Global Wearable Technology Components Market to Surpass USD 51.50 Bn by 2023
Wearable technology has undergone a dramatic transformation in recent years. This has led to an increased demand for wearable technology components. Market Research Future (MRFR) projected to the global wearable technology component market will reach a valuation of USD 51.50 Bn by 2023 up from USD 20.89 Bn in 2017, reflecting a CAGR of 16.02%.
Modern consumers, especially the millennials population is inclining towards wearable technology. Realising the opportunity, a number of technology companies have entered the industry. Healthcare and wellness sector currently dominates the wearable technology market. Wearables such as smartwatch are used for health activity tacking. Some of the advanced wearable technology can deliver heath insights, monitoring vital signs and monitoring heart health.
Wearable technology is making its ways into other vertical. In the future, wearables are likely to find broader application scope owing to technological advances and product innovation. The is expected to the further expand the user base. Wearable devices are gaining popularity in segments such as telemedicine, infotainment, navigation (cycling and running) among others. At the same time, introduction of wearable production with features such as hands-free call answering, gesture response, recording, etc. is boosting their marketability. Nonetheless, issues such as security and privacy vulnerabilities associated with user data and high cost of product are some of the market impediments.
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Global Wearable Technology Component Market: Segmental Analysis
The segmental analysis of the market has been conducted based on technology, application, component, and product.
On the basis of technology, the wearable technology component market has been segmented into display technology, sensor technology, networking technology and computing technology. On the basis of application, the market has been segmented into enterprise and industrial, fitness and wellness, consumer electronics, healthcare, and defense. On the basis of components, the market has been segmented into connectivity, sensing, battery, memory and control. Based on product, the market has been segmented into headwear and eyewear, smart clothing, wristwear, implants, wearable cameras and neckwear. In 2017, the wristwear segment accounted to the largest share of the market. The segment is expected maintain its leading position throughout the forecast period. Wristwear has become extremely popular in recent years. Increased of smart wristwear product has prompted manufacturers to shift their focus on the segment.
Global Wearable Technology Component Market: Regional Analysis
On the basis of region, the market has been segmented into Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). North America is likely to remain a highly profitable market for wearable technology components. Widespread popularity of wearable products in countries such as the US and Canada provides considerable market opportunities. This is mainly owing to factors such as high disposable increased and consumer awareness. Healthcare wearables are gaining significant traction in the region in the wake of staying fit and healthy.
The Europe wearable technology components market is expected to witness a steady growth over the next couple of years. For this, several elements can be factored into. The high healthcare expenditure and presence of a large number of wearable technology companies provides impetus to the market in Europe.
Asia Pacific is expected to make a significant contribution to the global wearable technology components market. Growth of the electronics manufacturing sector along with other macroeconomic factors are supporting the market growth in the region.
Global Wearable Technology Component Market: Competition Analysis
MRFR in its report has mentioned some of the leading companies operating in the global market for wearable technology component Xiaomi Inc. (China), Google Inc. (US), Fitbit (US), Samsung Electronics Co., Ltd. (South Korea), Qualcomm Technologies, Inc. (US), Lifesense Group (Netherlands), Adidas AG (Germany), Misfit, Inc. (US), Apple Inc. (US), Nike, Inc. (US), Sony Corporation (Japan), Garmin Ltd. (US) and Jawbone (US).
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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.
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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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