Global Wearable Technology Market Report, published by Variant Market Research, forecast that the global market is expected to reach $58.3 Billion by 2024 from $18 Billion in 2016, growing at a CAGR of 15.8% from 2016 to 2024.

"Wearable Technology Market (By Applications: Healthcare and Medical, Infotainment, Industry and Military, and Fitness and Wellness; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"

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Wearable technology includes electronic devices that are designed to be worn on body as accessories. These devices are capable of connecting with internet and exchanges data between network and device. Wearable technologies in applications cover a broad range including from health and exercise, to sports and maps. Furthermore, technological innovations are constantly changing this field to make it up with the dynamic preference of consumers.

The global wearable technology market is mainly driven by increasing demand for connected devices

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Increasing demand for connected devices, rising per capita income, rising health awareness, and launch of advanced devices by key manufacturers, are some of the major aspects to drive the global wearable technology market. However, high costs of these wearable devices is the major hindrance for the growth of the market. Moreover, rising demand and growing applications for multi-featured application of smartphones is expected to equally influence the overall growth of the market in the upcoming years.

Market Segmentation

The global wearable technology market is classified on the basis of application, and geography. The classification by application comprises healthcare and medical (monitors, continuous glucose monitor, drug delivery, wearable patches, and others), infotainment (smart watches, smart glasses, augmented reality headsets, and others), industrial and military (augmented reality headsets, hand worn terminals, and others), and fitness and wellness (activity monitors, sleep sensors, smart clothing and smart sports glasses, and others).

Healthcare and Medical Dominated the Application Segment with Largest Market Share
Healthcare and medical generated the highest revenue in the application segment in 2016, owing to growing importance of medical values based on intelligent construal of continuously measured physiological data of a large number of people.

North America Accounted for The Leading Market Share During the Forecast Period

North America held for the largest market share of 42%, and is projected to endure its supremacy with fastest growth rate throughout the forecast period, owing to increasing technological innovations, and growing demand and awareness towards fitness. Whereas, the second largest share in the market with 29.2% was occupied by Europe, in 2016.

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Competitive Landscape

Fitbit the leading player in wearable technology launches latest wrist-wear offering impressive updates, such as a much slimmer design when compared to the Fitbit Charge 2. Key players profiled in this market include Adidas AG, Fitbit, Inc., Huawei Technologies Co., Ltd., Apple Inc., Alphabet, Inc., Garmin Ltd., Sony Corporation, Qualcomm Technologies, Inc., LifeSense Group B.V., and Xiaomi Technology Co. Ltd. among others.

Scope of the Global Wearable Technology Market

Application Segments
• Healthcare and Medical
o Monitors
o Wearable Patches
o Drug Delivery
o Continuous Glucose Monitor
o Other Healthcare and Medical Applications

• Infotainment
o Smart Glasses
o Smart Watches
o Augmented Reality Headsets
o Other Infotainment Applications

• Industrial and Military
o Hand Worn Terminals
o Augmented Reality Headsets
o Other Industrial and Military Applications

• Fitness and Wellness
o Activity Monitors
o Smart Clothing and Smart Sports Glasses
o Sleep Sensors
o Other Fitness and Wellness Applications

Geography Segment
• North America
o U.S.
o Canada
o Mexico

• Europe
o UK
o Germany
o France
o Italy
o Others

• Asia Pacific
o China
o India
o Japan
o South Korea
o Others

• RoW
o South America
o Middle East
o Africa

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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