Wearable computing includes devices which are normally small computing devices that can be worn on the body. They can be used for a variety of specific purposes or general purposes depending on the device. Market Research Future has determined the growth of the market at a CAGR of 15% during the projection period from 2017 to 2023. The rapid development in the market and equally rapid adoption of wearable computing is expected to result in an estimated market value of USD 35 Bn by the end of 2023. Wearable computing extends to various types of devices ranging from activity monitoring devices, and wearable cameras, to intelligent eyepieces and smartwatches.
Innovation in the Wearable Computing Market has been consistent for decades. However, it is in the past few decades that real progress has been witnessed as innovative wearable devices are rapidly being launched one after the other with every new version growing more and more sophisticated. Wearable computing has been designed for a number of industry verticals such as defense & security, medical & healthcare, home automation, enterprise & industrial, infotainment, fitness, and entertainment applications. Medical wearable devices have had perhaps the most utilitarian impact as they are increasingly being used to monitor patients among other applications. Fitness applications such as the Fitbit and other similar wearable devices which work in tandem with smartphones to display vital health states such are heart rate, activity rate, and others. Increasing health consciousness among millennials and the desire to manage one’s own health has resulted in widespread adoption of such fitness and wellbeing devices. Smartwatches are another fine example of wearable computing as these devices sync with smartphones to run applications and tasks in an integrated or independent manner. Research and development of independent wearable computing are likely to produce new opportunities for growth. Various market players in the wearable computing field are increasing investments in wearable computing technology and working toward the development of devices that work well with the internet without the need for syncing to smartphones. The high adoption of smartwatches, wristbands, and other devices is expected to propel the market. While consumer fascination with novel technology, gadgets, and smart technology is expected to both drive the market and lead the market toward new technology.
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It should be noted, that despite the high promise present in the market regarding its growth, high power consumption and restricted battery usage is likely to hinder market growth. These challenges are likely to be mitigated by ongoing R&D activities toward improving currently available devices.
Some of the key players of wearable computing market include Nike Inc. (U.S.), Pebble Technology Corporation (U.S.), Valve Corporation (U.S.), Zephyr Technology Corporation (U.S.), Samsung Electronics Co., Ltd (Republic of Korea), Smartlife Technology Ltd (Manchester), Fitbit Inc. (U.S.), Apple Inc. (U.S.), Adidas AG (Germany), LG Electronics, Inc. (Republic of Korea), Motorola Mobility Holdings, Inc. (U.S.), Sony Corporation (Japan), Philips Healthcare (Amsterdam), Microsoft Corporation (U.S.), and Boston Scientific Corporation (U.S.)
The wearable computing market has been segmented on the basis of technology, product, end-user, and region in MRFR’s report. Technology has been segmented to include display technology, networking technology, and other technology. Display technology has been further segmented to include augmented reality, and virtual reality. Further sub-segmentations have been included in the report.
Products in the market have been segmented into activity monitoring device, smart clothing & textiles, wearable camera, and virtual reality eyewear.
End-users have been segmented into home automation, medical & healthcare, defense & security, enterprise & industrial, infotainment, gaming, fitness & wellness, and other applications.
North America leads the market with the largest share due to the presence of the U.S and Canada, which make up the majority of the region and are highly developed. The consumers in these regions have high disposable incomes and a high affinity for the adoption of smart gadgets and other personal devices that are highly advanced in nature. The presence of market leaders in the region, as well as the ongoing development of wearable computing devices, is expected to help the region retain its majority share. The Asia Pacific meanwhile is growing rapidly due to the presence of various emerging economies which are also industrial hubs for electronics. Moreover, the rising awareness regarding advanced wearable devices and the rising disposable income in rapidly urbanizing economies will likely lead to significant growth for the APAC market.
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- Research Firms.
- Government Agencies
- Wearable smart device and accessories manufacturers.
- Military and security systems and equipment manufacturers.
- Multimedia marketing and gaming industries.
- Cloud services providers
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