In this rapidly changing environment, technology needs are ever increasing. The market trend towards the higher requirement of smart gadgets, higher accuracy are driving the wearable technology market. Innovation is a key driver of wearable technology market. The market trend indicates that wearable technology has become a fashion statement.
The study indicates that many organizations are largely investing in wearable technologies. Observing the current trend and sales the study indicates a sudden hike in Wearable Technology Market. The wearable technology has many benefits as ability to retrieve different physiological parameters, simplify daily functions, and others which boosts the market. Whereas the higher costs of the wearable technology devices are restraining the wearable technology market. The battery life and usability issue are few restraining factors for the wearable technology market.
The Wearable technology Market is growing rapidly over 16% of CAGR and is expected to reach at USD 50 billion by the end of forecast period.
The prominent players in the Wearable technology market are Adidas AG (Germany), Xiaomi Inc. (China), Apple Inc. (U.S.), Google Inc. (U.S.), Garmin Ltd. (U.S.), Fitbit (U.S.), Jawbone (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Qualcomm Technologies, Inc. (U.S.), Nike, Inc. (U.S.), Lifesense Group (The Netherlands), Misfit, Inc. (U.S.) among others.
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Wearable technology Market Segmentation
Wearable Technology Market has been segmented on the basis of product, technology, components and application. Looking through the product segment it’s been observed that wristwear products are dominating the wearable technology market where as the smart clothing’s products are expected to show a substantial increase in Wearable technology market. The wearable technology market is dominated by consumer electronics sector. However the fitness and wellness sector and the healthcare sector are showing a positive growth towards wearable technology.
Recently, it has been observed that many companies are developing new wearable technologies for the smart clothing segment. Google Inc. is going to launch a new wearable technology named Jacquard, it a smart- jacket. Many other companies like Nike, Adidas have their wearable products like smart t-shirts, smart shoes and others.
Market Research Analysis:
Regional analysis for Wearable technology market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region would account for larger share in wearable technology market followed by Europe. It has been observed that North America region has technological developments and IT modernization which has resulted in the growth of Wearable Technology Market.
The study reveals that Asia-Pacific region is expected to have a significant growth in wearable technology market by the forecast period. Asia-Pacific countries like China, India and Korea have maximum smartphone penetration which is the primary growth driver for the Asia-Pacific region.
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- Technology investors
- Consumer wearable manufacturers
- Healthcare-related product manufacturers
- Integrated device manufacturers (IDMs)
- Wearable electronics technology platform developers
- Original manufacturers (OEMs)
- Smart grid integrators
- Surface mount component device distributors and providers
- Research/Consultancy firms
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