Global Wearable Devices in Sports Market - Segmented by Component (Hardware, Software), Device Type (Pedometers, Activity Monitors, Smart Fabrics), and Region - Growth, Trends, and Forecast (2018 - 2023)
The wearable devices in sports market are expected to register a CAGR of 9.82%, during the forecast period (2018 - 2023).
The wearable technology and devices market is evolving at a rapid pace, with the industry moving towards a focal point companies are prioritizing enhancing quality of service, apart from adding additional features to the device itself. Wearable devices have remained a crucial part of the sports industry, helping the athlete to stick to daily routines and providing crucial information regarding the different parameters it is programmed to monitor. Integration of analytics tools for better assessing and analyzing this data to improve the performance or managing overall personal fitness has bolstered the demand for wearable devices in the sports industry.
Smart Fabrics Set to be a Major Contributing Factor Towards the Growth of the Market
Wearable apparels in the smart fabrics market are expected to register a strong growth over the next decade, and a majority of the demand is expected to be generated from the professional and amateur sports sector. While electronic gadgets, such as watches and bands have garnered the limelight in the wearable devices market space, smart fabrics are emerging as a new favorite in the industry, with the segment set to witness the highest growth among the different products being considered within the scope of the study.
US and Japan to Remain Key Markets
The US and Japan have constantly emerged as the pioneers in wearable technology, with constant innovation and highly skilled manufacturing ability. The presence of major players in the region, has further reinforced their ability to develop highly established products, with the ability to transform the industrial use of technology. The sports industry has welcomed the use of technology to improve the performance levels of the athletes, with coaching staff and the administrative authority by itself encouraging the use of technology to accomplish the task of improving the overall fitness and bolster the productivity of the athlete, and helps them reach optimal performance levels.
With growing importance on performance and increasing levels of competition in the sporting industry, the market is poised to witness a robust growth over and beyond the forecast period.
Key Developments in the Market
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