The global Wearable Technology market is expected to grow from US$ US$ 31.14 Bn in 2016 to US$ 170.91 Bn by 2025 at a CAGR of 20.8% between 2016 and 2025.
A blend of top-down and bottom-up approaches were used to come to the exact market sizes and development rates of the global wearable technology market and its segments. Various secondary information sources were used to find the overall revenues, product portfolios and geographic reach of the companies operating in the wearable technology market. Estimates of the products and application classification revenues were confirmed and validated through primary interviews. Primary interviews are conducted with various players in wearable ecosystem and key opinion leaders to confirm the provided percentage split and market share.
The wearable technology market is divided on the basis of products and application, the products segment is further categorized on the basis of smart clothing & smart glasses, sleep sensors, smart watches, activity monitors, augmented reality headsets, continuous glucose monitor, heart rate monitors (HRMS), drug delivery devices, hand worn terminals, wearable patches, jewelries. The application segment is further classified on the basis of infotainment, fitness & wellness, healthcare & medical, industrial & military, safety & security, and fashion & lifestyle
The geographic segments considered in this report are North America (NA), Europe (EU), Asia-Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). The geographic analysis highlights that North America accounted for the largest share in the global wearable technology market in 2015. The Asia-pacific region is expected to register a faster growth from 2016 to 2025, due to the increasing technological adoption trends in this region.
The key drivers for this market are increasing adoption of mobile devices, increasing acceptance across various application areas and increasing spur in venture capital funding for various wearable ecosystems players.
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Wearable Technology Market – Company Profiles
- Adidas Group
- Apple, Inc.
- Fitbit Inc.
- Garmin International Inc.
- Google, Inc.
- Intel Corporation
- Koninklijke Philips N.V.
- LG Electronics Inc.
- Medtronic, Inc.
- Microsoft Corporation
- Nike, Inc.
Growing popularity of wearable devices coupled with an easy integration with smartphones
In the present time, the growth in the wearable technology market is highly driven by the increasing level of penetration of mobile devices, tablets, smartphones and devices used for Machine-to-Machine communications, evolving business models and emerging software ecosystems.
Companies like OnePlus, Samsung and others nowadays are also launching smartphones with complementary wearable devices which will provide end users with enhanced experiences. High growth in connected devices and increasing M2M communication is directly impacting the development of wearable technology, devices and other associated technologies. Various wearable devices such as health monitoring devices, industrial safety devices are experiencing a positive adoption rate, as it offers end users improved operational efficiency and real time actionable data among others. Subsequently, driving the growth for wearable technology market in the coming years.
Continuous increase in scope of application for wearable technology enabled products
The usage and application of wearable technology is gradually moving beyond fitness tracking and health monitoring, wearable technology is finding increasing acceptance in retail for improving purchasing process, media and entertainment specially the increasing usage of augmented and virtual reality headsets for enhanced end user experiences;, child care, fashion clothing and accessories and industrial and manufacturing sectors for improving work efficiency, effectiveness and processes.
Wearable devices collect high volume of different types of data on a daily basis, the huge volume of collected data provides enormous opportunity for companies for its analysis for prediction and gaining further insights. Thus, the growing scope of application of wearable devices especially among commercial applications is expected to provide numerous profitable opportunities for the market players in the coming years.
GLOBAL WEARABLE TECHNOLOGY – MARKET SEGMENTATION
Wearable Technology Market – By Product
- Smart Clothing & Smart Glasses
- Sleep Sensors
- Smart Watches
- Activity Monitors
- Augmented Reality (AR) Headsets
- Continuous Glucose Monitor (CGM)
- Heart Rate Monitors (HRMs)
- Drug Delivery Devices
- Hand Worn Terminals
- Wearable Patches
Wearable Technology Market – By Application
- Fitness & Wellness
- Healthcare & Medical
- Industrial & Military
- Safety & Security
- Fashion & Lifestyle
Wearable Technology Market – By Geography
- North America
- Asia Pacific (APAC)
- Middle East & Africa
- Saudi Arabia
- South Africa
- South America
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