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Lower Cost to Drive Smart Wearable Entertainment Devices' Growth
September 5, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Global Smart Wearable Entertainment Devices and Services Market 2016-2020" report to their offering.
The global smart wearable entertainment devices and services market to grow at a CAGR of 22.64% and 22.35% respectively during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global smart wearable entertainment devices and services market for 2016-2020. To calculate the market size, the report considers the smart wearable entertainment devices and revenue generated by telecommunication operators. The report also includes a discussion of the key vendors operating in this market.
Decline in cost of smart wearable entertainment devices will be a key trend for market growth. A significant decline in the ASP of smart wearable devices in the developed countries will eventually increase the adoption rate of these devices. In 2012, the ASP of most of the devices that were sampled was recorded to be $800, depending on the application.
The price has reduced to $250-$300 in 2016. This significant decline in the cost of wearable devices will increase the adoption rate of these devices both in developed and developing countries. Initially, the adoption of these devices was confined to developed countries because of the high cost. However, with the decline in cost, vendors have shifted their focus to developing countries to increase their revenue and market base.
According to the report, growing popularity of entertainment devices among youth will be a key driver for market growth. The popularity of entertainment and gaming devices that provide a real-time virtual experience has increased over the years. These devices enable virtual 3D movies and HD gaming experience. The adoption of these devices is high among the age group of 18-24.
The smart wearable entertainment devices provide easy access to movies and games on wearable screens. Devices such as Oculus Rift, iTVGoggles, and Sony's head-mounted display, HMZ-T3, use virtual reality technology to provide real-time music, video streaming, and video gaming experience to users. Therefore, the increased adaptability of these entertainment devices has increased the growth of the market.
Further, the report states that high power consumption of devices will be a challenge for the market. Most of the wearable entertainment devices function on GPS, wireless networks, and M2M technology. The battery life of the entertainment devices is very low because the power consumption of the technologies used in these devices is very high.
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