Wearable Technology Market: Increasing Penetration of Smartphones and the Rising Internet Mobility

Albany, NY -- (SBWire) -- 10/27/2017 --The development of wearable technology in the sector of consumer electronics is primarily because of the growing demand for computing devices and wearable scanners in logistics, warehouse, and other operations wherein efficiency is very crucial. The growing inclination toward sophisticated gadgets and the growing popularity of wrist bands and smart watches in the consumer market are amongst the key factors providing impetus to the global wearable technology market.

The report provides forecast and estimates the key products in the market and also throws light on the prime opportunities, restraints, and drivers impacting the growth of the market. The study presents an extensive evaluation of wearable technology in terms of statistically refined segment forecast and historical data. The key players operating in the global wearable technology market have also been presented and have been analyzed in terms of regional presence, distribution channel, and top offerings.

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The study also encapsulates the supply and demand dynamics in the wearable technology market and presents an extensive analysis of all the segments and sub-segments present in the market. The mergers and acquisitions taking place in the market and their impact analysis have also been encapsulated in this study.

Overview of the Wearable Technology Market

Wearable technology has gained immense popularity at a swift pace and has evolved beyond just smart watches and eyewear with cutting-edge products such as smart shoes, wrist bands, smart apparels, etc. A number of industry giants have been introducing accessories, apparels, and fitness wear that can perform various functions ranging from heart rate monitoring to smartphone charging. The growing awareness amongst consumers and the increasing technically sound population will positively impact the growth of the global wearable technology market.

On the basis of end use, the report categorizes the global wearable technology market is segmented into four end-use segments, namely infotainment, fitness and wellness, industrial and military, and healthcare and medical. The segment of fitness and wellness includes products such as sleep sensors, activity monitors, smart clothing and smart sensors, and others.

The report categorizes the global wearable technology market by end use into the following sections: Fitness and wellness, further subcategorized into smart clothing and smart sports glasses, activity monitors, and sleep sensors; the infotainment sector, further subcategorized into smartwatches, augmented reality headsets, and smart glasses; the healthcare and medical sector, further subcategorized into continuous glucose monitors, smart drug delivery devices, wearable patches, and other monitors; the industrial and military sector, further subcategorized into hand-worn terminals and augmented reality headsets.

Growing awareness among the global populace regarding their wellbeing, the major driving factor of the global wearable technology market, is reflected in the hierarchy of the market, as the medical and healthcare end-use sector took up a dominant 35.1% share in 2012. Fitness and wellness followed the healthcare sector as the largest end user of wearable electronic devices. Continuous glucose monitors are a significant segment in the medical and healthcare sector owing to the growing prevalence of diabetes in the emerging economies of Asia Pacific and Latin America. Insulin delivery devices also play a major role in the dominance of the medical and healthcare sector in the global wearable technology market.By geography, the global market for wearable tech is divided into North America, Asia Pacific, Europe, and Rest of the World. Due to a high proportion of the population in the U.S. and Canada being tech-savvy, health-conscious, and affluent enough to purchase and use wearable devices, North America is expected to remain the leading regional segment of the global wearable technology market, with an expected 43% share by 2019.

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However, lack of such consumers is hampering wearable technology in regions such as Asia Pacific, Latin America, and Africa. The market is expected to remain above par in these regions, but growth will be slow and prone to fluctuations.Major players in the global wearable technology market include Adidas, Medtronic, Abbott Laboratories, Eurotech, Sony, Nike, and Google Inc.