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 2025", is expected to reach USD 56.8 billion by 2025, at a
CAGR of 11.28% between 2016 to 2025. The driving factors for the growth of this
market include consumer preference for sophisticated gadgets, increasing
popularity of smartwatches and wristbands in consumer market, increasing growth
prospects of next generation displays and integrated consumer wearables,
increasing popularity of wearable fitness and medical devices and growing popularity
of internet of things and connected devices.
In 2016 consumer electronics was the
biggest segment in terms of market size:
The
growth of wearable technology in consumer electronics sector is mainly
attributed to the rising consumer demands coupled with the proliferation and
suitability of the enhanced communication protocol and miniaturization of
sensor technology. Sensors and wearable devices can be integrated into various
accessories such as garments, hats, wristbands, socks, shoes, eyeglasses, and
other devices such as wristwatches, headphones, and smartphones because of
their compact size and advanced integration technologies. Additionally,
wearable electronic devices find compelling applications in fitness and sports.
From smart wrist watches that record heart rates to intelligent bands that
track physical activities, wearable technology in the form of fitness
monitoring devices attract increasing attention from health-conscious
consumers.
Wrist wear market segment is expected to
dominate wearable market during the forecast period :
Wrist
wearable products are likely to explode in popularity in the coming years. The
market is abuzz with the talk of smart watches expected to be launched by
leading players. Many leading companies have already launched smart watches and
wristbands. It is expected that with major companies foraying into the market
such as Apple and Samsung, the look and feel for wearables would increase
immensely. These devices won’t be just a computing device but a style
statement. And it is no surprise that sports apparel and fitness brands such as
Nike and Adidas are also launching smart wrist wear that not only monitors
health parameters but also magnifies the aesthetics sense of users.
Americas market is expected to grow at a
highest CAGR during forecast period
The
Americas comprises the largest market share in wearable technology due to
several factors. One of the most important factors is technological innovations
and advancements, which led to the introduction of new products. The increasing
demands from consumers and medical application have also led to the growth of
wearable technology in the Americas. Other factors promoting the growth of the
market are increasing incidences of chronic diseases, diabetes patients, and
ease of use.
Major
players in the wearable technoloyg market are Fitbit (U.S.), Apple, Inc.
(U.S.), Xiaomi Technology Co., Ltd. (China), Garmin, Ltd. (U.S.), Samsung
Electronics Co. Ltd. (South Korea), Alphabet (U.S.), LG Electronics (South
Korea), Qualcomm Technologies (U.S.), Sony Corporation (Japan), Adidas Group
(Germany), Jawbone, Inc. (U.S.), Misfit, Inc. (U.S.), Guangdong BBK Electronics
Co., Ltd (China) and Lifesense Group B.V. (Netherlands).
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