Juniper report predicts an explosion of wearables devices across the world
The number of smartwatches worldwide is expected to pass 100 million within the next five years, according to a new report.
Analyst firm Juniper Research predicts that several high-profile releases over the next 12-18 months, including Apple’s first wearable, the Apple Watch, (pictured below) will bring the devices into mainstream consumer consciousness.
The firm’s report, “Smart Watches: Market Dynamics, Vendor Strategies & Scenario Forecasts 2014-2019” ,also predicts that as smartwatches develop and become more powerful, their appeal will rise as capabilities such as GPS and NFC connectivity become standard.
Quality over quantity
Overall, the report sees that a continued supply of high-end devices, not just from established technology manufactures like Google, Apple and LG, but also from respected watchmakers like TAG Heuer, will raise customer expectations for smartwatches, meaning smaller companies will need to innovate to stay relevant in the market.
However, Juniper doesn’t foresee that a “killer app” for smartwatches, as the greater scope for development of the device means that, “the industry should not expect a single capability to make or break the category”.
This will also ensure that the cost of smartwatches remains high, at least for the next five years, as high functionality and premium branding pushing the average price above $200 (£125) until 2020 at the earliest.
Recent research from YouGov found that the UK public is keen to embrace the smartwatch, with the penetration of wearable devices in the UK expected to more than double by September 2015
Currently, 2.8m people in the UK own a wearable, with that figure predicted to rise to 6.1 million in a year’s time as the adoption rate rises from 6 percent to 13 percent.
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