After the success of Apple Watch and the steady growth of Fitbit's sales, many companies, including Pebble and Samsung, launched new products at the 2016 Consumer Electronics Technology (CES) show in January. Analysts are generally optimistic about the market outlook. However, throughout the year, a wave of negative market signals emerged, and the wearable device market has begun to show signs of weakness.
Market research firm IDC reported that sales of the first-generation Apple Watch declined for two consecutive quarters. These reports led Apple CEO Timmick to publish a rare public statement that sales of the second-generation Apple Watch exceeded expectations.
Because of the poor sales of Fitbit's new products, investors are worried that the market will have further demand for the company's products, which will lead to the decline of Fitbit's stock.
Microsoft and Motorola are withdrawing from the wearables market due to insufficient demand. In addition, Intel's layoffs in its wearables division have intensified speculation that the company may withdraw from the field (Intel has another explanation).
Pebble, which has proven to be very good at attracting a group of specific fans to their devices, has never shown its appeal to the public. Pebble's assets were recently acquired by Fitbit, but the deal does not include Pebble's outstanding debt.
Recent Gartner studies have shown that consumers generally believe that wearable devices are useless and expensive.
The bad news is that some people claim that the wearable device has died. Is this true?
Here are a few of the reasons why the consumer wearables face significant resistance. Fortunately, these problems can be solved. They include:
Consumers are not clear enough about how to use wearables
Can a wearable device replace a smartphone and operate as a standalone device? Because smart watches have so many features, it is difficult for users to know how to best use them. Early market signals indicate that consumers prefer fitness trackers, which are relatively simple and offer significant benefits. Wearable device manufacturers like Apple are beginning to realize that clear and clear information about how to use smart watches is why the second generation (Nike version) watches may be more successful because it is positioned to focus on fitness.
Wearable devices rely on mobile devices
Technical difficulties and smartphone manufacturers are reluctant to sacrifice mobile sales, allowing them to connect their first-generation smart watches with their mobile phones. Smart watch manufacturers now realize that people don't want devices to simply expand their phones, but have the ability to operate independently. Samsung’s recently released news about the Gear S3 smartwatch shows that manufacturers are beginning to pay attention to the independence of wearable devices.
The inconsistency between the long-term strategic focus of wearable device manufacturers and the market's emphasis on quarterly sales performance
Wearable device manufacturers such as Fitbit face a formidable challenge. Their financial status is tied to their quarterly sales figures. However, they are looking for longer-term strategies, such as profiting from user data and providing more diverse products and services to corporate customers. These strategies have great potential to pay off, but whether the market will have patience and whether sales will support these efforts remains to be seen. Currently, Jawbone and Fitbit seem to be pursuing this long-term strategy. Still need to see if they can succeed because they have less cash flow than Apple.
All the problems listed above are difficult, but not insurmountable. These issues indicate that the wearable device market is still young and evolving. It is far from death.
In addition, it is vital that wearables in 2016 have demonstrated tremendous strength in business, clinical and certain markets. The momentum in these areas is expected to continue into 2017 and beyond. Here are a few examples of wearable devices that perform well.
Wearables in medical research and clinics
Pharmaceutical companies, hospitals, startups, and other companies have begun to apply data generated from patient-wearable devices to clinical research and patient care. An example is Brockton Hospital, which works with Validic to use data collected from activity trackers and other connected devices to improve care for patients with chronic conditions. Another example is that Fitbit has been used in more than 100 clinical trials including obesity, diabetes and cancer. These activities are helping providers understand how to better utilize wearable device data and provide evidence of the benefits of wearable devices. If the results are positive, it may stimulate the adoption of health organizations more and more.
Market segmentation for niche customer segments
Wearable devices also perform well in specific patient populations and in specific consumer markets. Garmin is building its wearables business by developing a portfolio of devices for athletes and even parents. From a health perspective, some wearable devices will be available in 2017 for people with specific medical conditions such as ADHD.
Wearable devices in health enterprises
Remember Google Glass? It is far from dead. In fact, the product may be reborn in the health industry. In addition, companies like Atheer are helping to expand the use of smart glasses in a range of industries, including healthcare.
In addition to other wearable devices worn on the wrist
While watch wearables have received a lot of attention, many companies are working on rings, clothes, earplugs and other devices to track key biometric signals, AI-assisted training and more. Under Armour has a community of millions of users that can help accelerate the use of smart clothing as it develops and expands its products in this area.
The smart wearable market has just begun, not the end.
As with many market segments, it is important not to be bound by short-term thinking, quarterly sales data, and daily changes in stock prices. Wearable devices are becoming more practical and stylish.
While this is an open question, the long-term prospects for the industry are still promising if Fitbit, Jawbone and other less diverse wearable device manufacturers can successfully lead the still volatile market for wearables.
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