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.
Browse full research report on Wearable Technology Market:
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
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.
No comments:
Post a Comment