5 YEARS
MNM PROVIDED A 3600 VIEW ANALYSIS OF AR TECHNOLOGY ADOPTION IN RETAIL MARKET FOR A RETAIL GIANT THAT COULD HELP THEM FETCH REVENUE TARGETS OF >USD 100 MILLION IN 5 YEARS
RI STORY: MNM PROVIDED A 3600 VIEW ANALYSIS OF AR TECHNOLOGY ADOPTION IN RETAIL MARKET FOR A RETAIL GIANT THAT COULD HELP THEM FETCH REVENUE TARGETS OF >USD 100 MILLION IN 5 YEARS
RI STORY: FOR A LEADING PATIENT MONITORING COMPANY,MNM HELPED THE CLIENT IDENTIFY A REVENUE OPPORTUNTITY OF >USD >US$100 MILLION IN 4-5 YEARS IN CLINICAL GRADE WEARABLES MARKET
THE FOCUS OF MNM RESEARCH IS ON HIGH-GROWTH MARKETS AND EMERGING TECHNOLOGIES, WHICH WILL BECOME ~80% OF THE REVENUES OF wearable PLAYERS FROM the ECOSYSTEM IN THE NEXT 5-10 YEARS
MARKETSANDMARKETS' COVERAGE OF HIGH-GROWTH NICHE MARKETS (NON-EXHAUSTIVE)
MNM ASSISTED A LEADING Wearable TIER MANUFACTURER TO TAP INTO THE AR/VR MARKET-ALLOWING IT TO CAPTURE AN INCREMENTAL REVENUE OF USD 150–250 MILLION OVER A PERIOD OF 4 YEARS
OVER A PERIOD OF 12 MONTHS, WE ASSISTED THE CLIENT ON NUMEROUS OTHER GROWTH OPPORTUNITIES— CREATING A USD 250 MN REVENUE IMPACT FOR THE CLIENT
INDICATIVE LIST OF OTHER PROJECTS EXECUTED FOR wearables technology COMPANIES:
- STUDY
- IoT Sensors Market
- Wireless Connectivity Market
- Smart Clothing Market
- Smart Sensor Market
- Sports Technology Market
- Medical Electronics Market
We UNDERSTANDS THE ECOSYSTEM OF WEARABLE TECHNOLOGY AND HAS RESEARCH COVERAGE ACROSS THE ECOSYSTEM
We UNDERSTANDS THE ECOSYSTEM OF WEARABLE TECHNOLOGY AND HAS RESEARCH COVERAGE ACROSS THE ECOSYSTEM
*Below diagram indicates MarketsandMarkets coverage on genomics value chain. KnowledgeStore provides strategic insights on each of the nodes present in this ecosystem through cloud based, highly interactive market intelligence platform.
IN LIFE wearable technology MARKET, WE ARE WITNESSING INCREASING ADOPTION OF AI, iot, contactless payments, health tracking ETC. WHICH CAN DISRUPT THE DEMAND FOR wearable devices, IN TURN IMPACTING THE GROWTH of the MARKET
impacting you and
your clients
Wearables COMPANIES
Tetsuya Ohhira
Business Development Manager-Technology Business
Nikon Corporation,
Leading Japanese MNC specializing in optics and imaging productswww.nikon.com
MarketsandMarkets™ response is quick. Their attitude is flexible and positive. Analyst Insights are globally considered and significant. Client Services quickly respond to our inquiry and demand. Their wide range of global surveys help us make our strategic plan.
We hope Knowledge Store will be easier to search for a report.
VP - Marketing & Business Development
Leading Provider of Process Control Solutions
We engaged with MarketsandMarkets on a study to perform an analysis and recommend a Go-To-Market strategy for metrology and process control in the semiconductor market. The study was tailored to our targets and needs with well-defined milestones. Our overall experience with the MarketsandMarkets team was very good throughout the project in all aspects including the analysis methodologies used, the quality and depth of primary and secondary data sets, the professionalism and flexibility of the team and the ability to meet the target schedule and milestones. We want to thank MarketsandMarkets team for a job well done.
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