Wearable Technology Market
The wearable technology market is growing popular due to its ease of application, flexibility, and convenience. These gadgets can be worn as accessories or part of the dress and use sensors to connect. In addition, these devices are power efficient, leave almost no carbon footprint, and are mostly lightweight which provide significant traction to the market. The sector is percolating at breakneck speed into industries such as defense, consumer applications, lifestyle, fitness & sports, and enterprise. This can be attributed to the awareness regarding the benefits of wearables. At the same time, the growing adoption of smartphones, better mobile networks & applications, increased computing, improved broadband connectivity, and other activities are creating expanse for the wearable technology market to explore. The global wearable technology market can witness a rise by an excellent 16% CAGR during the forecast period (2016-2022). The valuation, as the report published by Market Research Future (MRFR) suggests can exceed USD 50 billion by the end of 2022. The report further includes segmental analysis, expert reports, market drivers that can impact the coming years, and the competitive landscape for an extensive understanding of the entire market.
Its application in the different sector has given rise to the wearable technology market. Moreover, it is getting guided by the advancements taking place in software and hardware. Fitness & healthcare sector is benefitting the most. Especially, when the need for constant monitoring arises, wearable technology can provide optimum results. In the healthcare sector, heads-up displays, smart glasses, smart watches, wearable patches, continuous glucose monitor, drug delivery monitors, and others are finding multiple roles to perform. This pervasion can provide the wearable technology market much scope for expansion. Defense sector can also use wearable technology to the fullest for surveillance and security purposes.
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Segmentation:
As per the report published by MRFR, the global wearable technology market can be segmented by product, technology, components, and application.
Product-wise, the wearable technology market can be segmented into eyewear (augmented reality and virtual reality), implants, smart clothing, wearable cameras, neckwear (smart jewelry), headwear, and wristwear (fitness trackers and smart watch). The wristwear segment is dominating the market by generating maximum revenue.
Technology-wise, the wearable technology market includes sensor technologies, networking technologies, display technologies, and computer technologies.
Components-wise, the wearable technology market can be segmented into memory, sensing, battery, connectivity, and control.
Application-wise, the wearable technology market includes healthcare, consumer electronics, industrial, enterprise applications, defense, and fitness & wellness. Fitness & wellness sector is thriving from the demands generated by the healthcare sector.
Regional Analysis:
Region-specific detailed analysis of the wearable technology market namely includes Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America is currently enjoying the edge over the rest by thriving on the robust technological infrastructure and superiority of the defense and healthcare segments. At the same time, the adoption rate of such technologies is quite high in the region which is backing the market.
The APAC market is expected to grow substantially as the growing population is creating volume-wise opportunities for new companies to explore the market potential. China and India can promote the market further as the smartphone uptake is receiving an unprecedented boost.
Competitive Landscape:
Major players performing well in the wearable technology market include Apple Inc (US), Sony Corporation (Japan), Lifesense Group (The Netherlands), Misfit Inc. (US), Qualcomm Technologies, Inc (US), Nike, Inc (US), Samsung Electronics Co, Ltd (South Korea), Jawbone (US), Fitbit (US), Garmin Ltd (US), Google Inc (US), Xiaomi Inc (China) and Adidas AG (Germany).
In December 2018, Google and Levis collaborated to develop Commuter X Jacquard smart jacket. The jacket has a sensor attached to it, which can get triggered and send an alarm to the user if the distance between the person using it and the jacket grows big. The Product has been launched with “Always Together” tagline.
In 2018, Leaf Wearables of India started promoting wearable lockets that would use the wearer's smartphone to alert her friends in case of emergency.
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