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.
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.
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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
Access
press release by Grand View Research :
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, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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