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.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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