Wearable Technology Market | Size, Share, Growth, Trends Industry Analysis and Market Forecast to 2026

 The global wearable technology market size is valued at USD 116.2 billion in 2021 and is anticipated to USD 265.4 billion by 2026; growing at a CAGR of 18.0% from 2021 to 2026. Increasing growth prospects of next-generation displays in wearable devices, surge in demand for IoT devices and growing demand for smart devices in the healthcare applications are the factors driving the growth of the market during the forecast period.

Driver:  Growing consumer preference for sleek and compact devices in fitness and healthcare applications

With wearable electronic devices all set to join the mainstream of personal computing, it is expected that the consumer preference for sleek and compact wearable devices would be the key driver for the wearable technology market. Wearable devices, specifically smartwatches and wristbands, are gaining traction among consumers worldwide. Also, there is an increase in demand for wearables in fitness and healthcare applications.

Wearable medical devices are handheld monitoring tools used for the identification and monitoring of potential diseases. Currently, several patients are opting for home healthcare, which is a cost-effective and efficient way of treatment, over hospital services. Wearable technologies could help in lowering costs by facilitating easy health and fitness monitoring and connecting people to their healthcare providers.

Restraint: Limited battery life

The absence of efficient and reliable battery system without compromising the ease of use of wearable device and its compactnessis a limiting factor in the wearable technology market. A major challenge to be addressed is to manage power consumption, power requirement and recharging of batteries. Managing power consumption in a cost efficient manner to meet the power efficiency of wearable devices is the factor that is expected to have restraining impact on the market.

Opportunity: Multiple application adoption of wearables

The wearable technology market is expected to witness an increasing number of new product launches. The application area for these devices is increasing rapidly-from wellness and fitness to more sophisticated and complex sectors such as medical and military-owing to the technical maturity of wearable devices. All these factors, coupled with high growth potential, would enable the rapid growth of the wearable technology market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=983

Challenge: Unaddressed regulatory issues and vulnerability of healthcare information

Regulatory requirements, especially for medical devices, are well established worldwide; however, other devices which can also be used in the medical application owing to advancements in technology are not yet required to follow the same rules. Wearables are designed to capture various data including personal, fitness, and financial data, and transmit this data for analysis or sharing; thus, challenges with regard to information security need to be handled. With further market growth and emergence of such issues, governments are expected to implement certain rules and regulations regarding privacy, security, data ownership, and consent. The GDPR has established a set of principles and tools for developers of smart glasses to assess privacy impacts. It includes recommendations to establish a new framework for privacy and electronic communication, as proposed with the ePrivacy regulation

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:               

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road                                                                      

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

Smart Lighting Market | Size, Share, Growth, Trends Industry Analysis and Market Forecast to 2026

 The global smart lighting market size is estimated to be USD 10.9 billion in 2021 and projected to reach USD 27.7 billion by 2026, at a CAGR of 20.5% during the forecast period. In recent years, the market for smart lighting has experienced significant growth, primarily due to the ongoing and upcoming smart city projects in developing economies, improved acceptance of standard protocols for lighting control systems, and the introduction of new features such as data analytics and API event generation. These factors will drive market growth through the end of the forecast period. Moreover, the surge in the demand for IoT-enabled lighting fixtures and smart lighting solutions, and increasing use of LED lights and luminaires in outdoor lighting will drive the demand of smart lighting in the near future.

Market Dynamics:

Driver:  Increasing use of LED lights and luminaires in outdoor lighting

The key reasons for installing LEDs over conventional lights include energy and cost savings. LEDs are replacing conventional light sources such as fluorescent, high-intensity discharge (HID), incandescent, and high-pressure sodium lamps in outdoor lighting applications. Outdoor lighting applications primarily include highways, roadways, public places, and stadiums. According to the US DOE, LED lighting would represent 86% of all lighting sales by 2035 due to the benefits offered by LED lights over their conventional counterparts.

Although LED light sources are energy efficient, over 30% of lighting energy consumption would be wasted if appropriate controls are not used. Lighting control systems combined with LEDs could increase the life of an LED light source, which would minimize maintenance costs, further reducing the duration of the payback period. Hence, LED lighting solutions equipped with a dynamic lighting control system would reduce the amount of lighting energy consumed. These advantages have encouraged construction enterprises associated with building highways and stadiums to deploy LED lighting systems.

Restraint:  High initial costs of smart lighting equipment and accessories

Though smart lighting systems are energy-efficient lighting solutions that can save costs in the long run, the initial cost is high due to the cost of the equipment and the cost of integration and installation services. Smart lighting systems comprise various hardware components such as dimmers, switches, sensors, control systems, and software. Hence, the installation cost of smart lighting is higher than that of conventional lighting systems. This is primarily due to the requirement for highly expensive software, control systems, and LED light sources for smart lighting solutions. This factor hampers the adoption of smart lighting control systems. However, factors such as the falling prices of LEDs and energy savings by installing energy-efficient lighting control systems are expected to minimize the impact of this restraint in the near future.

Opportunity:  Development of human-centric lighting solutions

Lighting solutions have a biological and emotional impact on human beings. Human-centric lighting solutions can boost the well-being, mood, and health of individuals as they can be adjusted in terms of directions, correlated color temperatures (CCTs), and illuminance. These lighting solutions can improve concentration, safety, and efficiency in workplaces and educational environments. In healthcare applications, human-centric lighting solutions can support healing processes, prevent chronic diseases in individuals with irregular daily routines, and improve the overall sense of well-being among patients. The increasing demand for human-centric lighting solutions has created new growth prospects for the manufacturers of smart lighting solutions. Leading smart lighting manufacturers such as Signify (Netherlands), and Hubbell (US) are developing luminaires that support the tuning of light according to circadian rhythms and the emotional requirements of humans.

Challenge: Interoperability issues between different network components

Currently, lighting control systems are facing the biggest challenge of integrating multiple interoperable technologies under one roof. Users have a wide range of options to choose from when it comes to lighting control; however, there are no uniform standards, so it is difficult to integrate the solutions they have. A lack of interoperability and incompatibility among components causes problems for end users. Hardware and software for traditional lighting control systems are typically manufactured by the same company, while controls for connected lighting solutions are developed by different businesses. Lighting systems suffer from interoperability problems, resulting in communication problems between different network components. To develop compatible products, standard protocols must be established. It is being attempted by a number of organizations, including the ZigBee Alliance and the Connected Lighting Alliance, to standardize the protocols used in connected lighting technology. This would enhance the ability for luminaires to collect and share data for analytics purposes through the use of connected technology.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=985

In smart lighting systems, ZigBee, EnOcean, Z-Wave, and Wi-Fi are the most common wireless technologies. ZigBee is one of the most widely used wireless communication protocols among system manufacturers. In order to gain a competitive advantage in the market, all manufacturers follow their own proprietary protocols and standards. Due to the intense competition in the market, common standards and communication protocols cannot be developed, thus preventing the growth of the market.

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:               

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road                                                                      

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

Smart Lighting Market | Size, Share, Growth, Trends Industry Analysis and Market Forecast to 2026

 The global smart lighting market size is estimated to be USD 10.9 billion in 2021 and projected to reach USD 27.7 billion by 2026, at a CAGR of 20.5% during the forecast period. In recent years, the market for smart lighting has experienced significant growth, primarily due to the ongoing and upcoming smart city projects in developing economies, improved acceptance of standard protocols for lighting control systems, and the introduction of new features such as data analytics and API event generation. These factors will drive market growth through the end of the forecast period. Moreover, the surge in the demand for IoT-enabled lighting fixtures and smart lighting solutions, and increasing use of LED lights and luminaires in outdoor lighting will drive the demand of smart lighting in the near future.

Market Dynamics:

Driver:  Increasing use of LED lights and luminaires in outdoor lighting

The key reasons for installing LEDs over conventional lights include energy and cost savings. LEDs are replacing conventional light sources such as fluorescent, high-intensity discharge (HID), incandescent, and high-pressure sodium lamps in outdoor lighting applications. Outdoor lighting applications primarily include highways, roadways, public places, and stadiums. According to the US DOE, LED lighting would represent 86% of all lighting sales by 2035 due to the benefits offered by LED lights over their conventional counterparts.

Although LED light sources are energy efficient, over 30% of lighting energy consumption would be wasted if appropriate controls are not used. Lighting control systems combined with LEDs could increase the life of an LED light source, which would minimize maintenance costs, further reducing the duration of the payback period. Hence, LED lighting solutions equipped with a dynamic lighting control system would reduce the amount of lighting energy consumed. These advantages have encouraged construction enterprises associated with building highways and stadiums to deploy LED lighting systems.

Restraint:  High initial costs of smart lighting equipment and accessories

Though smart lighting systems are energy-efficient lighting solutions that can save costs in the long run, the initial cost is high due to the cost of the equipment and the cost of integration and installation services. Smart lighting systems comprise various hardware components such as dimmers, switches, sensors, control systems, and software. Hence, the installation cost of smart lighting is higher than that of conventional lighting systems. This is primarily due to the requirement for highly expensive software, control systems, and LED light sources for smart lighting solutions. This factor hampers the adoption of smart lighting control systems. However, factors such as the falling prices of LEDs and energy savings by installing energy-efficient lighting control systems are expected to minimize the impact of this restraint in the near future.

Opportunity:  Development of human-centric lighting solutions

Lighting solutions have a biological and emotional impact on human beings. Human-centric lighting solutions can boost the well-being, mood, and health of individuals as they can be adjusted in terms of directions, correlated color temperatures (CCTs), and illuminance. These lighting solutions can improve concentration, safety, and efficiency in workplaces and educational environments. In healthcare applications, human-centric lighting solutions can support healing processes, prevent chronic diseases in individuals with irregular daily routines, and improve the overall sense of well-being among patients. The increasing demand for human-centric lighting solutions has created new growth prospects for the manufacturers of smart lighting solutions. Leading smart lighting manufacturers such as Signify (Netherlands), and Hubbell (US) are developing luminaires that support the tuning of light according to circadian rhythms and the emotional requirements of humans.

Challenge: Interoperability issues between different network components

Currently, lighting control systems are facing the biggest challenge of integrating multiple interoperable technologies under one roof. Users have a wide range of options to choose from when it comes to lighting control; however, there are no uniform standards, so it is difficult to integrate the solutions they have. A lack of interoperability and incompatibility among components causes problems for end users. Hardware and software for traditional lighting control systems are typically manufactured by the same company, while controls for connected lighting solutions are developed by different businesses. Lighting systems suffer from interoperability problems, resulting in communication problems between different network components. To develop compatible products, standard protocols must be established. It is being attempted by a number of organizations, including the ZigBee Alliance and the Connected Lighting Alliance, to standardize the protocols used in connected lighting technology. This would enhance the ability for luminaires to collect and share data for analytics purposes through the use of connected technology.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=985

In smart lighting systems, ZigBee, EnOcean, Z-Wave, and Wi-Fi are the most common wireless technologies. ZigBee is one of the most widely used wireless communication protocols among system manufacturers. In order to gain a competitive advantage in the market, all manufacturers follow their own proprietary protocols and standards. Due to the intense competition in the market, common standards and communication protocols cannot be developed, thus preventing the growth of the market.

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:               

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road                                                                      

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441