The Smart Wearables For Sports And Fitness: Market Shares, Market Strategies, And Market Forecasts, 2015 To 2021 by Market Research Reports says the market will continue to grow, hitting $15B over the next five years.
The research looked at a large number of companies including market leaders and challengers across general fitness and activity-specific devices.
Two years ago, the fitness wearables market was worth around $3.5B according to Market Research Reports. So the growth is predicted to be substantial. Given the entry of Apple into the market, the continued growth of Fitbit and the entry of many new players.
One of the things I found interesting was their split between market leaders and other market participants.
The market leaders they identified were Apple, Garmin, Sony Pebble, Adidas AG / Reebok, Stats Nike, Zepp, StretchSense, Samsung, Catapult, Babolat, Nike, and Performance Sports Group. Conspicuous absentees from that list are Fitbit and Jawbone – who I’d have thought were leaders in the general health and activity tracking wearable market.
IT research firm Gartner recently released their findings on the wearable market. They say 274.6M wearable electronic devices will be sold worldwide in 2016, an increase of 18.4% from 232M units in 2015. Sales of wearable electronic devices will generate revenue of $28.7B in 2016 with $11.5B will be from smartwatches.
Interestingly, the Gartner data suggests the market is already at the levels Market Research Reports says we’ll hit in five years time.
What’s clear is the wearables market has not yet peaked. And the technology is still developing so there are still many benefits to be realised. I expect to see better analytics around muscle utilisation and performance to become common before the decade is done.
A recent report at Nature (Fully integrated wearable sensor arrays for multiplexed in situ perspiration analysis) says “Sampling human sweat, which is rich in physiological information, could enable non-invasive monitoring”.
That will enable everyday trainers to adjust their activity, in real time, in response to lactic acid build up and other metrics.