The smart devices provide enhanced features such as optimized display, in-house health monitoring, etc. Since these advanced features are attracting consumer attention towards these devices, it is a key driver for the market growth. Additionally, possession of these smart devices is considered as a status symbol, which encourages consumers to buy these products. Another key driver for the market growth is that companies are developing several products that can perform multiple functions. For example, Google is developing smart contact lenses for monitoring blood glucose levels and they are looking forward to integrate other features such as blood pressure monitoring. However, the cost of the products is currently very high as compared to conventional devices which are the key restraint for the market. Moreover, the commercialization of most of the wearable devices is expected to take a long time as additional research is required, which is another restraint for the market growth.
Smart Devices Market Analysis By Product
The smart devices market consists of products such as smart TV, smart watches, Wireless Accelerometer, Google Glass, GPS Jacket, Smart Socks, GPS Smart Shoes, Smart Contact Lenses and Smart Wigs. The smart TVs are the most mature products in the market due to considerable commercial acceptability. However, the Google glass is expected to have the highest growth rate since it allows multiple applications such as augmented reality, GPS Assistance, Video Recording, Playing Music, etc.
Smart Devices Market Analysis By Geography
The market is segmented on the basis of geographic regions such as North America, Europe, Asia-Pacific and Rest of the World (RoW). The North American region has seen high commercial acceptance of most of the smart devices due to early availability and higher buying power. However, the Asia-Pacific region would have the highest year-on-year growth rate as the cost of smart devices reduces and the market gets established. The price corrections would increase the affordability of these devices and the volume sales would be high in these regions due to its vast population.
Most of the companies are developing new products to increase market share and the primary strategy adopted by most companies is partnerships and collaborations as it allows them to share technical expertise. Some of the key companies profiled in this report are Samsung, Apple, Pebble, Mayo Clinic, Google, Adafruit, Sony, Panasonic and Vuzix.
High level Analysis
Based on the Porter’s five forces model, the report analyzes the bargaining power of buyers & suppliers, threat of substitute products & new entrants and competitive scenario of the market. The market is at an evolving stage which increases the negotiation power of suppliers as they can market the products by highlighting the features of the products. Buyers have limited potency as the products are developed by new technologies and buyers have little knowledge about the products. The threat of substitute products is high as companies are developing multiple products for similar applications. Additionally, new entrants
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