The global wearable technology market
is anticipated to reach USD 196.5 billion by 2022, according to a new study by
Grand View Research, Inc. Research and development investment by large number
of industry player is expected to fuel growth over the forecast period.
Increasing disposable income
worldwide is expected to fuel industry growth over the forecast period.
Technological advancement, price, quality, and battery life influence the
buying decision of the end-users. The emergence of 3D printing solution and
crowd funding is expected to positively impact the wearable technology market.
Increasing smartphone penetration
worldwide is expected to propel industry growth over the forecast period, owing
to increasing wearable device compatibility. Advancement in semiconductor
electronics is expected to favor more efficient and effective products, thereby
fuel revenue growth over the next seven years.
Various health and economic benefits
are expected to contribute to overall industry development. For instance, advertisement
agencies can bring down research cost through the use of eye-wear, which can
allow enhanced data collection of customers’ feedbacks. Low battery life and
high cost of some of the devices may hinder the industry growth over the
forecast period. Data privacy concern may also adversely affect the industry
demand.
In depth research report
on Wearable Technology Market
Further key findings from the study
suggest:
· The global industry is
innovation driven and continuously evolving. The products available in the
market include wrist-wear, neck-wear, body-wear, eye-wear and foot-wear.
Companies such as Nike, Garmin, GOQii are offering wrist-wear for fitness and
sport and healthcare application.
·
Applications include
healthcare, fitness and wellness, infotainment, enterprise and industrial, and
defense. Increasing concern about fitness and health among urban population is
anticipated to drive demand over the forecast period. Advancement in virtual
reality technology is expected to favor the infotainment segment over the next
seven years. Government initiative to enhance their defense capability and
provide soldiers with advanced technology is anticipated to drive investment in
this sector.
·
North America wearable
technology market is estimated to be the key regional segment and is
anticipated to grow at a CAGR of around 32% over the next seven years.
Increasing in awareness about the benefit of this technology will drive demand
in Asia Pacific over the forecast period. Asia Pacific is expected to be key
component manufacturing hub over the forecast period owing to availability of
cheap resources. The region was valued over USD 3 billion in 2014, and is
expected to grow at a CAGR of over 36% from 2015 to 2022.
·
Companies operating in
the industry include Apple Inc., Adidas AG, Garmin, Fitbit, Nike, Inc., Google
Inc., Jawbone, Sony Corp, Samsung Electronics Co. Ltd., and Xiaomi. In March
2014, Google Inc. launched Android operating system for wearable technology.
CuteCircuit Technologies is a company that designs and develops wearable
garments for both men and women.
Grand View Research has segmented the
wearable technology market on the basis of product, application and region:
Wearable Technology Product Outlook (USD Billion, 2012 - 2022)
·
Wrist-wear
·
Eye-wear
·
Foot-wear
·
Neck-wear
·
Body-wear
·
Others
Wearable Technology Application Outlook (USD Billion, 2012 - 2022)
·
Fitness and sports
·
Healthcare
·
Infotainment
·
Defense
·
Enterprise and industrial
Wearable Technology Regional Outlook (USD Billion, 2012 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
RoW
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About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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