It's no more a hype, in 2014 the wearable market has really taken off. The smart watches and fitness bands constitutes majority of the wearable market.
Market researcher Canalys finds the wearable band market grew by near vertical 684% on a worldwide basis in the first half of 2014 compared with the first half of 2013. The explosive growth of this market is supported by high level of competition on the supplier side, where multiple number of players now introducing a lot of wearable products in the market.
Samsung is the number one supplier of smart wearable in first off of 2014. The popular products from Samsung includes Gear 2, Gear 2 Neo and Gear Fit. Pebble is ranked second and Sony the third biggest player. This top three ranking is according to Canalys.
‘Fitbit and Jawbone have very successfully grown and strengthened their relationships with channel partners internationally to grow global shipment volumes. They took first and second place respectively in the basic wearable band market in the first half 2014,’ said Canalys VP and Principal Analyst Chris Jones. Nike’s market share has fallen as it cuts resources in this area, while new entrant Garmin had a successful launch of its vivofit device and is chasing third place, as per Canalys.
China leading mobile phone vendor Xiaomi has also entered by unveiling a smart bracelet for a price of 13 US dollars in China market. Xiaomi bracelet can be weared as a necklace too.
A recent survey conducted in US by Accenture found that 50% of respondents plan to purchase a wearable device in next five years.