The
wearable technology market size is expected to grow from USD 15.74 billion
in 2015 to USD 51.60 billion by 2022, at a CAGR of 15.51% between 2016 and
2022. The wearable technology market is expected to grow because of various
driving factors, such as consumer preference for sophisticated gadgets,
increasing growth prospects of next-generation displays in wearable devices,
and growing popularity of Internet of Things (IoT) and connected devices.
Wearable
devices or products are small electronic devices worn by users which enable
mobile computing and wireless networking. The term wearable technology refers
to any wearable electronic device or product which helps to integrate computing
in daily activities or work. The wearable technology includes headwear &
eyewear such as augmented reality (AR), virtual reality (VR), footwear such as
athletic, fitness, and sports shoes, wristwear such as smart watches and
wristbands, and others (such as body worn camera and ring scanners). The
concept of electronic textiles (e-textiles)/smart textiles has recently emerged
from the concept of integration of wearable computers in clothing and apparel.
The
wristwear product segment is expected to cover the maximum size of the wearable
technology market between 2016 and 2022. The factor for this growth is attributed
to key industry players who are introducing products with advanced features to
serve customers’ need of fitness and healthcare. Wristwear measures fitness and
healthcare parameters, which includes heartrate, calories, distance travelled,
and steps. All such parameters could be synchronized with a mobile to store
data. Moreover, people could access the mobile through wearable devices with
the help of wristwears. So considering all such developments, it is estimated
that wristwear would gain the maximum size of the wearable technology market
between 2016 and 2022.
In
2015, the Americas accounted for the largest share of the wearable technology
market because of several factors. One of the most important factors is
technological innovations and advancements, which led to the introduction of
new products. The increasing demand from consumers and medical applications has
also led to the growth of wearable technology market in the Americas.
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Some
of the major companies in the wearable technology market, include Fitbit, Inc.
(U.S.), Apple, Inc.(U.S.), Xiaomi Technology Co. Ltd. (China), Garmin Ltd. (U.S.),
Samsung Electronics Co., Ltd.(South Korea), Guangdong BBK Electronics Co., Ltd
(China), Misfit, Inc. (U.S.), Alphabet, Inc. (U.S.), LG Electronics Inc.(South
Korea), Qualcomm Technologies, Inc. (U.S.), Adidas Group (Germany), Sony
Corporation (Japan), Jawbone, Inc. (U.S.), and Lifesense Group (The
Netherlands) among others.
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