The electronic gadgets or technology devices that can be worn on the body as an accessory or as a part of clothing are called as wearable technology gadgets. The wearable gadgets use sensors to connect. Rising popularity of smart phones, mobile networks, mobile applications, computing, broadband connectivity and others are the major contributors of wearable technology market.
The wearable technology leads to business opportunities in new markets. Benefits of Wearable technology can be given as the Wearable technology is power efficient, has small footprint and others. The study indicates the adoption of miniaturized sensors, innovations in medical and automotive sectors are driving the Wearable Technology Market. Factors such as many niche markets, less competitors, low barriers and no standard devices type would boost the wearable technology market by the forecast period.
The wearable technology can be differentiated depending on the product type as wristwear, Headwear and Eyewear, Neckwear, Smart Clothing, Wearable cameras and Implants. The wristwear devices available in market include fit-bands, smart watches and others, the head wear and eyewears devices available in market are head-mounted display and Google glass. As the wearable devices are still in development phase and very new to the market, usability is an issue in the wearable technology market. Wearable devices have a low battery life which is one of the restraining factor for wearable technology market.
The global industrial automation market is expected to grow at USD ~50 Billion by 2022, at ~16% of CAGR between 2016 and 2022.
Study Objectives of Wearable Technology Market:
• To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Wearable Technology market. • To provide insights about factors affecting the market growth. • To analyze the Wearable Technology market based porter’s five force analysis etc. • To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW). • To provide country level analysis of the market with respect to the current market size and future prospective. • To provide country level analysis of the market for segment on the basis of type, application, end -users and region. • To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market. • To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Wearable Technology.
The prominent players in the Wearable technology market are Adidas AG (Germany), Xiaomi Inc. (China), Apple Inc. (U.S.), Google Inc. (U.S.), Garmin Ltd. (U.S.), Fitbit (U.S.), Jawbone (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Qualcomm Technologies, Inc. (U.S.), Nike, Inc. (U.S.), Lifesense Group (The Netherlands), Misfit, Inc. (U.S.) among others.
Wearable technology is market is segmented on the basis of product, technology, components and application.
Wearable technology market by Product:
• Wristwear (Smart watch, fitness trackers) • Headwear and Eyewear (Augmented reality, virtual reality) • Neckwear (Smart jewelry) • Smart Clothing • Wearable cameras • Implants
Wearable technology market by Technology:
• Computing Technologies • Display Technologies • Networking Technologies • Sensor Technologies
Wearable technology market by Components:
• Control • Memory • Battery • Sensing • Connectivity
Wearable technology market by Application:
• Fitness & Wellness • Consumer electronics • Healthcare • Defense • Enterprise and industrial applications
Regional Analysis: The regional analysis of Wearable technology is being studied for region such as Asia pacific, North America, Europe and Rest of the World. It has been observed that North America would dominate the wearable technology market owing to factors such as higher health concerns and awareness of product usage. The wearable technology market shows a steady and considerable growth in Europe.
Asia Pacific wearable technology market is expected to show a positive growth over the forecast period owing to factors such as rising tech-savvy population and increasing awareness. In Asia-Pacific countries like China, India and others there is high penetration of smart phones and rising internet mobility due to which the study reveals that these countries would show a sudden hike in wearable technology market by the forecast period.
Intended Audience • Technology investors • Consumer wearable manufacturers • Healthcare-related product manufacturers • Integrated device manufacturers (IDMs) • Wearable electronics technology platform developers • Original manufacturers (OEMs) • Smart grid integrators • Surface mount component device distributors and providers • Research/Consultancy firms