The electronic gadgets or technology devices that can be worn on the body as an accessory or as a part of clothing are called as wearable technology gadgets. The wearable gadgets use sensors to connect. Rising popularity of smart phones, mobile networks, mobile applications, computing, broadband connectivity and others are the major contributors of wearable technology market.
The Wearable Technology Market leads to business opportunities in new markets. Benefits of Wearable technology can be given as the Wearable technology is power efficient, has small footprint and others. The study indicates the adoption of miniaturized sensors, innovations in medical and automotive sectors are driving the wearable technology market. Factors such as many niche markets, less competitors, low barriers and no standard devices type would boost the wearable technology market by the forecast period.
The wearable technology can be differentiated depending on the product type as wristwear, Headwear and Eyewear, Neckwear, Smart Clothing, Wearable cameras and Implants. The wristwear devices available in market include fit-bands, smart watches and others, the head wear and eyewears devices available in market are head-mounted display and Google glass. As the wearable devices are still in development phase and very new to the market, usability is an issue in the wearable technology market. Wearable devices have a low battery life which is one of the restraining factor for wearable technology market.
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The global industrial automation market is expected to grow at USD ~50 Billion by 2022, at ~16% of CAGR between 2016 and 2022.
- 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.)
Wearable technology is market is segmented on the basis of product, technology, components and application.
Wearable technology market by Product:
- Wristwear (Smart watch, fitness trackers)
- Headwear and Eyewear (Augmented reality, virtual reality)
- Neckwear (Smart jewelry)
- Smart Clothing
- Wearable cameras
Wearable technology market by Technology:
- Computing Technologies
- Display Technologies
- Networking Technologies
- Sensor Technologies
Wearable technology market by Components:
Wearable technology market by Application:
- Fitness & Wellness
- Consumer electronics
- Enterprise and industrial applications
The regional analysis of Wearable technology is being studied for region such as Asia pacific, North America, Europe and Rest of the World. It has been observed that North America would dominate the wearable technology market owing to factors such as higher health concerns and awareness of product usage. The wearable technology market shows a steady and considerable growth in Europe.
Asia Pacific wearable technology market is expected to show a positive growth over the forecast period owing to factors such as rising tech-savvy population and increasing awareness. In Asia-Pacific countries like China, India and others there is high penetration of smart phones and rising internet mobility due to which the study reveals that these countries would show a sudden hike in wearable technology market by the forecast period.