Global Wearable Technology Market: Snapshot
Growing demand for wearable devices has increased in various countries. Hardware and software components are driving the demand in the wearable technology market owing to a rise in the use of advanced technologies. High preference for maintaining physical fitness has increased the need for wearable technology. This market has gained immense popularity by introducing innovative technologies and expanding its boundaries by offering new types of wearable products.
The use of wearable technology is seen in healthcare, fitness and sports devices, consumer applications, defense support, and various other industry verticals. Thus, the burgeoning demand of these industries will significantly boost the demand in the wearable technology market in coming years.
The author of the report has evaluated the global wearable technology market. The analysis given in the report will help companies to make better decisions for their business to grow effectively in near future. The market is expected to rise at 40.8% CAGR during the forecast period between 2012 and 2018. The valuation for the global wearable technology market is expected to reach US$ 5.8 bn by the end of 2018.
Outstanding Share Contributed by Healthcare and Medical Sector to Expand the Market
The global wearable technology market is categorized on the basis of end-use. Based on end users the market is further segmented into infotainment, industrial and military, fitness and wellness, and healthcare and medical. The fitness and wellness segment includes products like activity monitors, sleep sensors, smart clothing and smart sensors, and others. The infotainment segment comprises products such as heads-up displays, smart glasses, smart watches, and others. Wearable patches, continuous glucose monitor, drug delivery monitors, and others, come under healthcare and medical sector. Whereas, the industrial and military sector includes hand worn terminals, reality headsets, and others.
Out of these segments, medical and healthcare segment has gained popularity in the last few years and contributed an overwhelming share of 35.1%. This segment overpowered others due to its increasing client base for wearable electronic gadgets. Glucose monitors contribute the biggest share has led to a rise in demand for wearable technology due to medicinal and social insurance. In addition, increasing cases of diabetes in developing economies have also grown the demand for wearable devices. Thus, the use of wearables devices in the medical and healthcare sector will further boost the demand for wearable technology at the global level.
North America Leading the Global Wearable Technology Market
The adoption of wearable technology is high in North America, which make that region lead at the global level. The rising use of fitness wear and wrist wear among the fitness enthusiasts have grown the demand for wearable technology in this region. According to data recorded in 2015, the U.S. contributed the largest share. Technological innovations and advancements are the major reason for the growth of wearable technology in the U.S. Moreover, the introduction of new products by the leading companies in the U.S. have escalated the demand for wearable technology. The expansion of technological innovations in emerging economies has grown the market for wearable technology. Healthcare and fitness are the two major sector in which there is a high need for wearable technology.
The report also provides analysis of other regions in the global market such as Latin America, Asia Pacific, the Middle East and Africa, and Europe. The report has also taken into consideration the key players in the global wearable technology market. Some of the key players in the market are Adidas, Nike, Abbott, Medtronic, Google, and Garmin International Inc., and various others.
The development of wearable technology in the sector of consumer electronics is primarily because of the growing demand for computing devices and wearable scanners in logistics, warehouse, and other operations wherein efficiency is very crucial. The growing inclination toward sophisticated gadgets and the growing popularity of wrist bands and smart watches in the consumer market are amongst the key factors providing impetus to the global wearable technology market.
The report provides forecast and estimates the key products in the market and also throws light on the prime opportunities, restraints, and drivers impacting the growth of the market. The study presents an extensive evaluation of wearable technology in terms of statistically refined segment forecast and historical data. The key players operating in the global wearable technology market have also been presented and have been analyzed in terms of regional presence, distribution channel, and top offerings.
The study also encapsulates the supply and demand dynamics in the wearable technology market and presents an extensive analysis of all the segments and sub-segments present in the market. The mergers and acquisitions taking place in the market and their impact analysis have also been encapsulated in this study.
Overview of the Wearable Technology Market
Wearable technology has gained immense popularity at a swift pace and has evolved beyond just smart watches and eyewear with cutting-edge products such as smart shoes, wrist bands, smart apparels, etc. A number of industry giants have been introducing accessories, apparels, and fitness wear that can perform various functions ranging from heart rate monitoring to smartphone charging. The growing awareness amongst consumers and the increasing technically sound population will positively impact the growth of the global wearable technology market.
On the basis of end use, the report categorizes the global wearable technology market is segmented into four end-use segments, namely infotainment, fitness and wellness, industrial and military, and healthcare and medical. The segment of fitness and wellness includes products such as sleep sensors, activity monitors, smart clothing and smart sensors, and others.
On the other hand, the segment of infotainment comprises products such as smart glasses, heads-up displays, smart watches, and others. The healthcare and medical sector comprises products such as wearable patches, drug delivery monitors, continuous glucose monitor, and others, whereas the industrial and military sector includes products such as augmented reality headsets, hand worn terminals, and others.
Geographically, the report segments the global wearable technology market into Europe, North America, Asia Pacific, and Rest of the World (RoW).
The increasing penetration of smartphones and the rising internet mobility are amongst the key factors fuelling the growth of the global wearable technology market. In addition, the increasing disposable income and the developing urban lifestyle have also resulted in individuals expending more on utilities, thus positively impacting the development of the market for wearable technology. The growing inclination and awareness amongst customers on energy efficient products will further provide impetus to the development of this market.
On the other hand, concerns of data privacy may pose a threat to the revenue generation in the market in the coming years, thus impeding the development of the market for wearable technology. In addition, the soaring cost of initial investment and the low battery life may negatively impact the development of this market.
Key players in Wearable Technology Market
The top players in this market are Medtronic, Adidas, Nike, Abbott, Eurotech, Sony, Suunto, Google, Zephyr, and Garmin International Inc., among others.
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments