Poll suggests the wearable market is booming, but what are the prospects for the Apple Watch?

By the end of 2015, as much as 13 per cent of the UK population will own a wearable device such as a smartwatch or fitness band, according to a recent YouGov poll. YouGov’s, Wearables Tracker Wave 2, issued at the end of 2014, sampled both owners and non-owners of a wearable device in the UK, with the aim of determining market growth and identifying key demographics in the market.
Focusing primarily on smart watches and fitness bands, the polling data provides a number of useful insights into those who own, and are interested in buying a wearable in the future. YouGov have been monitoring the wearables market since the beginning of 2014, when they gauged market penetration at 2 percent. In September 2014, they judged it to be 6 per cent, their recent prediction of 13 per cent by the end of 2015, provides yet more evidence of the growing opportunity in the wearables market.
According to the report, smart watch owners are mostly male (70 per cent) and aged between 25-44. On the other hand, females are more likely to own a fitness band (51 per cent), but there is a much more even spread of ages here, with almost as many owners aged 55+ (26 per cent) as those aged 35-44 (27 per cent).
In all likelihood, smart watches will continue to be purchased predominantly by males (70 per cent), whilst fitness bands are judged to be mainly bought by women (72 per cent). Unsurprisingly, key social grades for both will be working professionals (ABC1), and will most likely be between the ages of 35-44 (30 per cent for smart watches and 29 per cent for fitness bands). The appeal of both smart watches and fitness bands for those aged 55+ is also predicted to last, with that age group forming 19 per cent and 22 per cent of each respective market.
YouGov’s poll suggests people are becoming increasingly aware of wearable devices: those who were aware of smart watches grew 73 per cent to 81 per cent, from September-November 2014, whilst those who were aware of fitness bands increased from 66 per cent to 73 percent over the same period.
According to Yougov’s polling data, this increased awareness of wearables coincides with announcement of the Apple Watch, which has also led to Apple overtaking Samsung as the most well-known wearables brand. Indeed, the majority of respondents (57 per cent) claimed they would consider buying an Apple wearable, more than any other brand.
However, last week an article in The Economist cast an element of doubt on the mass-market penetration of the Watch, citing its short battery life of 18 hours, compared with the Pebble’s 7 day battery or the Timex, Ironman One’s 3 day battery life. Moreover, the article also included research by bank, Morgan Stanley, which revealed that most people they had interviewed were unwilling to pay the entry level price of $349. The lack of cellular connectivity in the Watch means there will be no subsidy from operators that would otherwise keep the upfront cost down.
At Mobile World Congress 2015, operator, AT&T, demonstrated some of the exclusive functions of cellular-connected devices, and their broader vision of how the smart watch will play a big part in connecting devices, and act as a control hub for home appliances which can be remotely operated. This will involve shared data plans; being able to share your data across home, watch and car, for which there will be a need for a need for cellular connection.
Although the Apple Watch has gained widespread publicitywhich bodes well for its short term  prospectsthis will also have alerted those who are not tech-savvy, to the very existence wearables, and thus potentially to other brands in the market. Whilst YouGov’s poll suggests people are interested in purchasing the Watch, consumers are still largely unaware of the specifics of the IoT and the benefits of cellular connectivity. When it becomes common knowledge that cellular-connected wearables offer a much greater potential range of functions, the first question people may ask before making a purchase may well be: ‘how is this device connected?’.