Portland, OR -- (SBWire) -- 10/27/2017 --Global Wearable Technology Market by Devices, Product type, Application, and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022, the wearable technology market size was $19,633 million in 2015, and is projected to reach $57,653 million by 2022, growing at a CAGR of 16.2% from 2016 to 2022. North America is expected to be the leading contributor to the global wearable technology market, followed by Europe and Asia-Pacific.
Multiple benefits of wearable technology offered by these devices such as GPS tracking, heart monitoring, and notification alert further supplement the wearable devices market growth. Moreover, rise in disposable income of consumers and increase in standard of living propel the growth of the global wearable technology market. However, increase in security concerns is projected to hamper the market growth, as the risk of data leakage is a major issue for users. Moreover, the limited battery life and high manufacturing cost restrain the market growth. Advancement in wearable devices technology is expected to provide numerous growth opportunities for the market.
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The deployment of miniature sensors into fabrics, smartwatches compatibility to interact with social media, instore merchandising, and ease of payment with wearables are some of the classic examples of advancement in wearable technology. The adoption of smartwatches has revolutionized watches to possess the characteristic of being multifunctional. Soon, (wearables market drivers) users are expected to prefer smart watches to their analog counterparts, due to technological advancements. Wearable devices companies invest heavily in R&D to devise optimum solutions to gain a higher market share. Growth in technological features and advancements is expected to drive the wearable technology market during the forecast period. (wearable electronics market)
The fitness & sports segment dominated the wearable technology market with over 39% share in 2015, and is projected to maintain this trend throughout the forecast period. However, Entertainment sector is anticipated to grow at a highest CAGR of 35.7% during the forecast period. The growth of the consumer application is expected to be driven by increase in awareness of wearables and innovative features & benefits provided by the wearable product manufacturers.
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Key Benefits
The report provides an in-depth analysis of wearable technology industry to identify the potential investment pockets.
The key drivers, restraints, and opportunities along with their detailed impact analyses have been elucidated.
Porter's five forces model helps in analyzing the potential buyers & suppliers and the competitive sketch of the market, which is expected to guide the market players to develop strategies accordingly.
