The global Wearable Computing Market is estimated to surpass $92.1 billion mark by 2026 growing at an estimated CAGR of more than 20.1% during the forecast period 2021 to 2026. The Wearable Computing market is projected to witness substantial growth over the forecast period primarily due to advancement of technologies in which the electronic devices are embedded with the wearable such as fitness tracker, smart wrist watch and others as well as deployment in personal area networks. Adoption of smart wearable like smart watches and wrist bands are potential driving factor for the market. The majorly deployed industries are health care and Entertainment. These devices are gaining popularity owing to smart and advanced features such as easy synchronization, improved heat dissipation, behavioral modeling and high portability. These factors are set to boosts the market growth for Wearable Computing during the forecast period 2021-2026
Wearable Computing Market Segment Analysis – By Technology
The wearable computing market is segmented into Computing technologies, Display technologies, Networking technologies, Augmented Reality and others based on technology. Increasing adoption of display technologies and computing technologies in smart watches, smart bands and other devices are the driving factors for the market. Increasing adoption of OLED micro display as it is light weight and energy efficient has increased the growth of wearable market. AR eyewear is increasing in adoption for the gaming industry which in turn improves the demand for wearable computing market.
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Wearable Computing Market Segment Analysis – By End User
The market is segmented Fitness and Wellness, Healthcare, Entertainment, Defence, Gaming and Others based on End Users. Healthcare sector is witnessing fastest growth at 24.4% CAGR through 2026. Adoption of improved lifestyle in the recent period has impacted the growth of wearable computing market. Increased investment towards virtual reality wearable headset by major market players is also driving factor for the market. Wearable devices have played an important role in improving the capabilities of the soldier. Wearable technologies have been rapidly adopted in the military sector recently, as they help monitor the physical condition of soldiers during missions, improve communication between troops and military posts, and provide a comprehensive knowledge of the situation. Wearable computing for defence automation into five attributes: forces, wellness, trusted computing, situational awareness and vision & surveillance.
Wearable Computing Market Segment Analysis – By Geography
North America is the largest market for Wearable Computing Market at 37.3% share in 2020. Growth of the market in the region is attributed to rising incidence of chronic diseases such as obesity, diabetic, heart disease, and arthritis. Center for Disease Control and Prevention’s Behavioural Risk Factors Surveillance System (BFRSS) and TFAH has analyzed that U.S. obesity rate stands at 42.4 percent in 2020 and it will increase in the future. This in turn will increase the demand towards the growth of wearable computing devices. APAC is expected to increase its demand towards the wearable computing as it has the increasing population in the countries like India and China.
Wearable Computing Market Drivers
Increasing adoption of smart watches and wristbands in consumer electronics sector
Increased adoption of smart devices like smart watches and bands are the major driving factor for the growth of market. Incrementing popularity for fitness among many has increased the market share for wearable computing market. Wearable computing devices to help doctors monitor health of patients remotely and aid to prevent deaths related to health issues such as obesity, heart attacks, asthma, and diabetes. These devices can be used to track various health parameters such as body temperature, blood pressure levels, and the count of blood cells, which further helps users detect, diagnose, and other parameters on their own.
Wearable Computing in Healthcare
The rising demand of the customers to take control of their health is highly influencing the use of wearable computing in healthcare. The development of wearable devices such as fitness trackers, smart watch phones, smart health watches, smart clothing and so on are highly driving wearable computing in the healthcare industry. As the recent wearable computing is equipped with advanced features that monitor health-related problems and make the diagnostic process more convenient for medical practitioners is highly leading to the need for advanced wearable technology. Moreover, the introduction of wearable ECG monitors are also gaining huge traction in the healthcare sector which is driving the wearable computing market.
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Wearable Computing Market Challenges
High Cost and Battery Issues
The challenges associated with the Wearable Computing Market are less battery backup& High cost of these wearable computing devices are hindering the growth of the market. Data security, trust issues, and regulatory and ethical issues also not having any specific regulation for the devices, specifically for the medical devices, increases the risk of threats and other vulnerabilities. Despite the fact of the demand for this technology is increasing, one of the biggest challenges is the price.
Wearable Computing Market Landscape
The wearable computing devices market is highly fragmented and competitive in nature. Major players in the market are focusing on inorganic growth strategies such as mergers and acquisitions, to strengthen their foothold in the market. Key players are Fitbit, Inc, Apple, Inc, Adidas AG, Nike, Google LLC, Motorola Mobility Holding, Pebble technology, Samsung electronics etc.
Acquisitions/Technology Launches/Partnerships
In May, 2020, Garmin Ltd the world’s leading marine electronics manufacturer1, today announced the quatix 6X Solar, the latest addition to its new marine GPS smart watch series that features a transparent solar charging display that uses the sun’s energy to extend battery life.
In January, 2020, Nuheara, the smart-hearing company, announced the launch of IQbuds2 MAX. The feature hybrid Active Noise Cancellation and other features meant to help personalize and enhance the wearer’s soundscape.
In April 2019, Nike has acquired Invertex Ltd., a leading computer vision firm based in Tel Aviv, Israel, as it continues to strengthen its digital technology platforms.
Key Takeaways
The increasing adoption of smart watches and wristbands among consumers is one of the major factors driving growth of the wearable computing devices market.
Increasing popularity towards fitness helps the trainers and doctors to keep track about their clients as they can be used to track heartbeat rate, BP, body temperature and others. It is easy analyse these without visiting hospital or any lab.
Increasing advancement of IoT, Sensor has driven the market towards the wearable.
North America is expected to dominate the market in the forecasted period. This growth is attributed with increasing heart related diseases, Obesity, Diabetics, and other chronic diseases.
Related Reports :
A. Wrist Wearable Devices Market
https://www.industryarc.com/Report/167/wrist-wearable-devices-market-analysis-and-forecast.html
B. Wearable Fitness Technology Market
https://www.industryarc.com/Report/15471/wearable-fitness-technology-market.html
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