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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