The Report Wearable Technology Market Analysis By Product (Wrist-Wear, Eye-Wear,
Foot-Wear, Neck-Wear, Body-Wear), By Application (Fitness & Wellness,
Healthcare, Infotainment, Defense, Enterprise And Industrial) And Segment
Forecasts To 2022
The global wearable technology market is
anticipated to reach USD 196.5 billion by 2022, according to a new study by
Grand View Research, Inc. Research and development investment by large number
of industry player is expected to fuel growth over the forecast period.
Increasing disposable
income worldwide is expected to fuel industry growth over the forecast period.
Technological advancement, price, quality, and battery life influence the
buying decision of the end-users. The emergence of 3D printing solution and
crowd funding is expected to positively impact the wearable technology market.
Increasing smartphone
penetration worldwide is expected to propel industry growth over the forecast
period, owing to increasing wearable device compatibility. Advancement in
semiconductor electronics is expected to favor more efficient and effective
products, thereby fuel revenue growth over the next seven years.
Various health and
economic benefits are expected to contribute to overall industry development.
For instance, advertisement agencies can bring down research cost through the
use of eye-wear, which can allow enhanced data collection of customers’
feedbacks. Low battery life and high cost of some of the devices may hinder the
industry growth over the forecast period. Data privacy concern may also
adversely affect the industry demand.
Further key findings from the study suggest:
· The global industry is innovation driven
and continuously evolving. The products available in the market include
wrist-wear, neck-wear, body-wear, eye-wear and foot-wear. Companies such as
Nike, Garmin, GOQii are offering wrist-wear for fitness and sport and
healthcare application.
· Applications include healthcare, fitness
and wellness, infotainment, enterprise and industrial, and defense. Increasing
concern about fitness and health among urban population is anticipated to drive
demand over the forecast period. Advancement in virtual reality technology is
expected to favor the infotainment segment over the next seven years.
Government initiative to enhance their defense capability and provide soldiers
with advanced technology is anticipated to drive investment in this sector.
· North America wearable technology market is
estimated to be the key regional segment and is anticipated to grow at a CAGR
of around 32% over the next seven years. Increasing in awareness about the
benefit of this technology will drive demand in Asia Pacific over the forecast
period. Asia Pacific is expected to be key component manufacturing hub over the
forecast period owing to availability of cheap resources. The region was valued
over USD 3 billion in 2014, and is expected to grow at a CAGR of over 36% from 2015
to 2022.
· Companies operating in the industry include
Apple Inc., Adidas AG, Garmin, Fitbit, Nike, Inc., Google Inc., Jawbone, Sony
Corp, Samsung Electronics Co. Ltd., and Xiaomi. In March 2014, Google Inc.
launched Android operating system for wearable technology. CuteCircuit
Technologies is a company that designs and develops wearable garments for both
men and women.
Grand View Research has
segmented the wearable technology market on the basis of product, application
and region:
Wearable Technology Product Outlook (USD Billion, 2012 -
2022)
·
Wrist-wear
·
Eye-wear
·
Foot-wear
·
Neck-wear
·
Body-wear
·
Others
Wearable Technology Application Outlook (USD Billion,
2012 - 2022)
·
Fitness and sports
·
Healthcare
·
Infotainment
·
Defense
·
Enterprise and industrial
Wearable Technology Regional Outlook (USD Billion, 2012 -
2022)
·
North America
·
Europe
·
Asia Pacific
·
RoW
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
