Technavio Announces the Publication of its Research Report Global Wearable Apps Market 2016-2020
Technavio recognizes the following companies as the key players in the global wearable apps market: Apple, Fitbit, Google, Samsung Electronics, Appster, DMI, Fuzz Productions, Intellectsoft, Intersog, LeewayHertz, PointClear Solutions, Redmadrobot, Sourcebits, Touch Instinct, and Worry Free Labs
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Commenting on the report, an analyst from Technavios team said: Many smartwatch and smart glass manufacturers in the market are adopting crowdfunding strategies to raise funds for their projects. Crowdfunding helps to increase awareness among potential customers. Manufacturers organize seminars in order to attract investors. It also encourages several new vendors to enter the market, which will lead to an increase in competition and reduction in wearable device prices. Crowdfunding allows vendors to predict customers’ interest in their products. It enables direct interaction with potential buyers by involving them in the product development stage. This helps vendors to manufacture the right products based on customers’ requirements. IndieGoGo, GoFundMe, and Kickstarter are some of the popular vendors that adopted crowdfunding strategies to raise capital for wearable app projects.
According to the report, sports and fitness apps have become an integral part of the life of millions of mobile users. Such apps help and guide users to maintain a healthy lifestyle and fitness regime. The three app categories that are in high demand are running trackers, heart rate monitors, and multi-sport and activity trackers. A large number of free sports and fitness apps are available in app stores. Some of the top 20 fitness apps include Argus, UP by Jawbone, MapMyFitness, UA Recorder, Endomondo, and RunKeeper. The growing demand for sports and fitness apps is driving the global smartwatch and fitness band wearable apps market.
Further, the report states that mobile apps are developed using SDKs that are provided by application platform providers. These apps are compatible with particular platforms such as mobiles and wearable devices. The programs need to be integrated with specifications to make them compatible with different OS. It demands significant amounts of investments, which is a challenge for vendors. For instance, fitness apps by some of the leading vendors such as Azumio and Under Armour are available for iOS and Android, but not for Windows. This restricts the revenue inflow from Windows OS users, which in turn affects the growth of the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Wearable Apps
Wearable apps are wearable device-based applications that allow consumers to track and monitor their fitness levels and sports activities, keep a check on online transactions, and navigate maps using devices such as fitness bands, smartwatches, and smart glasses. These apps allow users to keep track of their heart rate, blood pressure, and the calories burned during a workout. Wearable apps are gaining popularity in the healthcare and industrial segments. They help to optimize operational efficiency. Most of the wearable apps work when they are synced with smartphones. However, as the technology is growing, a large number of vendors are creating stand-alone apps that can be installed in wearable devices, especially in smartwatches.
Technavios analysts forecast the global wearable apps market to grow at a CAGR of 56.86% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global wearable apps market for 2016-2020. To calculate the market size, the report considers the revenue generated from the app downloads by the following devices:
The market is divided into the following segments based on geography:
Technavio’s report, Global Wearable Apps Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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