With the rapidly evolving landscape of wearable technology, 2024 is poised to be a watershed year, ushering in a new era of innovation, accessibility, and heightened user experiences. India had already become a leading market for smartwatches in 2022, showcasing a growth of 167% year-on-year, while the global market grew at 30%. Similar trends have been continuing in CY23 as well.
Apart from smartwatches, the Indian TWS market has also seen constant growth, with Indian brands leading the conversation.
As we begin 2024, with high hopes of increasing penetration of Indian brands, here are some of the key factors that I feel would drive the wearable industry.
The wearables market is no longer confined to the realms of smartwatches and earwear. We are already seeing the rise of specialized devices, which cater to specific needs: for example, devices like smart rings, air purifying headphones and smart eyewear, among many others. Further, with advanced health monitoring tools and augmented reality wearables, 2024 promises a diverse array of products that seamlessly integrate into a user's lifestyle, addressing their unique preferences and requirements.
At the heart of 2024's wearables revolution is also a commitment to enhancing user experience. Localization of user interfaces (UI) and user experiences (UX) will take center stage, acknowledging the diversity in India. Driven by data integration and machine learning, more brands are looking at in-house app integration. Users can expect more personalized, intuitive interaction with their devices, which will transcend the conventional boundaries of technology.
We are moving towards more integrated ecosystems amongst devices. We have seen it already from some of the top technology companies and the consumer demand for wearables with standalone features is soaring. Take, for instance, basic smartwatches that now come with SIM-based or standalone calling, and Wi-Fi connectivity, liberating users from the tether of their smartphones. This shift echoes the evolving needs of consumers seeking a more independent and versatile wearable experience.
The success story of wearables in India has been characterized by a delicate dance between high-end specifications and entry-level pricing. In 2024, this trend is not only expected to endure but flourish. As industry reports suggest, the market is becoming increasingly competitive with Indian brands finding more reach. The line is being drawn at a point where affordability meets innovation. As an industry, there is now an increasing need for providing affordable tech rather than solely concentrating on premiumization of the products.
The shift towards offline channels in 2023 emphasized the importance of an omnichannel presence. In 2024, brands will continue their strategic focus on expanding into Tier 3 and Tier 4 cities. While e-commerce platforms have been the norm, internet penetration in India is still growing at a slow rate at a mere 48.7% and we haven’t seen a significant growth between 2022 –2023 as per multiple industry reports. A multi-faceted approach to reaching the target audience is surely going to be a key factor democratizing the access to cutting-edge wearable technology.
Collaborations between global and local players will be the catalyst for innovation in 2024. International partnerships will bring forth new features and functionalities, contributing to the evolution of the wearables ecosystem in India. This trend has been common with the smartphone industry as well for a while. If we look at the already existing innovations, we have seen products with Spatial Audio, Dolby Surround Sound. In the near future, we are going to see the launch of products like wrist-worn phones. While the possibilities are endless, it is also important to see what the consumer feedback to these innovations will be.
The introduction of the Humane AI Pin has also marked a significant shift in the market; it signifies a bold leap into a future where artificial intelligence (AI) seamlessly integrates into our daily experiences. We are ideally working towards a scenario where your wearable device transcends the role of a mere accessory, transforming into a personalized, intelligent companion that enhances overall quality of life. The AI Pin heralds a paradigm shift in wearable technology, extending beyond mere feature upgrades to embody a holistic vision of technological companionship.
However, this I feel is an optimistic outlook for the AI Pin, akin to the evolution witnessed with smartphones, bringing forth its unique set of challenges. Delving deep into personal devices with profound AI integration raises pertinent questions about privacy and user autonomy, which has been a primary focus of discussion for the past couple of years.
In a manner reminiscent of the smartphone journey, the trajectory of the AI Pin hints at a future where the boundaries between technology and personal life blur, presenting both exciting possibilities and considerations.
2024 promises to be a dynamic year for wearables. With smartphone innovation increasingly becoming limited, there is huge scope for wearables to be the talk of the town in 2024. The wearables revolution is not merely about technology; it's about seamlessly integrating innovation into our daily lives, enhancing connectivity, and empowering consumers across the nation.
Tarun Gupta is co-founder of Boult. The views expressed are those of the author.
