Covid-19 Impact On The Global Wearable Technology Market

By Author: Steve Stark
Total Articles: 138
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COVID-19 is expected to adversely impact the supply chain of the wearable technology market as a few prominent players are based in China, which is the epicenter of the pandemic. Moreover, in light of the current situation, the key wearable technology is presently focusing on maintaining and generating operating revenue, which led to fewer developments within the market in 2020. The impact of COVID-19 is expected to reduce during the forecast period as many scheduled product launches and related developments which were postponed will be realized.

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The global wearable technology market size is projected to grow from USD 116.2 billion in 2021 to USD 265.4 million by 2026; it is expected to grow at a CAGR of 18.0% from 2021 to 2026. Factors such as growing demand for smart devices in the healthcare sector and surge in demand for IoT devices are driving the growth of the market during the forecast period.

Driver: Increasing growth prospects of next-generation displays in wearable devices

As a result of more than 3 decades ...
... of R&D, technologists have realized the dream of bringing displays into wearable devices such as smart glasses and smartwatches. Recently, it has been possible to develop flexible and affordable electronic displays; however, the major challenges that companies face are the high requirement of luminance, high power consumption, and brightness issues. However, recent product launches by various industry players suggest improvements in the display technology in wearable devices. In February 2019, Nubia Alpha launched a one-of-a-kind smartwatch that comes with an OLED flexible display, a camera, and an eSIM support at MWC 2019. The Nubia Alpha smartwatch specifications include a Snapdragon Wear 2100 SoC, 1 GB RAM, and 8 GB internal storage. The Nubia Alpha runs on a custom OS and packs a 500-mAh battery. Additionally, advancements in backplane materials is the current trend. Instead of silicon in the backplane, engineers use a metal oxide composed of indium, gallium, and zinc in equal parts, giving the material its name—IGZO or indium gallium zinc oxide—which is used in advanced wearable display technology. It is expected that the industry outlook toward integrating the next-generation display technology in wearable devices would further improve the marketability of wearable products.

Restraint: Limited battery life

The major limiting factor to the growth of the wearable technology market is the absence of a reliable and efficient battery system that could be easily worn without compromising on the compactness and ease of use of the device. As wearable computing moves toward convergence of all the computing devices into one wearable device, the biggest challenge is to address the power requirement and manage power consumption and recharging of batteries. With the growing demand for wearable devices, it is not only essential to meet the power efficiency need in a cost-effective manner but also to manage power consumption. This factor is expected to have a high restraining impact on the market.

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Opportunity: Demand for wearables that integrate all computing requirements in one compact device

Consumers prefer to have a single compact device that could integrate all the computing and monitoring requirements. This preference presents an opportunity for the development of multi-function and hybrid wearable devices that provide convenience to users as well as integrates the functionality of many devices into a single compact wearable device. The number of such devices is expected to increase in the coming years. With a steady transformation from the Plain Old Telephone System (POTS) to cellular gateways and mobile phones, cellular technologies have become a leading medium for data transmission and communication. This factor is expected to present a good opportunity for companies to launch wearables connected with mobile devices such as smartphones and tablets.

Challenge: Demand for continuous developments in devices

The consumer electronics sector is a rapidly evolving marketplace. However, market players face high price erosion as products with old technology lose their significance when a new technology is developed. Technology advances at an incredible speed, and keeping up with these advancements is quite difficult as by the time engineers come up with a prototype, the technology changes. New technologies are being developed at a rapid pace and integrated with various products as an additional function. Consumers also prefer products that have more features and are technologically advanced.LCDs were the most extensively used technologies in the global market

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