Wearable Technology Market Global Market – Overview
Market Research Future (MRFR) asserts that the global industrial automation market size can expand at USD 50 Billion by 2022. During the forecast period (2016-2022), MRFR expects the market to record a growth rate of 16%, adds MRFR.
Top Drivers and Key Barriers
Over the years, the worldwide wearable technology has noted high adoption across the globe, on account of its flexibility, convenience, and ease of use. This technology offers real-time data monitoring, fitness tracking as well as operational efficiency, which can further add to the market demand in the coming years.
The applications of wearables go hand in hand with the surge in its implementation across different verticals. In addition, technological developments in software & hardware components coupled with their rising adoption in healthcare, defense and fitness stimulates the growth of the wearable technology market. But, the limited battery life of the wearable technology can slow down the adoption rate of the market during the estimated period.
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On a different note, wearables find widespread use in a variety of industries, including consumer applications, defense, fitness and sports, lifestyle, enterprise and industrial and others. The market also benefits from the mounting awareness regarding the benefits of wearables as well as the rising frequency of technological advancements.
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).
The global market for Wearable Technology Market has been extensively perused by MRFR experts, with respect to segments like product, technology, components, and application.
Given the product segment, the market comprises wearable cameras, implants, neckwear (smart jewelry), smart clothing, wrist wear (fitness trackers and smart watch) and headwear and eyewear (augmented reality and virtual reality). Out of these, the wrist wear products have managed to gain maximum share in the market, whereas the smart clothing segment has the potential to note significant increase in the following years.
Technology-wise, the wearable technology market has been considered for networking technologies, sensor technologies, computer technologies and display technologies.
Depending on the components, the market caters to sensing, connectivity, memory, control and battery.
Application-wise, the segment covered in the report are defense, industrial and enterprise applications, consumer electronics, fitness and wellness and healthcare. Between these, the fitness and wellness segment along with the healthcare segment are bound to observe striking growth in the years ahead.
MRFR has covered all the growth opportunities as well as latest trends in the global market for wearable technology, as per regions including North America, Asia Pacific (APAC), Europe, and the Rest-of-the-World (RoW).
North America is the most lucrative market for wearable technology, thanks to the high awareness about product usage combined with rising health concerns among people. Additionally, IT modernization along with various technological advancements taking place in the region induces market growth. Mounting concerns about obesity and various other chronic diseases have resulted in the boosted demand for wearable devices like body monitors and activity trackers, which give real-time information about the health of the body.
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Europe is proving to be a strong market for wearable technology and is expected to maintain its growth rate even during the review period. A number of wearable devices companies in the region are making sizeable investments in research and development (R&D) to explore effective solutions that can help them gain higher share in the market. Surge in technological features as well as advancements can also drive the wearable technology market in the following years.
The APAC market is likely to have a fast-paced growth in the near future, given the soaring awareness and the expansive tech-savvy population. Countries like India and China are known for having a high population of smartphone users, with internet mobility on the rise, which is bound to work in favor of the wearable technology market in the region.
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