The global wearable technology market is projected to touch USD 50 billion at a 16% CAGR over the forecast period (2016-2022), reveals the latest Market Research Future (MRFR) report. Wearable technology comprises of electronic devices that can be implanted in the body, embedded in clothing, or worn as accessories. Different types of wearable devices are available in the market, including fitness trackers, smart watches, sports watches, head-mounted display, smart clothing, smart jewelry, and implantable. These devices are hands-free and have motion sensors, which take a snapshot of people’s daily activity and sync it with a laptop or mobile devices.
From consumer applications, fitness, healthcare, sports, defense and military, to lifestyle, Wearable Technology Market has gained immense recognition. Wearable technology is already enhancing the overall lifestyle of millions across the world. Encouraging proactive healthcare, keeping patients engaged, monitoring vulnerable patients, and improving communication and productivity are some of the key benefits that have made wearable technology so popular.
Various factors are driving the growth of the wearable technology market. These factors, in accordance with the Market Research Future (MRFR) report, include a shift towards fitness-consciousness, changing consumer lifestyles, need for advanced technology for security applications and healthcare, and various benefits such as convenience, flexibility, ease of use, operational efficiency, fitness tracking, and real-time data monitoring. Additional factors propelling the market growth include the increasing popularity of smartphones, mobile networks, mobile applications, computing, and broadband connectivity.
On the contrary, high price, durability, limited battery life, and data security issues are factors that may restrict the wearable technology market growth over the forecast period.
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Leading players profiled in the global wearable technology market report include Adidas AG (Germany), Xiaomi Inc (China), Apple Inc (US), Google Inc (US), Garmin Ltd (US), Qualcomm Technologies, Inc (US), Fitbit (US), Jawbone (US), Samsung Electronics Co, Ltd (South Korea), Sony Corporation (Japan), Nike, Inc (US), Life sense Group (The Netherlands), and Misfit Inc. (US).
June 2019- Researchers at the University of Bristol have created soft, wearable rehabilitative devices which can assist disabled and elderly people to move with safety and comfort. They are made of electroactive gel materials that are 3D-printable, and soft yet strong pneumatic chains which will change shape as it is inflated and at the same time will also exert considerable force.
The Market Research Future report offers a wide segmental analysis of the wearable technology market based on technology, product, application, and components.
Based on product, the wearable technology market is segmented into smart clothing, implants, neckwear (smart jewelry), wearable cameras, wristwear (smartwatch and fitness trackers), and eyewear and headwear (virtual reality and augmented reality). Of these, the wristwear segment will have the largest share in the market over the forecast period.
By technology, the wearable technology market is segmented into display technologies, sensor technologies, computer technologies, and networking technologies.
Based on components, the wearable technology market is segmented into sensing, memory, battery, and control.
By application, the wearable technology market is segmented into defense, consumer electronics, industrial and enterprise applications, fitness and wellness, and healthcare. Of these, the fitness and wellness segment will dominate the market over the forecast period.
Based on the region, the wearable technology market report covers growth opportunities and the latest trends across the Asia Pacific, North America, Europe, and Rest of the World. Of these, North America will dominate the market over the forecast period. This is owing to higher health concerns, IT modernization, various technological developments, and awareness of product usage.
The wearable technology market in Europe is predicted to have a steady and considerable growth over the forecast period.
The wearable technology market in the Asia Pacific region is predicted to have favorable growth over the forecast period. This is owing to rising tech-savvy population and increasing awareness about the benefits of wearable technology. China along with India are the key contributors in this region due to the increasing use of smartphones and rise in internet mobility.
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