Nigeria has come under radar as among 73 economies forecast as growth markets for wearable technology as it expands into the consumer technology space.
While wearable technology has been utilized in vertical sectors such as the military and healthcare industries for many years, ongoing advances have triggered a major resurgence of the concept, particularly among the consumer community, according to “The Wearable Technology Ecosystem: 2018 – 2030 – Opportunities, Challenges, Strategies, Industry Verticals and Forecasts” by SNS Telecom & IT.
SNS Telecom & IT estimates that wearable device shipments will grow at a CAGR of approximately 22% between 2018 and 2021. By the end of 2021, wearable devices will represent a market worth $45 Billion with over 250 Million annual unit shipments.
Authors of the report say that Nigeria is among 75 countries that was covered in examining market opportunities for wearable technologies and factors that will continue to shape its consumer market space.
“By the end of 2021, wearable devices will represent a market worth $45 Billion with over 250 Million annual unit shipments.”
The report has the following key findings:
- SNS Telecom & IT estimates that wearable device shipments will grow at a CAGR of approximately 22% between 2018 and 2021. By the end of 2021, wearable devices will represent a market worth $45 Billion with over 250 Million annual unit shipments.
In terms of annual wearable device unit shipments, the top 5 vendors – Apple, Xiamoi, Fitbit, Samsung and Garmin – collectively account for more than 55% of the market.
Cellular connectivity and associated advanced capabilities – such as VoLTE (Voice over LTE) – are increasingly being integrated into consumer oriented wearables such as smartwatches.
SNS Telecom & IT estimates that wearable devices will help mobile operators drive more than $12 Billion in service revenue by the end of 2021, following a CAGR of approximately 36% between 2018 and 2021.
As wearable technology vendors seek to minimize dependence on hardware sales, new business models are continuing to gain popularity – ranging from corporate wellness programs to sports performance analytics.
With the continued miniaturization of enabling technologies, wearable devices have hit the mass market in a diverse variety of form factors – ranging from smartwatches and fitness trackers to smart glasses to hearables, according to the report.
Key enabling technologies including low cost sensors, wireless connectivity, active materials and energy have converged to make wearable technology mainstream.
Driven by the ability to interconnect with key modern trends of healthcare, fitness, messaging and socialization, the wearable technology ecosystem is attracting significant levels of interest, the report says.
Companies as varied as smartphone OEMs, mobile operators, health insurers and retailers are circling the ecosystem alongside tiny startups, all vying for a stake.