Fitness bands and smart watches have emerged as one the prime revenue sources and has experienced a high adoption rate, highly growing demographics across the regions and increasing awareness among end users about the potential benefits of wearable technology is expected to accelerate the wearable technology market in the coming years. High growth of Internet of Things (IoT) and increasing end user’s preference towards handy gadgets, smart mobiles and devices are some of the prime factors that are driving the global wearable technology market. Limited battery life, high prices of wearable and rising data privacy concerns are few factors that may hindering the growth of global wearable technology market. In the last few years’ global wearable technology devices have experienced a significant growth in its acceptance across different verticals like health and fitness, medical, media and entertainment, fashion and lifestyle and others to name a few. Wearable technology has also evolved tremendously in the last few years and companies are aggressively launching innovative products and solutions like smart clothing, smart glasses attracting mass adoption among individuals and enterprises. The South America wearable technology market region is expected to witness a CAGR growth rate of 20.7% in the coming years.
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In the present time, the growth in the wearable technology market is highly driven by the increasing level of penetration of mobile devices, tablets, smartphones and devices used for Machine-to-Machine communications, evolving business models and emerging software ecosystems. Nearly all conventional wearable devices now are paired with smartphones, which have become the integral part of our day-to-day life. Wearable devices like smart watches synced with smartphones are helping end-users to check and attend calls and message without taking out the smartphones. Companies like OnePlus, Samsung and others nowadays are also launching smartphones with complementary wearable devices which will provide end users with enhanced experiences. High growth in connected devices and increasing M2M communication is directly impacting the development of wearable technology, devices and other associated technologies. Various wearable devices such as health monitoring devices, industrial safety devices are experiencing a positive adoption rate, as it offers end users improved operational efficiency and real time actionable data among others. Subsequently, driving the growth for wearable technology market in the coming years.
The usage and application of wearable technology is gradually moving beyond fitness tracking and health monitoring, wearable technology is finding increasing acceptance in retail for improving purchasing process, media and entertainment specially the increasing usage of augmented and virtual reality headsets for enhanced end user experiences;, child care, fashion clothing and accessories and industrial and manufacturing sectors for improving work efficiency, effectiveness and processes. Wearable devices collect high volume of different types of data on a daily basis, the huge volume of collected data provides enormous opportunity for companies for its analysis for prediction and gaining further insights. Thus, the growing scope of application of wearable devices especially among commercial applications is expected to provide numerous profitable opportunities for the market players in the coming years.
Leading Wearable Technology Market are
- Adidas Group
- Apple, Inc.
- Fitbit Inc.
- Garmin International Inc.
- Google, Inc.
- Intel Corporation
- Jawbone
- Koninklijke Philips N.V.
- LG Electronics Inc.
- Medtronic, Inc.
- Microsoft Corporation
- Nike, Inc.
- Pebble Technology Corporation
- Qualcomm, Inc.
- Samsung Electronics Co., Ltd.
- Sony Corporation
- Suunto Oy
- Xiaomi Inc.
- TAG Heuer
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Examine the political, economic, social and technology impact of the five regions namely: North America, Europe, Asia Pacific, Middle East & Africa and South America.
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Wearable Technology Market – By Product
- Smart Clothing & Smart Glasses
- Sleep Sensors
- Smart Watches
- Activity Monitors
- Augmented Reality (AR) Headsets
- Continuous Glucose Monitor (CGM)
- Heart Rate Monitors (HRMs)
- Drug Delivery Devices
- Hand Worn Terminals
- Wearable Patches
- Jewelries
Wearable Technology Market – By Application
- Infotainment
- Fitness & Wellness
- Healthcare & Medical
- Industrial & Military
- Safety & Security
- Fashion & Lifestyle
Wearable Technology Market – By Geography
- North America : U.S, Canada, Mexico
- Europe: France, Germany, Italy, Spain, U.K Rest of Europe
- Asia Pacific (APAC): Japan, China, India, Australia, Rest of APAC
- Middle East & Africa (MEA): Saudi Arabia, South Africa, UAE, Rest of MEA
- South America (SAM): Brazil, Rest of SAM
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