Global Wearable Technology Market is anticipated to reach USD 196.5 billion by 2022. Wearable technology is also known as “Fashionable technology”, or “Wearable Devices” are smart electronic devices that can be combined into worn or clothing on the body as accessories or implants. The factors that propel the growth of the Wearable Technology Market include rise in disposable income, rise in health concerns among consumers, and surge in standard of living. On the other hand, there are factors that may hamper the growth of the market including high prices associated with wearable technology.
The market is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. Wearable Technology Market may be explored by device type, product type, application, and geography. The market may be explored by device type as Smart glasses; Smart watches, Fitness & wellness devices, Smart clothing, and Others may include body monitors, wearable cameras, and Earphones.
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The key applications that could be explored in the Wearable Technology Industry include Healthcare, Lifestyle, Consumer applications, Fitness & sports, Enterprise & industrial, and Defense. The “Healthcare” segment led the Wearable Technology Market in 2014 and is anticipated to maintain its dominance by 2022. The market could be explored based on product type as Eyewear, Wrist wear, Hearables, Neckwear, and Body wear.
North America accounted for the major share of the Wearable Technology Market Size in 2015 and will continue to lead in the forecast period. The factors that could be attributed to the growth includes product usage and growing health consciousness. North America is followed by Asia-Pacific and anticipated to show significant growth over the forecast period. Some of the key players that fuel the growth of the Wearable Technology Market comprise Apple Inc., Adidas AG, Fitbit, Google Inc., Garmin, Jawbone, Samsung Electronics Co. Ltd., Nike, Inc., Xiaomi and Sony Corp. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Market Segment:
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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