Global Wearable Technology Market Report, published by Variant Market Research, forecast that the global market was valued at $18 Billion in 2016 and is expected to reach $58.3 Billion by 2024; growing at a fastest CAGR of15.8% from 2016 to 2024.
“Wearable Technology Market (By Application: Infotainment, Healthcare and Medical, Industrial and Military, and Fitness and Wellness; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024″
Wearable technology includes electronic devices which are intended to be worn as accessories or implant on body. They are able to connect with internet and transfer data between network and device. Furthermore, advancement of miniature sensors, a part of wearable technology which can be worn as clothing item to the body, allow patient’s monitoring in the fields during longer periods of time.
Launch of innovative devices by key manufacturers to drive the growth of Global Wearable Technology Market
The global wearable technology market is majorly driven by launch of innovative devices by key manufacturers, growing demand of connected devices & IoT, increasing per capita income, and growing health consciousness. However, high prices of these devices may hamper the growth of the market. Furthermore, increasing adoption of multi-featured application of smartphones, and growing applications would unfold attractive business opportunities for the market in the coming years.
The global wearable technology market has been categorized into application and geography. Application segment comprises infotainment (smart watches, smart glasses, augmented reality headsets, and others), healthcare and medical (wearable patches, monitors, drug delivery, continuous glucose monitor, and others), industrial and military (augmented reality headsets, hand worn terminals, and others), and fitness and wellness (sleep sensors, activity monitors, smart clothing and smart sports glasses, and others). By geography, the global wearable technology market is bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Healthcare and medical held the major market share in the application segment
In 2016, healthcare and medical held the major market share and is anticipated to continue the trend during the forecast period 2016 – 2024, due to growing health consciousness and increasing disposable income.
North America is expected to grow at a fastest CAGR during the forecast period 2016 – 2024
North America is anticipated to reach the fastest CAGR of 16.2% over the forecast period 2016 – 2024, owing to growing inventions and technologies, and growing adoption and alertness towards fitness. Europe held the second largest share in the market with 29.2% in 2016.
Producers or manufacturers in the global wearable technology market are continuously accepting mergers & acquisitions as a part of their growth and expansion strategy. For instance, in 2017, Qualcomm Technologies, Inc. declares cutting-edge wearables platform supporting LTE IoT categories M1 and NB1 for next generation connected wearable devices. The key players operating in this market are Garmin Ltd., Huawei Technologies Co., Ltd., Adidas AG, Fitbit, Inc., Apple Inc., Sony Corporation, Alphabet, Inc., Qualcomm Technologies, Inc., LifeSense Group B.V., and Xiaomi Technology Co. Ltd., among others.
Scope of the Global Wearable Technology Market
- Healthcare and Medical
- Wearable Patches
- Drug Delivery
- Continuous Glucose Monitor
- Other Healthcare and Medical Applications
- Smart Glasses
- Smart Watches
- Augmented Reality Headsets
- Other Infotainment Applications
- Industrial and Military
- Hand Worn Terminals
- Augmented Reality Headsets
- Other Industrial and Military Applications
- Fitness and Wellness
- Activity Monitors
- Smart Clothing and Smart Sports Glasses
- Sleep Sensors
- Other Fitness and Wellness Applications
- North America
- Asia Pacific
- South Korea
- South America
- Middle East
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients’ objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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