In the current busy world, the majority of the people wish to track their day to day activities for improving their life. This has propelled the growth of the wearable technology market which is predicted to grow at an alluring USD 50 Billion at 16% CAGR during the assessment period (2016-2022). The wearable devices can be worn on the body either as accessories or implant for using the wearable apps for different functionalities and allows hands free operations. From healthcare, sports, fitness, lifestyle, consumer applications to defense and military sector, this technology gained immense recognition owing to technological advancements and innovation and also its convenience, flexibility and ease of use. In short, the wearable technology has turned into a fashion statement.
The growing popularity of broadband connectivity, computing, mobile applications, mobile networks and smart phones are contributing towards the growth of the wearable technology market. Apart from this, some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include niche markets, low barriers, less competitors and no standard device type. However, data security issues, limited battery life, durability and high price of devices are likely to hinder the growth of the wearable technology market over the forecast period.
In MFRF’s report, the global wearable technology market is segmented on the basis of product, technology, components and application.
Based on product, it is segmented into implants, wearable cameras, smart clothing, neckwear (smart jewellery), headwear and eyewear (augmented reality and virtual reality) and wrist wear (fitness trackers and smart watch). Of these, the wrist wear products have the maximum market share while the smart clothing is likely to see a substantial increase.
Based on technology, the wearable technology market is segmented into sensor technologies, networking technologies, display technologies and computer technologies.
Based on components, it is segmented into connectivity, sensing, battery, memory and control.
Based on application, the wearable technology market is segmented into industrial and enterprise applications, defense, healthcare, consumer electronics and fitness and wellness. Of these, the fitness and wellness segment and also the healthcare sector has a positive growth in the market.
Based on region, the global wearable technology market covers growth opportunities and latest trends across North America, Europe, Asia Pacific, and Rest-of-the-World. Of these, North America leads the market due to awareness of product usage and higher health concerns as well as IT modernization and various technological developments. In Europe, the wearable technology market has a considerable and steady growth. The market in Asia Pacific is anticipated to have a favorable growth owing to increasing awareness and increasing tech-savvy population. In this region countries such as in India and China the use of smartphones is on the rise and also there is an increase in internet mobility owing to which these countries are expected to witness a sudden hike in the wearable technology market over the forecast period.
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).
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