Global Wearable Technology Market - Segmented by Component (Backplanes, Batteries, Conductors), Product (Activity Monitors, Augmented Reality, Continuous Glucose Monitor), End User (Fitness, Health and Wellness, Healthcare and Medicals), and Region - Growth, Trends, and Forecast (2018 - 2023)
The wearable technology market is expected to grow at a CAGR of 17.66% over the forecast period (2018-2023). The scope of the report includes insights on the solutions offered by major players, including providers of hardware, professional services, and integration solutions. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study offers insights on various end users such as healthcare & medicals, industrial, infotainment, military, etc. and products such as drug delivery, hand worn terminals, heads-up displays, hearables, sleep sensors, smart clothing, smart glasses, etc. Components-based segmentation is also in the scope of the study for backplanes, batteries, conductors, displays, sensors, etc.
Technological Advancement and Increased Smartphone Sales is Driving the Market
Wearable technology is an emerging innovative technology that is integrated with electronics and can be worn on any part of the body, usually used as an accessory. The ability to connect to the Internet and enable data to be exchanged between a network and a device is one of the most remarkable features of wearable technology. The market has a significant number of startups that have invested in smart wearables. The drivers of the market are the advancements in R&D causing increased innovation in recent years and demand for a market that incorporates high technology and design in daily living. Lately, the focus has been on providing aesthetic design to devices to attract the customer.
End Users Require it for a Variety of Needs in Health and Wellness Segment
The wearable technology is widely being used in health and wellness, infotainment, fitness, military, healthcare and medicals, and the industrial sectors. This technology is constantly re-innovating itself with ideas of a connected smart wearable technology by using global cloud technology, and miniature and distributed sensors. The new path of the technology has now turned towards creating new products with new form factors that augment our senses. The decrease in sensor prices and improvement in the quality of information gathered has led the high penetration in health and wellness segment. Real-time data collection, display, and transmission possibility to other devices have also caused the wearables to create a niche market in the medical device segment.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook