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.
Access Full
Research Report by Grand View Research: http://www.grandviewresearch.com/industry-analysis/wearable-technology-market
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.
Browse more reports of this category by
Grand View Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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
Access press release by Grand View
Research: http://www.grandviewresearch.com/press-release/global-wearable-technology-market
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.
For more information: http://www.grandviewresearch.com
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