**The Wearable Device Industry Declines**
Smart wearable devices have been around for years, but many people still have a vague understanding of what "smart wear" really means. For most, the term is often associated with smart bracelets or smartwatches. However, the original concept of smart wear refers to intelligent designs integrated into everyday clothing and accessories, including smart watches, smart glasses, smart necklaces, and even high-tech devices like VR headsets.
As a new tech trend that emerged after smartphones, smart wearables marked the beginning of a new era in electronics. As an emerging field, this technology is deeply connected to the internet, from product design and manufacturing to marketing and sales. It has attracted a lot of entrepreneurs due to its strong appeal and potential for growth.
The buzz around smart wear started in Silicon Valley, but it was China that truly embraced the trend. From Google Glass to Eyephone, and from Fitbit to inWatch, smart wearables began to influence traditional industries. According to data, since 2013, Capital Lab has recorded 25 smart wearable startup investments totaling $314 million, with cumulative funding reaching $587 million. Many of these startups have applied smart wearables in fields like military, sports, and healthcare.
In recent years, China saw a surge in smart hardware. The most common approach was to create an app that connects with a smartphone, allowing users to monitor their devices through the phone. This model led to the development of various smart wearables, such as smart bracelets, smart glasses, smart watches, and even smart clothes and jewelry.
However, last year marked a turning point. The market experienced a significant decline. Motorola delayed the release of its Moto360 smartwatch, and Pebble, one of the pioneers in smartwatches, faced major layoffs and was eventually acquired by Fitbit. Even Google’s eyewear project, once seen as revolutionary, was put on hold. Once affordable smartwatches with Bluetooth and call features were popular, but now they’ve faded from the spotlight.
Despite this, experts believe there is still room for growth. Market research firm IDC reports that health and fitness remain the most popular use cases for wearables. In the early days, people were excited about devices that could track heart rate and other health metrics. But over time, many found these products to be less useful than expected.
Currently, wearables are showing promise in specialized areas like sports and healthcare. Apple, for example, is exploring ways to help manage chronic diseases, which could lead to partnerships with insurance companies. Venture capitalist Stephen Kraus from Bessemer Venture Partners suggests that focusing on specific needs—like those of patients with sleep apnea—can turn wearables from "nice-to-have" to "must-have" products.
According to IDC, the wearable market showed signs of recovery in late 2016, with global shipments reaching 24.7 million units in Q1 2017—a 17.9% increase from the previous year. The smart apparel market is also expected to exceed 3 million units. Analysts predict that the wearable industry will grow exponentially, reaching $45 billion by 2022.
For wearables to make a comeback, companies need to focus on three key areas: improving product stability, creating better user experiences, and building comprehensive data services. With ongoing advancements in AI and technology, issues like battery life and connectivity will likely be resolved, paving the way for a more successful future.
Although current wearables are still dependent on smartphones and suffer from limited battery life, their potential remains strong. As awareness of health and wellness grows, smart wearables will continue to play an important role in daily life. The market in China, in particular, shows great promise, especially with growing concerns for children and elderly safety. Smartwatches with precise location tracking and independent calling functions are expected to remain in demand.
With continued innovation and better user experiences, the future of smart wearables looks bright. They may not be perfect yet, but they are far from being obsolete.
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