Accenture consumer survey reveals market opportunities in wearable technologies

NEW YORK, USA: In a consumer electronics world dominated by smart­phones, HDTVs, laptop computers and tablet PCs, a new market category is generating significant consumer buying interest: wearable technologies.

A new Accenture survey (Accenture Digital Consumer Tech Survey 2014) found that more than half of consumers (52 percent) are interested in buying wearable technologies such as fitness monitors for tracking physical activity and managing their personal health. The survey of more than 6,000 people in six countries - Australia, Canada, India, South Africa, the United Kingdom, and the United States -- showed that many are also interested in buying smart watches (46 percent) and Internet-connected eyeglasses (42 percent).

Wearable technologies deliver a wide range of capabilities: fitness monitors track a person's heart rate and calories burned, while Internet-connected eyeglass displays enable consumers to browse the Internet, take digital photos and receive hands-free notifications. Among the six countries, consumers in India were most interested in buying fitness monitors (80 percent), smart watches (76 percent) and Internet-enabled eyeglasses (74 percent).

"In the past year wearable technologies have emerged as the next big consumer electronics market category, particularly for health and wellness," said Mattias Lewren, global MD of Accenture's Electronics and High-Tech industry group. "To capitalize on this growth opportunity, consumer electronics companies should consider investing in wearable product innovation and industrial design, and building ecosystems that connect wearables to the broader array of interactive digital networks. Every consumer is a digital consumer, and the keen interest in wearable technology provides further evidence of that."

In addition, the survey found significant consumer interest in purchasing phablets, an emerging category of mobile devices that combine smartphone and tablet PC functions while featuring a screen size of five-to-seven inches -- in between a traditional smartphone and a tablet PC. The survey also unveiled strong purchase plans over the next year for traditional smartphones, HDTVs, laptops and tablet PCs.

Consumers crave phablets

More than half of consumers (52 percent) who plan to buy a traditional smartphone in the next year indicated they would prefer a phablet. And while interest in phablets was significant, the surveyed also revealed that consumers continue to show strong interest in buying traditional smartphones and tablet PCs.

During the next year, for instance, 52 percent plan to purchase a smartphone and 40 percent a tablet PC. Similarly, 41 percent intend to buy a HDTV and 38 percent a laptop. Consumers' plans to buy these four types of multi-function devices - typically the most popular product categories in consumer electronics -- far exceed the percentages that plan to purchase single-function devices such as home game consoles (25 percent), Global Positioning Satellite (GPS) navigation units (23 percent) and ebook readers (22 percent).