Wearable Technology Market Global Market – Overview

In the current busy world, the majority of the people wish to track their day to day activities for improving their life. This has propelled the growth of the Wearable Technology Market which is predicted to grow at an alluring USD 50 Billion at 16% CAGR during the assessment period (2016-2022). The wearable devices can be worn on the body either as accessories or implant for using the wearable apps for different functionalities and allows hands free operations. From healthcare, sports, fitness, lifestyle, consumer applications to defense and military sector, this technology gained immense recognition owing to technological advancements and innovation and also its convenience, flexibility and ease of use. In short, the wearable technology has turned into a fashion statement.

The growing popularity of broadband connectivity, computing, mobile applications, mobile networks and smart phones are contributing towards the growth of the wearable technology market. Apart from this, some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include niche markets, low barriers, less competitors and no standard device type. However, data security issues, limited battery life, durability and high price of devices are likely to hinder the growth of the wearable technology market over the forecast period.

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Key Players

Leading players profiled in the wearable technology market include Misfit Inc. (US), Lifesense Group (The Netherlands), Nike, Inc (US), Qualcomm Technologies, Inc (US), Sony Corporation (Japan), Samsung Electronics Co, Ltd (South Korea), Jawbone (US), Fitbit (US), Garmin Ltd (US), Google Inc (US), Apple Inc (US), Xiaomi Inc (China) and Adidas AG (Germany).

Dec 2019- Commuter X Jacquard smart jacket that was introduced by Google and Levi has gotten smarter as it comes with a new mode “Always Together” that has been specially designed for preventing users against leaving their jacket or smartphone behind. One can set up this automatic alert to trigger the moment the distance amid the jacket and the phone gets too great.

Oct 2019- Garmin International Inc revealed about its partnership with Fitabase for collaborating on the wearer user data’s deep analysis to augment user engagement. It is this partnership that will enable the researches at Fitabase to get data from the Garmin wearables with the help of the Fitabase platform for offering deep data analysis.

Wearable Technology Market - Segmentation

Segmentation by Product: Wristwear (smart watch, fitness trackers), headwear and eyewear (augmented reality, virtual reality), neckwear (smart jewelry), smart clothing, wearable cameras, and implants.

Segmentation by Technology: Computing technologies, display technologies, networking technologies, and sensor technologies.

Segmentation by Components: Control, memory, battery, sensing, and connectivity.

Segmentation by Application: Fitness & Wellness, Consumer electronics, Healthcare, Defense, and Enterprise & industrial applications.

Segmentation by Region: North America, Europe, Asia-Pacific and Rest of the world.

Wearable Technology market - Regional Analysis

The regional analysis of Wearable Technology market is studied for North America, Europe, Asia-Pacific and Rest of the World.

North America is expected to dominate the wearable technology market during the forecast period. Rising concerns over fitness in countries like US and increased application of wearable devices in healthcare are the factors driving the growth of wearable technology market in the region.

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Asia pacific is expected to contribute significantly to the wearable technology market during the forecast period. Increase adoption of smartphones and their integration with wearable devices in countries like China, India and Japan is driving the growth of the wearable technology market in the region. Europe is expected to grow positively in the wearable technology market during the forecast period. Increased popularity and usability of wearable devices like smart watches is driving the growth of the wearable technology market in the region.

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