Operators in the wearable technology category face cost barriers with consumers likely to respond well to budget conscious devices.
Albany, NY -- (SBWIRE) -- 01/05/2018 -- The wearable technology marketplace in Canada is a classical Goldilocks, with some consumers finding value in what modern technology offers to them, whereas some being skeptic about the features and value for money related to wearable technology. The report titled "Wearable Technology - Canada - November 2017" offers in-depth analysis and information on the key factors that are likely to impact the growth of the market in the near future. The report has been added to the comprehensive repository of Market Research Hub (MRH).
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According to the report, wearable technology remains popular among the millennials and consumers in the age bracket 18-44 years; however, introducing the technology in the 45 and above category demands a holistic marketing plan, which has been found lacking amongst most of the players in the market. In addition to a general lack of understanding of the real benefits of wearable technology, consumers are also put off by the high price of these devices. A significant percentage of consumers in the market believe that smart watches are overpriced. In spite of the skepticism, there are opportunities for the key players, who can tap into the unmet needs of the consumers.
The report offers an in-depth analysis on the difference in perception about wearable technology among male and female consumers in Canada. Women view wearable devices as a fitness tool, and this can be a positive indicator for manufacturers who are looking to capitalize on the opportunities emerging in this market. The opportunities can be beset by challenges including time and monetary constraints, however, advances in the wearable technology can mean that wearable devices becomes mainstream in the years to come.
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The wearable technology market in Canada may not be performing to its potential at the moment, however, it is highly likely that broader advances in IoT and connected devices will fuel adoption in the near future. The level of reluctance towards wearable technology can witness a decline if connected devices become mainstream. According to the report, broader trends in the IT sector have the potential to have a positive impact on the wearable technology market in Canada in the near future.
In addition to qualitative analysis, the report also offers detailed analysis on the consumer behavior among smart watch and fitness tracker owners. The attitudes towards wearable technology are discussed in detail in the report, with key estimates that around half of the consumers feeling that smart watches being overpriced reflect the urgent need to make the technology mainstream.
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