Wearable Technology Market Overview:
Wearable Technology Market size in 2015 was valued at $19,633 million growing at CAGR of 16.2% to reach $57,653 million by 2022. Wearable technology market has witness increased adoption owing to factors such as ease of use, flexibility and convenience. Moreover, it provides real time data monitoring, operational efficiency and fitness tracking which further supports the market growth.
The application for wearables is influenced by increased implementation across various verticals. Moreover, the technological advancements in software & hardware components, and their increased adoption in fitness, healthcare, and defense supports the growth of the wearable technology market. However, limited battery life and security concerns restrict the adoption of wearables in the wearable technology industry.
Wearables are used in various industries such as defense, consumer applications, lifestyle, fitness and sports, enterprise and industrial amongst others, Increase in the awareness about the benefits of wearables and technological advancement is expected to drive the market.
The report segments the global wearable technology market on the basis of devices, product type, application and geography. Based on devices, the global wearable technology market is categorized into smart watches, fitness and wellness devices, smart glasses, smart clothing and others. The smartwatches devices segment is expected to witness the fastest growth, registering a CAGR of 19.9%. Among the product type segment, the fitness & sports segment dominated the wearable technology market with over 39% share in 2015, and is projected to maintain this trend throughout the forecast period. However, Entertainment sector is anticipated to grow at a highest CAGR of 35.7% during the forecast period.
Key players profiled in the report are Apple Inc., Fitbit, Inc., Garmin Ltd., Adidas AG., Nike Inc., Samsung Electronics Co., Ltd., Sony Corporation, Huawei Technologies Co., Ltd., LG Electronics Inc., and Motorola Solutions Inc.
The geographical analysis of the global wearable technology market covers North America, Europe, Asia-Pacific, and LAMEA. Various countries covered under each region are studied and analyzed to identify the major trends demonstrated by these respective regions. North America dominated the market in 2015, followed by Europe. North America extensively uses wearable technology in various application areas. However, this technology is in their emerging state in developing countries.
Global Wearable Technology Market Share, By Region, 2015(%)
Top Impacting Factors
Increased Health Care Awareness
Growing concerns of obesity and other chronic diseases have led to adoption of wearable devices such as activity trackers and body monitors which provide real-time information about the overall health of the body. These wearable devices can provide information such as heartbeat monitoring, cholesterol levels, calorie intake, quality, and quantity of sleep, oxygen levels, blood pressure, as well as other information required by the body for day-to-day activities.
High Cost of Manufacturing
The initial cost of manufacturing the wearable devices is very high leading to high prices for the ultimate consumers. The producers of the wearable devices have to spend a lot of money on research, marketing & promotion, shipping, licensing, software, and development of wearables due to which the cost incurred is substantially high.
The deployment of miniature sensors into fabrics, smartwatches compatibility to interact with social media, instore merchandising, and ease of payment with wearables are some of the classic examples of advancement in wearable technology. The adoption of smartwatches has revolutionized watches to possess the characteristic of being multifunctional. Soon, users are expected to prefer smart watches to their analog counterparts, due to technological advancements. Wearable devices companies invest heavily in R&D to devise optimum solutions to gain a higher market share. Growth in technological features and advancements is expected to drive the wearable technology market during the forecast period.
The factors affecting the wearable technology market include entry of large players, portable and convenient usage, and increased healthcare awareness, high cost of manufacturing, and technological advancements. These major factors have boosted the adoption of wearable devices across various industries such as healthcare, defense, entertainment, industries and enterprises, and others. Wearable devices such as smartwatches, activity trackers, and smart clothing are preferred among consumers, owing to their various benefits including portable usage and latest technological advancements.
Wearable devices enable a user to check health related content on their smart wearables. Obesity has become a major issue in many regions and therefore people are preferring wearable technology for checking the health and fitness related data.
- The report provides an in-depth analysis of wearable technology industry to identify the potential investment pockets.
- The key drivers, restraints, and opportunities along with their detailed impact analyses have been elucidated.
- Porter’s five forces model helps in analyzing the potential buyers & suppliers and the competitive sketch of the market, which is expected to guide the market players to develop strategies accordingly.
- Wearable technology market analysis includes market size estimates from 2014 through 2022 including market size by device, product type, application and geography value in $ million.
Wearable Technology Market Key Segments
- Smart watches
- Smart glasses
- Fitness & wellness devices
- Smart clothing
- Others (Earphones, body monitors, and wearable cameras)
By Product Type:
- Wrist wear
- Eye wear
- Body wear
- Neck wear
- Consumer applications
- Fitness & sports
- Enterprise & industrial
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Apple Inc.
- Fitbit, Inc.
- Garmin Ltd.
- Adidas AG.
- Nike Inc.
- Samsung Electronics Co., Ltd.
- Sony Corporation
- Huawei Technologies Co., Ltd.
- LG Electronics Inc.
- Motorola Solutions Inc.
- Fossil Group, Inc.
- Google Inc.
- Pebble Technology Corp.
- Polar Electro, Inc.
- Withings SA
- Michael Kors
- Casio Electronics Co. Ltd.
- TAG Heuer
- Tom Tom
- ASUSTeK Computer Inc.
- Xiaomi Inc.
- Moov Inc.