[In the last few months, many friends and colleagues asked me about my view on the future of the wearable market. They wonder if the glorious days are over for the current wearable makers with bigger players coming to the market. I decided to share my thoughts here with you all.]
What wearables have enabled is simple yet fascinating! Wearables have empowered us to discover more about our bodies and allowed us to quantify ourselves by monitoring our health, mood, performance, happiness, and actions 24/7. These are captivating phenomena that have become a reality through wearables. This is just the beginning, and it is by no means an end. In fact, the global wearable computing market will grow at a compound annual growth rate (CAGR) of 43%, from $5 billion in 2013 to $9 billion in 2014 and over $30 billion in 2018!
What follows are my predictions for how the wearables industry will trend. My view is based on analysis and observation of market demand, customer feedback, and user behavior:
1) One versus multiple winners: At the Health 2.0 Conference a few weeks ago, I had the opportunity of picking Vinod Khosla’s brain. When I asked him about the future of wearables, he said, “There is not one-size-fits-all when it comes to wearables.” He is absolutely right! (more…)