According to Gfk, the current revenue of the wearables segment reached 13,615m by February 2019 and approximately 319.3m users worldwide.
According to several research sources this market is estimated to increase through the next years. IDTechEx estimates that it will reach $100bn annually by 2024.
Certain motivations to penetrate the fashion industry may be the fact that fashion items are easy and flexible to wear, in combination with the fact that it is a 4 billion industry. This to the fashion industry signifies, extended functionality, and in
some cases enhancement of quality and materials.
It is estimated that the growth of the wearable market depends on its ability to match the aesthetics and price range of existing consumer tastes and preferences.
In other words, it should be socially acceptable. Which means wearables should comply with certain parameters such as almost imperceptive integration, comfortability, portability, practicability, or the property of being aesthetically appealing.
One successful product case that we can relate with, is smart watches or track bands, even with all the customers criticism against the utility of those items, the demand is always increasing, leaded by players like Apple, Garmin, Fitbit.
On the luxury sector Fossil has taken over Misfit and collaborated with brands like Michael Kors, Kate Spade and Skagen for developing smart watches.
Now, the product line is being extended not only to watches but also accessories and apparel in general. Product cases exemplifying this are spectacles, glasses with an integrated camera, or a series of smart wallets and bags.
Users tend to question the use of all the possibilities offered by wearable devices, arguing that the current necessity and the frequency of the self-monitoring will not necessarily increase for daily purposes.
Some concerns worth mentioning are for example privacy and loss of control over personal data. In this context it is clear that the wearables may be more dangerous than helpful. Anyways, the tendency with other products of this kind, just like
with smartphones, is the parallel development of solutions for preventing and resolving those security issues.
With all the IoT innovations across fields, for example, smart autos, smart homes or even smart farming, we will require more possibilities to easily manipulate, keep track and facilitate new interfaces and issues that may result from them.
Technological integration with clothes seems like a perfect and easy solution.