Wearables a $45 Billion opportunity for device OEMs, says SNS Telecom & IT

SNS Telecom & IT‘s latest research report indicates that wearable device OEMs will pocket $45 Billion from annual device shipments in 2021.

While wearable technology has been utilized in vertical sectors such as the military and healthcare industries for many years, ongoing advances have triggered a major resurgence of the concept, particularly among the consumer community. Key enabling technologies including low-cost sensors, wireless connectivity, active materials and energy have converged to make wearable technology mainstream. 

With the continued miniaturization of enabling technologies, wearable devices have hit the mass market in a diverse variety of form factors – ranging from smartwatches and fitness trackers to smart glasses to hearables.

Driven by the ability to interconnect with key modern trends of healthcare, fitness, messaging and socialization, the wearable technology ecosystem is attracting significant levels of interest.  Companies, as varied as smartphone OEMs, mobile operators, health insurers and retailers, are circling the ecosystem alongside tiny startups, all vying for a stake.

SNS Telecom & IT estimates that wearable device shipments will grow at a CAGR of approximately 22% between 2018 and 2021. By the end of 2021, wearable devices will represent a market worth $45 Billion with over 250 Million annual unit shipments.

The “Wearable Technology Ecosystem: 2018 – 2030 – Opportunities, Challenges, Strategies, Industry Verticals & Forecasts” report presents an in-depth assessment of the wearable technology ecosystem including market drivers, challenges, enabling technologies, consumer and enterprise applications, key trends, case studies, opportunities, future roadmap, value chain, ecosystem player profiles, vendor market share, and strategies. The report also presents forecasts for wearable device shipments and revenue from 2018 through to 2030. The forecasts cover 9 device form factor submarkets, 7 vertical markets, 6 regions and 73 countries.

The report will be of value to current and future potential investors into the wearable technology sector, as well as enabling technology providers, wearable device OEMs, vertical domain specialists and mobile operators who wish to broaden their knowledge of the ecosystem.

The key findings of the report include:

• SNS Telecom & IT estimates that wearable device shipments will grow at a CAGR of approximately 22% between 2018 and 2021. By the end of 2021, wearable devices will represent a market worth $45 Billion with over 250 Million annual unit shipments.
• In terms of annual wearable device unit shipments, the top 5 vendors –  Apple, Xiamo, Fitbit, Samsung and Garmin – collectively account for more than 55% of the market.
• Cellular connectivity and associated advanced capabilities – such as VoLTE (Voice over LTE) – are increasingly being integrated into consumer-oriented wearables such as smartwatches. 
• SNS Telecom & IT estimates that wearable devices will help mobile operators drive more than $12 Billion in service revenue by the end of 2021, following a CAGR of approximately 36% between 2018 and 2021.
• As wearable technology vendors seek to minimize dependence on hardware sales, new business models are continuing to gain popularity – ranging from corporate wellness programs to sports performance analytics.

For further information concerning the SNS Telecom & IT publication ” The Wearable Technology Ecosystem: 2018 – 2030 – Opportunities, Challenges, Strategies, Industry Verticals & Forecasts” please visit: https://www.snstelecom.com/wearabletechnology 

For a sample please contact:

Email: info@snstelecom.com

Notes for Editors

If interested in a more detailed overview of this report, please send an e-mail to info@snstelecom.com

About SNS Telecom & IT

Part of the SNS Worldwide group, SNS Telecom & IT is a global market intelligence and consulting firm with a primary focus on the telecommunications and information technology industries. Developed by in-house subject matter experts, our market intelligence and research reports provide unique insights on both established and emerging technologies. Our areas of coverage include but are not limited to wireless networks, 5G, LTE, SDN (Software Defined Networking), NFV (Network Functions Virtualization), IoT (Internet of Things), critical communications, big data, smart cities, smart homes, consumer electronics, wearable technologies, and vertical applications.