Voice controlled, sensor-fused and cloud connected smartwatches have the potential to replace the application needs of many smartphone users, according to global technology research firm ON World.
“Smartwatches and wearables have created an interesting opportunity for the integration of technology and fashion and this will drive women into the role of early adopters,” says Mareca Hatler, ON World’s research director. “Another important consideration going forward will be how wearable sensor data is monetized through cloud networks.”
ON World surveyed 1,000 U.S. online consumers and found that smartwatches are the most likely wearable technology product they will purchase and 55% prefer a wristband over other form factors. Fitness is the most preferred wearable application and 38% of likely adopters would like to use their wearable technology for health applications.
Fitness is the most preferred wearable application and 38% of likely adopters would like to use their wearable technology for health applications.Unsurprisingly, the long-time rumored iWatch is the most preferred smartwatch. Last year’s market leaders include Samsung, Nike, Pebble, Sony and Garmin with numerous new entrants expected this year including LG, Motorola and ASUS.
Price will be the deciding factor for many consumers, with 40% of respondents saying they would be willing to pay $99 or more for a smartwatch that had integrated blood pressure, heart rate and activity tracking sensors and 8% would be willing to spend $299 or more.
Although smartwatches are still a nascent market, by the end of 2018, 330 million units will have been shipped worldwide, up from less than 4 million in 2013.