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Global Wearable Apps Market to Grow at an Outstanding CAGR of Over 57% Through 2020, Reports Technavio
[December 07, 2016]

Global Wearable Apps Market to Grow at an Outstanding CAGR of Over 57% Through 2020, Reports Technavio


Technavio analysts forecast the global wearable apps market to grow at a CAGR of close to 57% during the forecast period, according to their latest report.

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Technavio publishes a new market research report on the global wearable apps market from 2016-2020. ...

Technavio publishes a new market research report on the global wearable apps market from 2016-2020. (Photo: Business Wire)

The research study covers the present scenario and growth prospects of the global wearable apps market for 2016-2020. The report segments the market by wearable devices into three segments, which are smart glasses, fitness bands, and smart watches. The smart watches segment accounted for over 50% of the market share in 2015.

Request a sample report: http://www.technavio.com/request-a-sample?report=54794

Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Technavio media and entertainment analysts highlight the following four factors that are contributing to the growth of the global wearable apps market:

  • Availability of cost-effective fitness apps
  • Increase in number of lifestyle diseases
  • Decline in cost of wearable devices
  • Growing demand for sports and fitness apps

Availability of cost-effective fitness apps

Apps are available in both free and paid versions. The installation of paid apps requires a one-time payment. "Fitness apps are gaining high traction among individuals seeking a healthy lifestyle. Many fitness conscious individuals may not enroll in gyms or health clubs due to budget and time constraints. This has led to the intrduction of sports and fitness apps, which are relatively economical," says Ujjwal Doshi, a lead analyst at Technavio for Internet and e-Commerce research. These apps track the daily workout of an individual and suggest food habits and exercises as per said individual's lifestyle, reducing the need for fitness trainers or dieticians.



Increase in number of lifestyle diseases

The demand for wearable devices is increasing because of the growing number of health-related issues. The number of diseases is increasing, especially in the aging population, owing to lifestyle changes. The aging population is more prone to lifestyle diseases such as hypertension, diabetes, cardiovascular disease, and Alzheimer's. Globally, about 380 million people in the age group of 20-79 years are expected to have diabetes by 2025. 30% of the adult population showed symptoms of hypertension in 2015. Thus, the increase in lifestyle diseases is leading to the higher adoption of wearable apps for smartwatches and fitness bands.


Decline in cost of wearable devices

The cost of fitness bands has been declining at a steady rate over the past few years. In addition, the cost of smartwatches has also witnessed a decline from a maximum price of close to USD 350 in 2014 to USD 199 in 2015. "Most of the wearable device manufacturers reduced the ASP of devices to make products more affordable for users and to increase sales. The price was also reduced to attract a larger target consumer segment and to sustain in the competitive market," says Ujjwal.

The competition in the market is increasing with the entry of several startups and technology companies in the market. Moreover, companies launch newer versions of existing products every six months, therefore, they reduce the costs of the existing versions to ensure that they are sold thus paving the way for newer versions. Technavio expects the price of several fitness bands to decline further over the next few years, making them more affordable for end-users.

Growing demand for sports and fitness apps

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. Many 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 (News - Alert), and RunKeeper. The growing demand for sports and fitness apps is driving the global smartwatch and fitness band wearable apps market.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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