The global wearable technology market is primarily led by a few players. Players such as Fitbit, Adidas, Nike, Abbott, Medtronic, C8 Sensor, Zephyr, Google, Sony, Polar, Garmin and Suunto held the most significant share in the market, as per Transparency Market Research. Owing to the penetration of limited players, new entrants have gained the opportunity to invest in this market due to less rivalry. Hence, the threat of substitutes in this market will also remain from low to medium.
The global wearable technology market is predicted to rise at an extraordinary CAGR of 40.80% between 2012 and 2018. The market is predicted to touch 5850.0 mn by 2018. In terms of end use, the segment of healthcare and medical is poised to be the most swiftly developing segment and will constitute a share of US$2,065.1 mn in 2018, by expanding at a 41.0% CAGR between 2012 and 2018. A number of government programs and initiatives taken by different organizations will also increase the preference for wearable technology products in the healthcare and medical sector. On the other hand, the demand for wearable technology in fitness and wellness is also predicted to rise in the coming years. This is because of the fact that wearable technology products help in monitoring wellness and health from a remote location.
Smart Clothing and Smart Glasses to Experience High Demand from Younger Generation
On the basis of products in the fitness and well sector, the segment of smart clothing and smart glasses is the top segment due to the increasing demand for smart glasses and smart clothing by the younger generation. The smart clothing and smart sports glasses market is anticipated to touch US$362.4 mn in 2018, rising at a whopping 38.3% CAGR between 2012 and 2018. On the other hand, the segment of activity monitors will also hold a significant share in the market and the development of this segment is raised by the use of activity monitors in monitoring the fitness and performance of users. In terms of products in the healthcare and medical sector, the segment of continuous glucose monitors holds the most dominant share in the market and is also predicted to grow at the most swiftest growth rate from 2012 to 2018.
Geographically, North America stands as the top wearable technology market and is predicted to maintain its superiority all through 2018. This is due to the acceptance of advanced wearable technology products by the people residing in this region. There is an increased demand for fitness and sports devices in North America in comparison to the demand for healthcare and medical devices. The North America wearable technology market is predicted to touch US$2,527.2 mn in 2018. Europe will trail North America and hold the second position in the market. The European wearable technology market is predicted to rise at a remarkable CAGR of 41.1% between 2012 and 2018.
Increasing Inclination toward Real Time Data by Customers to Boost Demand for Wearable Technology Products
The global wearable technology market will grow exponentially due to the rising employment of wearable technology products in different sectors. In addition, the growing demand for actionable and real time data amongst customers will also bode well for the growth of this market. Furthermore, the user-friendly nature, portability, and compactness of wearable technology products will positively impact the market’s growth. However, the skyrocketing prices of wearable technology products and the slow product acceptance of consumers in some nations may work against the growth of the wearable technology market, states a TMR analyst.
“Nonetheless, the improved product quality design will lead to wearable technology products’ better acceptance,” says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Wearable Technology Market - Global Scenario, Trends, Industry Analysis, Size, Share and Forecast 2016 - 2024.”
The market is segmented as follows:
Global Wearable Technology Market, by End Use
- Healthcare and Medical Sector
- Infotainment Sector
- Industrial and Military
- Fitness and Wellness
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
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