According to the report published by IndustryARC titled “Wearable Technology Market Analysis: By Product Type (Wrist-wear, Eye-wear, Foot-wear, Neck-wear & Others); By Application (Fitness and wellness, Healthcare, Infotainment, Defense & Others)& By Geography – Forecast (2019–2024),” the Wearable Technology market is forecast to reach $48.56m by 2024. Rising demand from wearable devices for various applications such as medical, infotainment, fitness tracking, and so on is the major reason for the growth of the Wearable Technology market.
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The Wearable Technology market is all set to exhibit robust growth owing to the increasing applications of wearable technology in the fitness and wellness, infotainment, defense, and medical and healthcare industries. However, limited battery life and higher initial costs of wearable devices have restricted the growth of this market to a certain extent. The wearable technology market is estimated to grow at a CAGR of 15.42% during the forecast period.
With the increased focus on fitness wear and wrist wear devices, North America has dominated the wearable technology market in 2018. Asia-Pacific is expected to be the fastest growing region for the wearable technology market during the forecast period. The increasing demand from the medical and healthcare industry for various applications such as early diagnosis, remote patient monitoring, information registry, and adherence to medication are resulting in the growth of the wearable technology market.
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The demand from manufacturing industry is also one of the key driving factors for the wearable technology market due to the growth and development of Industrial IoT, in which diverse sensors can be used in the wearable devices that can procure huge amount of data
The rise in demand for IoT in various application such as smart homes, industries, and so on is driving the market for the wearable technology as the wearable devices are the key components of IoT and are used to procure the data to a large extent.
The major players in this market include
- Adidas Ag
- Apple Inc.
- Fitbit, Inc.
- Garmin Ltd
- Nike Inc.
- Google Inc.
Wearable Technology manufacturers have utilized product launch as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets.
The end-user industries covered in the Wearable Technology Market report include:
- Fitness and wellness
- Enterprise and Industrial
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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Wrist Wearable Devices Market:
Wearable Medical Devices Market:
Wearable Fitness technology Market:
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