According to a new market research report published by Global Insight Services “Wearable Technology Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Incorporating MEMS sensors such as accelerometer, gyroscope, and magnetometer into specialized wearable devices has led to rapid growth of wearable device market. These sensors have aided the fitness tracking wearable in monitoring body activities. Factors such as rising demand for smart devices in the healthcare sector and a surge in demand for IoT devices will propel the market forward.
The increased frequency of chronic diseases and obesity has led to increased adoption of wearable gadgets such as activity trackers and body monitors that provide real-time data on a user’s overall health. These wearable gadgets also provide data on daily activities and physiological data like calories expended, heart rate, oxygen level, blood pressure, cholesterol level, and sleep.
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Key Players:
- Garmin Ltd.
- Xiaomi
- Huawei Technologies Co.Ltd.
- Motorola Solutions Inc
- Sony Corporation
- Apple Inc.
Key Trends and Drivers:
- Over the projected period, the increased adoption of smartwatches and fitness trackers in the healthcare industry is expected to promote category growth.
- Other growth factors for the market include product advancements such as the integration of linked devices with the Internet of Things (IoT), artificial intelligence (AI), and virtual reality (VR). Next-generation screens and tiny sensors are also being developed by manufacturers for use in head-mounted displays for high-end gaming and virtual and mixed reality experiences.
- Sensors allow athletes and their coaches to collect data on anything from heart rate to acceleration to sleep, which has revolutionized the way certain athletes train. Athletes can use this information to create more effective training regimens, identify shortcomings, and track progress toward fitness goals.
- Some of the key drivers in developing regions are the rise in disposable income and the fast acceptance and popularity of upgraded technologies.
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Segmentation:
By Type:
- Wearable Textiles
- Wearable Products and Devices (Non-Textiles)
By Product:
- Wristwear
- Headwear
- Footwear
- Fashion & Jewelry
- Bodywear
By Application:
- Consumer Electronics
- Healthcare
- Enterprise and Industrial Application
Reasons to buy Wearable Technology Market Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
About Global Insight Services:
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