Wearable technology market driven by the robust electronics technology advancements and vast end-user industry application
Wearable technology has just started to flourish in both the developing and developed economies. Wearable technology started its venture from fitness bands, and today, the range of wearable consumer electronics products have established a significant foothold in the global market. Some of the prominent applicant areas of the wearable technology are healthcare, sports, entertainment, and aerospace & defense industry. Wearable electronics and sensors can be integrated into various accessories such as wristbands, shoes, socks, garments, headphones, and eyeglasses due to the presence of advanced integration technologies and their compact size. The upcoming boom of connected devices as a part of the Internet of Things (IoT) connected through Wi-Fi, Bluetooth Low Energy (BLE), and Near Field Communication (NFC) are some of the leading sources powering the wearable devices. The development of sophisticated and efficient integrated circuits and advanced cloud-based analytics are being considered as the major factors boosting the wearable technology market growth which already registered the global trade of 173.4 million units of wearable electronics products in 2018. The growing disposable income and the incrementing demands for technically advanced wearable products are projecting growth in the global wearable technology market at an above-average CAGR of 21.76% through the forecast period 2019 to 2025. The wearable design engineers are constantly researching to make electronics products invisible, fashionable, and more comfortable to use. The substantial capital investment in the industry is expected to create a productive ecosystem for the market vendors in the wearable technology market.
APAC Leading the Regional Demography
Asia-Pacific was observed as the most lucrative region in the global wearable technology market. The region occupied 38.58% of the total wearable technology marketplace in 2018. The presence of some of the fastest developing nations such as China, India, South Korea, and Japan are accountable for the heavy demands in the wearable technology market. China is the manufacturing hub for consumer electronics products and is considered as one of the major exporters of electronics products. Moreover, the increasing demands for the wearable electronics products from the healthcare segment coupled with rapid technological innovations are driving the regional wearable technology market.
Smartwatches: Major Applicant in the Wearable Technology Market
The smartwatches product segment in the global wearable market is observed as the primary application of the wearable technology market. Foreseeing the unprecedented demands of smartwatches from the sports industry, the growth in the particular segment is projecting an incredible CAGR of 31.47% in the forecast period. One of the most influencing factor in the smartwatches segment is the production of smartwatches at a massive rate. According to the Global Systems for Mobile Communication (GSMA), the number of unique mobile subscribers surpassed 5 billion units globally in 2018. The smartphone manufacturers are giving away Bluetooth smartwatch with their handsets in the premium segment of their products. This is one of the biggest trends in the consumer electronics industry that is influencing the consumer base to use smartwatches. The smartwatches product segment was initially launched by Apple, following the smartphone giant’s tracks, the niche companies also started manufacturing smartwatches. Thus, the tremendous demands for smartwatches from every sector of the society are heavily influencing the wearable technology market. The smartwatches in the consumer electronics segment are followed by the medical industry, where wearable electronics are used for several applications. Smart health watch is used in the healthcare segment to monitor blood pressure, hearing aids, and pulse rating monitors. The integration of wearable electronics in the medical field has optimized the process of data analysis on the patient’s condition. Also, it has allowed the medical personnel and Doctors to gather much precise and accurate patient data in real-time, which results in improved treatment plans for the patient. Considering the booming demands for wearable electronics devices from numerous end-user industries, the growth in the market is certain in the upcoming years.
Notable Developments in the Wearable Technology Market
Technologically advanced apparels: The garment manufacturers are taking up apparel production to the next level by integrating electronics in the clothes. Miniature integrated circuits are used to enable different lights on a garment. This allows the customers to change the color of their clothes according to their discretion. Although, these products are not entirely commercially viable yet, surely, such advanced wearable technology is expected to flourish at an astonishing rate. Top sports brands such as Nike and Adidas are investing a considerate capital in this segment to gain a step ahead in this market. These companies are developing sports T-shirts that are equipped with advanced sensors that track all the health-related entities such as cadence, pace, heart rate, calories, and distance traveled. Further, the data gathered by these sensors can be accessed via the respective smartphone applications. Additionally, these apparels allow the consumers to set goals and performance parameters along with timers for tracking their progress. The increasing awareness towards fitness catalyzed by numerous marathons and fitness events are impelling the growth in the global wearable technology market.
Unbelievable product from Samsung C-Lab: C-Lab is a brainstorming unit at the Samsung headquarter where unique product ideas are conditioned and given shapes. Developers at the laboratory produced a highly advanced health belt called the Welt healthcare belt. The smart buckle installed in the belt keeps a watch on the steps walked and digestive issues based on the expanding or shrinking waist size. Just like apparels, this belt’s data can be analyzed via a phone application that portrays an ECG-style graph. The company Sgnl, is a tech startup supported by Samsung produced a wristband called TipTalk that offers smartwatch phone calling using bone density. This device turns your finger into a speaker, which can be used to have a conversation without a phone. The wristband uses a vibrating disk that presses against the skin to transfer sound through the hand. With this device, people can listen to their calls by keeping their finger on their ears, also, the wristband is equipped with a microphone that allows a two-way communication among the users. Such star trek innovations in the wearable technology is an indication of the communications and networking that the humankind will witness in the upcoming decades.
Military up-gradation program: The Defense Advanced Research Projects Agency (DARPA) developed a blast gauge device which is attached to the helmet, chest, and shoulder of the soldier. If these devices are exposed to a blast from an explosive, these devices measure the impact and cue medics and Doctors for initial and immediate response. With such devices, the response time of the medical team is reduced significantly. More of such military up-gradation programs such as the Future Force Warrior (FFW) in the United States are involved with technological giants to improve the existing military wearable by integrating advanced technology in them, thereby supporting the wearable technology market growth.
Wearable Technology Market Competitive Landscape
The companies influencing the wearable technology market are Apple, Fitbit, Xiaomi, Huawei, Samsung, Pebble Technology, Alphabet, LG, Sony, Nike, Adidas, and Garmin.
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