According to a report by leading market research organization Technavio, the global wearables market is forecast to expand by 15 percent a year until 2023. The surge in demand for wearable electronics is attributed to the integrated advanced technologies such as Artificial Intelligence (AI), Virtual Reality (VR) and contactless payments. From smartbands, smartrings, HMDs (head-mounted displays) and of course smartwatches, these wearable devices are the latest trend in technology. To see this growth continue, Technavio reports that instead of using smartphone technology that has been scaled down to fit in smaller devices like smartwatches, the wearables industry should focus on specialized components that are more in line with the usage patterns of wearable devices.
And the reason why the industry should make this move? Most wearable devices require the use of low-power components, such as sensors, processors and batteries from hardware developers in order to function properly. Additionally, processors and inertial measurement units (IMUs) that detect motion will also use less power while enhancing the performance of the wearable electronic. Because of this, Technavio believes that industry could greatly benefit by customizing hardware for these devices.
Technavio’s says the 15 percent annual growth for the wearables market reflects a key focus area for tech companies that are expanding the connectivity of everyday devices like watches, wireless earbuds, fitness trackers and tech-infused clothing. The fastest-growing devices are smartwatches, which have become a large market for companies like Apple that are faced with slowing or stagnant demand for smartphones.