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November 2, 2015

UK IOT wearables market is failing to take off

News: Looks set to stagnate in 2016 in all sectors except one.

By Joao Lima

The hype around IoT wearables could plunge as early as next year as most sales will be to existing customers.

A UK study found wearables will not see much uptake over the next months with the market potentially stagnating as early as next year.

According to YouGov, the main problem is that much of the increase in wearables sales will come from current owners.

With 6% of the UK’s adult population currently owning a wearable, just 20% of the three million-or-so consumers who said they plan to buy a wearable will be second time buyers. 55% of those who currently own a wearable said they will get another device in the future.

However 20% of those who already own a wearable said they do not use them anymore.

The pollster said that most of the wearables currently being sold are fitness devices and not smartwatches. This points to wearables remaining a niche market for fitness fanatics or would-be exercisers.

Russell Feldman, director of digital, media and telecoms at YouGov, said: "It is increasingly apparent that the wearables industry needs to create user cases to help increase penetration. This needs to come from manufacturers, retailers, operators, fitness centres as well as other interested parties."

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A study from the American College of Sports Medicine (ACSM) predicts wearable technology to be the top trend in the fitness space in 2016.

 

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