Chicago, IL -- (SBWIRE) -- 09/26/2016 -- According to a new market research report, "Global Wearable Technology Market, By Products, Application Report Forecast – 2013 to 2021", published by Scalar Market Research (www.scalarmarketresearch.com), the global market for wearable technology is anticipated to be worth USD 71.23 Billion by year 2021.

The global wearable technology market report analyzes all the key driving and restraining factors for the industry and forecasts the revenue trends within different high-impact geographic regions.

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Driven by proliferation of Internet of Things (IoT) and rising demand:

According to the wearable technology market report, strong rise in the penetration of smartphone devices is the key drivers for this market. Growing use of smartphones along with the explosion of Internet of Things (IoT) is expected to drive the industry further. The report also suggests that growing venture capital funding for numerous emerging players is also a contributing factor for the augmentation of the market. It also suggests that constant advancements in wearable technology will boost the business opportunities in this market during the forecast period. However, the report highlights several restraining factors for the market, which include security concerns related to data confidentiality and insufficient battery life of the wearable devices.

Innovative products are expected to attract more consumers:

The research report suggests high acceptance level of consumers, which is creating a rise in demand. Innovative range of devices such as Eyewear, Wristbands, Smartwatches, health monitoring devices and such other devices have augmented the consumer interest in this market. Geographic regions like Europe and North America are expected to remain the industry leaders. Owing to the strong demand and significant adoption of advanced gadgets, the aforementioned regions are expected to acquire largest wearable technology market share. However, the report suggests that Asia-Pacific is expected to become the fastest-growing geographic segment of this market. The rise in disposable income is expected to play a significant role in this growth rate of the Asia-Pacific region.

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Key players highlighted in the wearable technology market report includeAdidas Group, Apple Inc., Fitbit Inc., Garmin International Inc., Google Inc., Microsoft Corporation, Nike Ltd., Sony Corporation, Suunto Oy, and Xiaomi Inc. among others.

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