The global wearable technology market is growing rapidly. The market growth attributes to the rising popularity of wearable devices that leads to the growing adoption of wearable devices. Besides, advances in sensor technology and wearable technology gadgets drive the growth of the market. Moreover, the increasing penetration of smartphones, mobile networks & applications, computing, and broadband connectivity escalates market growth.
According to Market Research Future (MRFR), the global wearable technology market is expected to garner USD 50 BN valuation by 2022, registering over 16% CAGR throughout the assessment period (2016-2022). The growing sales of wearable devices, particularly fitness tracking & health monitoring devices, boost the market demand exponentially. Moreover, factors such as the digitalization and proliferation of the Internet of Things accelerate the growth of the wearable technology market.
On the other hand, large R&D expenditures and long development and commercialization times are key factors projected to act as headwinds for the growth of the market. Nevertheless, rising applications of wearable technology in clothing would support market growth throughout the review period.
Global Wearable Technology Market – Segments
The report is segmented into five dynamics;
By Product : Wristwear (Smartwatch, fitness trackers), Headwear & Eyewear (Augmented reality, virtual reality), Neckwear (smart jewelery), Smart Clothing, Wearable Cameras, Implants, and others.
By Technology : Computing Technologies, Display Technologies, Networking Technologies, Sensor Technologies, and others.
By Components : Control, Memory, Battery, Sensing, Connectivity, and others.
By Application : Fitness & Wellness, Consumer electronics, Healthcare, Defense, Enterprise & industrial applications, and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Global Wearable Technology Market – Regional Analysis
North America drives the largest share in the global wearable technology market. The largest market growth attributes to technology advances, early adoption of advanced technologies, and the presence of remarkable players. Besides, high investments in research & development of technology and the well-developed economy in the region propel the growth of the market. Moreover, the large industrial base and research & technological ecology in the US provide a considerable impetus to the growth of the regional market.
Europe stands second in the global wearable technology market. The market growth is driven by the quadrupling applications of wearables, such as smartwatches, smart jewelry, fitness trackers, and smart clothing. Also, spurring growth in the number of end users of types of wearable technology, implantable, and head-mounted displays drive the regional market growth. Besides, burgeoning industries such as the healthcare and medical devices sectors in the region boost the market share.
The Asia Pacific wearable technology market is growing significantly. Factors such as increased spending on consumer electronics and rising per capita disposable income of demographics act as a key tailwind for the growth of the regional market. Besides, the growing manufacturing activities and technological base in the region push the growth of the regional market. China accounts for the key share in the regional market, followed by India and South Korea. Also, the increasing adoption of the internet and smart technology substantiate regional market growth.
Global Wearable Technology Market – Competitive Landscape
The wearable technology market appears fragmented, dominated by many notable players possessing proprietary technologies. Players collaborate with other players to reduce the cost of development and market risk. Providers of wearable technology are also entering into agreements to benefit from each other's marketing platform. Players also acquire other companies to reduce the commercialization times and achieve a larger footprint and proprietary technology. Companies target the early adopter customer segment, such as the sports and fitness industry.
Major Players:
Players leading the global wearable technology market include Xiaomi Inc. (China), Adidas AG (Germany), Apple Inc. (US), Garmin Ltd. (US), Google Inc. (US), Fitbit (US), Samsung Electronics Co., Ltd. (South Korea), Jawbone (US), Sony Corporation (Japan), Nike, Inc. (US), Qualcomm Technologies, Inc. (US), Lifesense Group (The Netherlands), and Misfit, Inc. (US), among others.
Industry/ Innovation/ Related News:
August 17, 2020-- G42 Healthcare (UAE), a leading artificial intelligence and cloud computing company, announced its partnership with the US-based wearable technology firm WHOOP to monitor participants' health & fitness in the company's COVID-19 vaccine trials. Phase III trials & tests of the COVID-19 vaccine are carried out using the WHOOP Strap 3.0 fitness tracker to measure key biometrics during the process.
Based in Abu Dhabi, Group 42 is dedicated to the development & implementation of holistic and scalable technology solutions. The WHOOP Strap 3.0 wearable device would reinforce participants' confidence in the trial by giving them the ability to check on several health data points. This would complement the world-class clinical expertise that the UAE's healthcare professionals provide to the volunteers and ensure their safety & well-being throughout the trial process.
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