A research firm is now forecasting that the werarables market could have gone out of fashion by 2016.
According to the predictions that have been produced by a research firm regarding the wearable technology market, those mobile devices may already be edging toward the crest of a wave that could soon come crashing down.
The market is estimated to be made up of as many as 48 million device shipments, at the moment.
These wearable technology devices include everything from smatwatches to head mounted displays to fitness trackers, and even patches that adhere directly to the skin, among others. At the moment, many of them – particularly in the activity tracking category – are flying off the store shelves nearly as quickly as they can be placed there. However, if things go as has been predicted to NPD DisplaySearch, the hype will reach its maximum by the end of 2014, and it will only decline from there.
In fact, the wearable technology predictions are dramatic enough to say that the demand will be all but wiped out.
The NPD DisplaySearch report said that the actual hype that these wearables are generating has already started to fade. It stated that unless the prices fall considerably or there is a wearable device that is launched that offers the ability to become an essential tech gadget comparable to the role currently played by the smartphone, then there is a very real risk that smartglasses and smartwatches will be seen as nothing more than a fashion fad and they will be gone as quickly as they arrived.
According to the NPD DisplaySearch director of European TV research, Paul Gray, “We expect that the dynamics of the wearables market will be similar to DVD, LCD TV, smartphones, and other digital consumer markets with commoditised hardware.” He also added that prices and margins will fall when the market begins to include more from Samsung, LGE, “and other large, cost-efficient manufacturers.”
That said, the report also acknowledges that the actual evolution of wearable technology devices remains unknown, and there is still a great potential for one or several styles to be able to find the necessary consumer niche.
The creators of the Lumafit have already generated a considerable following in Ireland.
When it comes to wearable technology in the fitness category, the exceptionally popular FitBit is currently the global leader, but a startup from Ireland called Zinc Software is hoping to challenge for that title with its Lumafit mobile device.
This new gadget is designed to help to help to coach users so that they will be able to power through their workouts.
For many people, trying to stay fit through regular activity and exercise isn’t a favorite activity. This helps to explain why wearable technology in this category has become as popular as it has. The Lumafit is hoping to provide consumers with a new and enhanced experience that will allow them to be able to remain motivated, active, and able to safely complete their daily workouts. It does so by providing users with a steady stream of different types of feedback and information, including heart rate, but also the intensity of a workout and an ability to view progress that is being made over time.
The Lumafit wearable technology was funded by three highly successful Kickstarter campaigns.
So far, Zinc Software has been able to explode beyond its three funding targets on that crowdfunding site. At the time of the writing of this article, the latest campaign target of $60,000 had already been reached and greatly exceeded, with more than a week left to go.
One of the main selling features that is likely to attract consumers is the low price point that has been attached to the device for early supporters. Backers at this point in the product development will be able to purchase the device for only $79, which is a solid price reduction compared to the $99 for which it is expected to retail.
Lumafit is unique in that it is not a fitness band that is worn around the wrist. Instead, it slips over the back of the ear and gently clips onto the lobe. This allows it to obtain a range of different types of feedback about a user’s activities, including various types of exercise movements, like pushups.
The team of developers behind this wearable technology is led by MIT Media Lab graduates Stephen and Darran Hughes. They came up with this unique workout motion and heart rate detecting tech that allows a user to track everything from intense workouts to meditation exercises.
