Saturday 29 June 2019

Wearable Technology Market worth 51.6 billion by 2022 with a growing CAGR of 15.5%

The report "Wearable Technology Market by Product (Wristwear, Headwear/Eyewear, Footwear, Neckwear, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Enterprise & Industrial), and Geography - Global Forecast to 2022", is estimated to grow from USD 21.7 billion in 2016 to USD 51.6 billion by 2022; it is expected to grow at a CAGR of 15.5%. The emergence of wearable technology is expected to transform the outlook of computing on-the-go. Application areas for wearable technology range from consumer durables and healthcare to enterprise, industrial, and so on. As the technology matures, it is expected to find new application verticals and increased applications in existing ones such as the wearable technology used in medical surgery. 

Wearables products type to hold largest size during forecast period

The growth of this segment is attributed to the increase in awareness of fitness and healthcare as well as increase in consumer expectations. The consumer preference is expected to grow stronger with the participation of new players and launch of new products in the wearable technology market. Key industry players are introducing new advanced wearable products which cater to various new application areas. For instance, wearable devices are currently used in medical surgery and oil and refinery plants.

Headwear & eyewear to witness fastest growth during forecast period

Headwear & eyewear includes augmented and virtual reality products, both of which have multiple applications in consumer and enterprise industries. Headwear & eyewear devices have major applications in the commercial sector such as sports and video games. Hence, this market is expected to grow at the highest rate during the forecast period.

Americas is expected to hold the largest market size of wearable technology market during forecast period

The market growth is attributed several factors technological innovations and advancements leading to the introduction of new products. Other factors promoting the growth of the market are the increasing prevalence of chronic diseases and lifestyle diseases such as diabetes, and ease of use.


Key players in the wearable technology market include Fitbit (US), Apple (US), Xiaomi Technology (China), Garmin (US), Samsung Electronics (South Korea), Alphabet (US), LG Electronics (South Korea), Qualcomm Technologies (US), Sony Corporation (Japan), Adidas Group (Germany), Jawbone (US), Misfit (US), Guangdong BBK Electronics (China), Lifesense Group (The Netherlands) among others.

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