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.
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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.
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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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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