Wearable devices come preinstalled with various apps, and can be used for navigation purposes, to track online transactions and data related to health and fitness. Wearable devices can be integrated with smartphones and users can control music functions, receive/decline calls, access photos and videos etc.
The major factor fueling the growth of the global wearable apps market is high adoption of fitness apps and smartwatches by consumers in countries worldwide. Increasing inclination of consumers towards technology that allows integration of smartphones and adoption of wearable devices that help in health and fitness monitoring, online transactions, and music streaming etc., is further contributing to the growth of the global wearable apps market. Rapid penetration of the Internet of Things (IoT) and high-speed Internet providers are some other factors driving the growth of the global wearable apps market.
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Availability of cheaper and free fitness apps along with declining cost of wearable devices is further boosting the growth of the target market, and the trend is expected to continue over the forecast period. In addition, hectic lifestyle and increasing prevalence of lifestyle diseases such as hypertension, sleep deprivation, diabetes etc. is driving adoption of wearable apps in order to monitor various health and wellness-related indications and symptoms.
Major factors restraining the growth of the global wearable apps market include non-compatibility of some wearable devices with specific smartphones and availability of non-user-friendly apps. An increasingly prominent trend in the market is rising adoption of smartwatches by younger consumers and teens owing to the availability of features and functionalities such as compatibility with smartphones and music control options. Technological advancements related to mobile augmented reality will present new and lucrative opportunities to players in the global wearable apps market during the forecast period.
The global wearable apps market is segmented on the basis of devices, app category, and region.
North America accounts for highest share in terms of revenue, which is projected to increase at a CAGR of XX% during the forecast period. Presence of major wearable device manufacturing brands in this region has been contributed to rapid growth of the market. Asia Pacific is projected to be the second largest market in terms of revenue generation between 2017 and 2026.
Key players in the global wearable apps market are Apple, Fitbit, Google, Samsung Electronics, Appster, DMI, Fuzz Productions, Intellectsoft, Intersog, and LeewayHertz.