Wearable Technology Market Aggrandizes to USD 50 Billion by 2022 With 16% of CAGR Worldwide; Asserts MRFR

Market Scenario:

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. 

Major Key Player:

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.

Segments:

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
  • Implants

Wearable technology market by Technology:

  • Computing Technologies
  • Display Technologies
  • Networking Technologies
  • Sensor Technologies

Wearable technology market by Components:

  • Control
  • Memory
  • Battery
  • Sensing
  • Connectivity

Wearable technology market by Application:

  • Fitness & Wellness
  • Consumer electronics
  • Healthcare
  • Defense
  • Enterprise and industrial applications

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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.

Intended Audience

  • 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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