BANGALORE, India, Feb. 10, 2020 /PRNewswire/ -- Wearable technology refers to electronic devices designed to be worn anywhere on the body for hands-free operations. Over the past few years, wearable technology devices have gained popularity due to technological advances. However factors like, limited battery life and safety concerns hinders adoption of wearable technology.
The demand for wearable technology is expected to reach a market value of $57,653 million by 2022 from $19,633 million in 2016, rising during the forecast period with a significant CAGR of 16.2 percent.
Consumers prefer wearable devices such as smartwatches, fitness trackers, and smart clothing, owing to their various advantages, including ease of use. Wearable technology is prevalent from healthcare to the military & defense sector due to its flexibility, accuracy, and convenience. The wearable technology market is segmented into wristwear, eyewear, wearables, bodywear, and neckwear based on the product type. Amongst these, the smartwatches devices are expected to see the fastest growth, with a CAGR of 19.9%.
Based on application, the wearable technology sector is segmented into lifestyle, healthcare, consumer applications, security, fitness and sports, entertainment and enterprise, and industrial. Amongst these categories, the fitness & sports segment dominated the wearable technology market with a share of over 39 percent in 2015 and is expected to sustain this trend throughout the forecast period. Furthermore, during the forecast period, the entertainment sector is expected to grow at the highest CAGR of 35.7 per cent.
The Wearable Technology Market classifies the market into four main regions namely North America, Europe, Asia-Pacific, and LAMEA for providing an in-depth analysis.
FACTORS INFLUENCING THE WEARABLE TECHNOLOGY MARKET SIZE
Growing advancements in software and hardware components along with increasing investments from multinational companies, all trying to capture the market with new design, innovation, and technology strategy, is expected to drive the wearable technology market growth.
Growing healthcare awareness among the people, especially the younger generation, is expected to be a major factor in increasing the market size.
With its small size and user-friendly functions, people are more comfortable using wearable technology. This, in turn, creates a smoother adoption there by increasing its market. Further, the increasing popularity of Internet of Things (IoT) and connected devices is also expected to act as the catalyst for driving wearable technology.
The report provides an in-depth analysis of the wearable technology industry to identify potential investment pockets.
The key drivers, restraints, and opportunities along with their detailed impact analyses have been elucidated.
Porter's five forces model helps in analyzing the potential buyers & suppliers and the competitive sketch of the market, which is expected to guide the market players to develop strategies accordingly.
Wearable technology market analysis includes market size estimates from 2014 through 2022 including market size by device, product type, application, and geography value in $ million.
WEARABLE TECHNOLOGY MARKET KEY SEGMENTS
Fitness & wellness devices
Others (Earphones, body monitors, and wearable cameras)
The smartwatches industry is seeing a double-digit growth rate worldwide. North America is showing promising growth, producing the highest revenue for the smartwatch market. According to our research, the North American area has produced almost 1/3rd of market revenue in 2013, and it is further expected to grow at a significant rate.
The smartwatch market size was valued at $9,264.9 million in 2017 and is projected to reach $31,070.6 million by 2025, registering a CAGR of 16.2% from 2018 to 2025.
Further, the Asia region is expected to show a high growth rate for the smartwatch market, with China emerging as the main player. Top players like Samsung, Pebble, Maritime, and Sony rely on their R&D spending as the key strategy for optimizing market shares.
Wearable technology is the integration of standard accessories with technology. The demand for Smart Wearables was estimated at US$ 11,300 million in 2018 and is projected to reach US$ 33,000 million by 2025, at a CAGR of 14.4% over the forecast period.
Apple is the global market leader in smart wearables with a market share of 37.68 percent, led by Fitbit, Samsung, and Huawei in terms of revenue.
The Smart Textiles Market is expected to showcase opportunities such as hybrid application-supporting multi featured mobile devices and wearable smart textile applications. Key market players like Schoeller Technologies AG, AIQ Smart Clothing Inc., Clothing Plus Ltd., are making regressive efforts to deliver creative deals and benchmark strategies in the global smart textile market.
The Smart Textiles Market is expected to rise from USD 2685.68 million in 2018 to USD 15358.84 million at a compound annual growth rate of 28.28 percent by the end of 2025.
The factors contributing to market growth are the proliferation of innovative gadgets with advanced functions, the miniaturization of electronic components, the rapid growth of low-cost smart wireless sensor networks, and the demand for wearable electronics.
WEARABLE SENSORS MARKET
Wearable sensors are integrated with various accessories for physiological monitoring and gathering data. Such devices are used for tracking health conditions, blood pressure, and movement in smartphones, laptops, and smartwatches. Smart consumer electronic devices aid in sensing metabolic processes in humans.
The report analyzes the global market for wearable sensors according to the type, application, and geography of the device. The market is segmented by product type into a motion sensor, medical sensor, image sensor, position sensor, pressure sensor, temperature, and others.
Motion sensor segment was the highest revenue contributor for the global market in 2015, representing $44 million among all product types. Nonetheless, by 2022, the image sensor segment is expected to earn $229 million, posting a 54.5 percent CAGR from 2016 to 2022.
Based on the region, the report segments the market into North America, Europe, Asia-Pacific, and LAMEA.
In 2015, North America was the largest contributor to sales, contributing $48 million. By 2022, this area is expected to earn $864 million, recording a 52.4 percent CAGR from 2016 to 2022. North America is also expected to maintain its predominance over the forecast period. Europe and Asia-Pacific are the second and third leading markets for wearable sensors, respectively.
SMART WRIST WEARABLE
ICT companies turned to the IoT (Internet of Things) in the hope of finding new opportunities. Smart wrist wearables-consisting of smartwatch and smart wristband-have unique selling points for freeing the wearer's hands and providing continuous monitoring.
Such apps, along with Apple's increased acquisitions and other major vendors, have made wrist wearables the wearable market's standard, and have widened the overall market size.
The goal of this report is to evaluate the worldwide smart wrist wearables market, industry, and product developments and to identify their future trends.
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