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In the past year, we have seen many companies have launched smart watch products. Even those companies that previously focused on selling sports-health tracking devices such as Fitbit and Jameson also tweaked their product strategies and introduced smartwatches.
Now, Forrester released the latest data, a good explanation why companies such as Fitbit and Jia Ming will also be introduced Ionic and Vivoactive 3 such smart watches. According to Forrester, smartwatch will account for 55% of the wearable device market by 2022, up from 21% last year.
At present, smart watch products are quickly swallowed the market share of the wearable device, there are several main reasons. According to Forrester's data, the first reason is that prices are falling. As component costs continue to drop, more and more companies are able to produce cheaper smartwatches. At the same time the user base began to shift to ordinary consumers is also a major reason. More and more users want a wearable device, mainly because of demand health tracking, notification, mobile payment and travel related activities.
Clearly, smartwatches have the ability to bring all the features together, all in a single device, and that's why Forrester predicts the rise of smartwatches. At the same time Forrester also believes that manufacturers are seeking to create a good experience of smart watches. We also see companies including Apple, Samsung, Fitbit and even Jiming, slowly improving their user experience and interface.
However, another growth point for wearables also includes healthcare. Forrester said in the report that the U.S. government is currently working to integrate wearables into the healthcare system. This means that insurers will subsidize wearable devices and will make consumers healthier and healthier. This trend can be seen in the current National Health Services and Vitality Life in the United Kingdom and the United States.
Forrester also raised some potential issues that may slow the growth of wearables in the future. The first problem is that vendors have been unable to deliver a wearable that really meets consumer expectations, including not just providing health data to consumers, but also telling users how to use that data effectively to get a more realistic effect. Another problem is that more insurance companies are needed to subsidize wearable devices for more people to use. As Forrester predicts, although health features are an important feature, it is not the only reason driving the growth of the wearable device market.
Of course, smart watches also face some of the problems that have always existed, the number of applications is too small, life is too short. Forrester believes manufacturers need to develop more excellent control methods and design ideas, such as Apple's Apple Watch digital crown and Samsung smart watches can be rotated border.
Overall, Forrester believes there are several key factors that are driving the smartwatch market, which will help the entire wearable device market usher in a critical mass adoption phase by 2022. The entire market is expected to grow from 4.8 billion in 2016 to 9.1 billion in 2022.