The global wearable sensors market features a highly fragmented competitive landscape with the presence of a large number of international and domestic players, observes a recent report by Transparency Market Research (TMR). The market features intense competition in terms of product costing and product differentiation. However, the low entry barriers for new vendors in the market makes it a lucrative investment destination for technology companies wanting to extend their product and services portfolios.
TMR estimates that the market will exhibit an exponential 45.2% CAGR over the forecast period and rise to a valuation of US$656.7 mn by 2020.
In terms of sensor type, the segment of wearable motion sensors occupy the dominant market share, followed by the medical based sensors. Wearable motion sensors are being extensively used in a wide range of consumer wearable products such as wrist wear, body wear, footwear, and eye wear. Medical sensors, which include pulse sensors, temperature sensors, and pressure sensors, are also observing increased demand. Geographically, the market in North America leads the global wearable sensors market.
Increased Availability of Multifunctional Devices Drives Market
The increased availability of wearable devices incorporating multiple wearable sensors into a single product is one of the key factors to have amplified the popularity of these devices among masses looking for value-for-money products. Most wearable devices available in the market presently are highly sophisticated and multifunctional devices, including, on an average, four or more sensors. Simple pedometer or accelerometer sensors are a common element of advanced wearable devices such as fitness bands and smart watches. This trend is leading to significant traction in the global wearable sensors market.
Moreover, the vast reduction in prices of raw materials used to manufacture wearable sensors has also helped the market extend its geographical boundaries and gain consumers across cost-sensitive emerging economies by making possible the low-cost production of products in several varieties. Additionally, the vast advancements in manufacturing techniques, having facilitated the mass production of wearable sensors, has also significantly driven the global market for wearable sensors market in the past few years.
Issues Related to Security and Compliance to Hinder Market Growth
The capability of wearable sensors of storing user data could pose concerns regarding the security and compliance of data. The rising sophistication of data thefts in the digital world could worsen these concerns and the negative sentiments that this aspect of wearable sensors create could play a notable role in hampering the popularity of devices fitted with these sensors. This factor, as such, is expected to restrain the growth prospects of the market to a certain extent in the next few years.
Nevertheless, the increasing penetration and adoption of smart devices across several industries and everyday applications could be a lucrative growth opportunity for the global wearable sensors market. With an increased rise in demand for smart devices globally, manufacturers are constantly bringing up smart wearable devices with innovative features and easy connectivity with smart devices such as next-generation mobile phones and tablet computers.
This review of the market is based on a recent market research report published by Transparency Market Research, titled “Wearable Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2020.”
For the report, the global wearable sensors market is segmented into:
Wearable Sensors Market: By geography
Wearable sensors Market: By product type
Wearable sensors Market: By application
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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