Since its inception in 2013, hearables have become the fastest growing consumer technology sector we have ever seen. Far from slowing down, that growth is continuing, providing massive opportunities for innovation in the sector as new entrants challenge Apple’s dominance.
Six years on, this report looks at the current status of the hearables market and predicts where it will go in the coming six years.
Apple’s unexpected entry into the hearables market heralds a period of major change. The result is likely to be a faster move to wireless headphones, an acceleration in the take-up of earbuds, and the prospect of an overall market revenue exceeding $40 billion in 2020. This report looks at the opportunities, the challenges and the potential market size.
The consumer electronics industry has convinced itself that wearable technology will be the next big thing, with analysts predicting a market worth over $30 billion by 2020. That belief is driven by a desperate need for major companies to find something to follow on from laptops, tablets and PCs all of which are being commoditised.
The problem is that their model for wearable technology is built around technology push, trying to shape their technology to fit consumers. It is a strategy that is likely to fail, as wearable technology is more, rather than less, personal. This presentation is an overview of my recent report which takes the contrary viewpoint, building the market opportunity from known consumer behaviour and preferences. It suggests the market will still reach $30 billion in 2020, but with a very different mix of products being made by some very different companies.