Market Synopsis:
As per Market Research Future (MRFR)’s latest report, the global wearable technology component market is expected to expand at a CAGR of 16.02% during the forecast period 2018 to 2023. The report underscores that the valuation of the global market is poised to grow from USD 20.89 Bn in 2017 to USD 51.50 Bn by the end of 2023. The growth in demand witnessed for wearable devices is presumed to dictate the trajectory of the global market in the years to come.
Wearable devices have penetrated healthcare sector and are being used extensively for patient monitoring. The wearable technology component market is highly lucrative and is expected to gain momentum owing to the development of its application across different verticals in the upcoming years.
The increasing disposable income coupled with rising affordability of wearable technology is likely to boost sales of these devices over the next couple of years. This, in turn, has been projected to boost the growth trajectory of the market in the foreseeable future. However, concerns regarding privacy and security are likely to restrict the proliferation of the wearable technology component market across the review period.
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Market Segmentation:
By products, the global wearable technology component market has been segmented into wristwear, headwear and eyewear, neckwear, smart clothing, wearable cameras, and implants.
By technology, the wearable technology component market has been segmented into computing technology, display technology, networking technology, and sensor technology.
By components, the global wearable technology component market has been segmented into control, memory, battery, sensing, and connectivity.
By application, the wearable technology component market has been segmented into fitness and wellness, healthcare, consumer electronics, defense, and enterprise and industrial applications.
Regional Analysis:
The regional study of the wearable technology component market encompasses North America, Europe, Asia Pacific, and the rest of the world. North America is expected to lead the growth of the market in the forthcoming years. The growth can be ascribed to the recent developments witnessed in the wearable technology.
Europe is also an important growth pocket. The regional market is presumed to grow substantially across the review period owing to the rising count of health-conscious people who form a major proportion of the consumer population. Furthermore, the consolidation of developed economies in the region backed by high purchasing power is driving the growth of the wearable technology component market in the region.
Asia Pacific is likely to exhibit positive growth over the next few years. The ongoing technology trends in the region are likely to fuel demand for wearable devices over the assessment period, thus, augmenting the market.
Competitive Dashboard:
Some of the key players profiled in this MRFR report are Xiaomi Inc. (China), Adidas AG (Germany), Apple Inc. (US), Sony Corporation (Japan), Garmin Ltd. (US), Fitbit (US), Jawbone (US), Google Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Qualcomm Technologies, Inc. (US), Nike, Inc. (US), Lifesense Group (Netherlands), and Misfit, Inc. (US).
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Industry News:
In February 2019, University of Auckland researchers announced that they are working on the development of ChewIt, which enables discreet and hands-free interaction with your computer, phone or smartwatch from within your mouth.
In February 2019, Shimmer, a global leader in wearable technology, has announced the launch of the next-generation wearable sensor platform, Verisense, for clinical trials.
In February 2019, VivaLNK, a leading healthcare service provider, has unveiled its new wearable device for monitoring patient health and generate clinical data.
In February 2019, Scottish company Current Health announced that it has been granted approval by the U.S. Food and Drug Administration for its wearable device designed for monitoring hospital patients.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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Market ScenarioWearable technology has evolved dramatically from wristwatches to fitness bands in recent years.
The market for wearable technology components is yet to expand and is currently dominated by health and activity tracking devices.
Although, the scope of this market has grown beyond health and wellness, wearables are expected to be utilized for diverse purposes in the near future due to innovation, industry developments, and the increasing number of use cases.The latest advances in mobile networks have been one of the major factors contributing to the growth of the wearable technology component market.
If we take this prediction into consideration, the wearable technology components are expected to witness significant demand by 2023.However, privacy and security of shared data and lack of adequate network infrastructure are some of the restraining factors that coould potentially hamper the market for wearable technology component in the forecast period.The global Wearable Technology Component Market is segmented into products, technology, components, and application.
The segmentation by product includes wristwear, headwear and eyewear, neckwear, smart clothing, wearable cameras, and implants.
The growth in the segment is due to the inclination of major industry players towards introducing products with advanced features to serve customers’ need of fitness and healthcare.The global wearable technology component market is expected to grow from USD 20.89 billion in 2017 to USD 51.50 billion in 2023 at a CAGR of 16.02%.Regional AnalysisThe regional analysis of wearable technology component market is done for North America, Europe, Asia Pacific, and the rest of the world.
In the world of technology, smartphones, tablets, wearable watches are the big things in the consumer technology industry.
If we add more to the buzz of wearable technology is the anticipation that the wearable market is predicted to grow up to $18.9 billion in revenues by 2020.
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