New York, Global Wearable Technology Market report from Global Insight Services is the single authoritative source of intelligence on Wearable Technology Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. 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 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.
Restraints and Challenges:
- The lack of a dependable and efficient battery system that can be worn without compromising the device’s compactness and convenience of use is a major limiting issue in the wearable technology market’s growth. As the demand for wearable devices grows, it is critical to not only meet the power efficiency requirement in a cost-effective manner, but also to monitor power usage.
- The consumer electronics industry is a fast-moving market. Market players risk significant price erosion as old technology items lose their value when new technology emerges.
- Privacy and Data Security related to data collected using wearable devices remain a key challenge for users as well as regulators and manufacturers.
Segmentation:
By Type:
- Wearable Textiles
- Wearable Products and Devices (Non-Textiles)
By Product:
- Wristwear
- Headwear
- Footwear
- Fashion & Jewelry
Key Players:
- Garmin Ltd.
- Xiaomi
- Huawei Technologies Co.Ltd.
- Motorola Solutions Inc
- Sony Corporation
- Apple Inc.
- Adidas AG.
- LG Electronics Inc.
- Fitbit Inc.
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