Wearable Technology 2019 Global Market – Opportunities, Challenges, Strategies & Forecasts 2023
Sep 6, 2019
WiseGuyReports.Com Publish a New Market Research Report On –“ Wearable Technology 2019 Global Market – Opportunities, Challenges, Strategies & Forecasts 2023”.
Pune, India - September 5, 2019 /MarketersMedia/ —
Wearable Technology Industry 2019
Description:-
Wearables are basically technological devices incorporated into gadgets that can be comfortably worn on a human body. Wearable devices are used for tracking body-related information such as pulse, blood pressure, etc on a real-time basis. These devices have efficient motion sensors that take a snapshot of a person’s day to day activity and sync them with laptop computers or mobile devices. After the development of smartphones, wearable electronics are the next excellent innovation in the world of technology.
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While the smart wearables devices and cloths have been utilized in vertical sectors such as healthcare, military, and others for many years, ongoing improvements have triggered the revitalization of the concept, especially among the consumer community. Key stimulating technologies including wireless connectivity, affordable sensors, active equipment, and energy have gathered to make wearable technology mainstream.
With the constant miniaturization of stimulating technologies, wearables have hit the complete market with a diverse variety of products, ranging from fitness trackers and smartwatches to smart glasses and audible devices. Driven by the ability to connect with modern trends of fitness, healthcare, socialization, and messaging, wearable technology is attracting substantial levels of interest.
Research reports presented by SNS Telecom & IT anticipates that the wearable device market demand will prosper at a CAGR of about 22% between the year 2018 and 2021. By the year 2021, wearables will account for a market worth $45 Billion with over 250 Million annual unit shipments.
Market segmentation
The global wearable device market can be forecasted based on the following segments-
Based on important Verticals, the market can be segmented into-
Consumer
Professional Sports
Healthcare
Public Safety
Military
Retail & Hospitality
Others
Based on product types, the market can be segmented into-
Smart Bands
Smartwatches (OS-Powered Smartwatches, Basic Smartwatches)
Smart Clothing
Smart Glasses
Smart Jewelry
Smart Earwear
Heads-up Displays and others
Based on regions, the market can be segmented into-
Latin & Central America
Middle East & Africa
Eastern Europe
Asia Pacific
North America
Western Europe
Based on the distribution channel, the market can be segmented into-
Online stores
Storefronts
Facts
According to the research, in terms of annual wearables unit shipments, the top 5 vendors- Xiaomi, Apple, Fitbit, Garmin, and Samsung altogether account for more than 55% of the market.
Increased research and development in wearable textile-based systems have encouraged health monitoring, safety, protection, and healthy lifestyle.
Garments infused with advanced sensors, also known as smart fabrics, are capable of extracting data and integrating with smartphones/tablets. Such wearables are getting traction owing to the advanced functionality offered by them. The improvements in nanotechnology and micro-fabrication technologies have facilitated miniaturization process, which made smart sensors affordable and led to the development of smart fabrics.
With the rise in the rate of chronic diseases, like cancer, diabetes, respiratory diseases, and heart disorders and growth in the number of surgeries performed all over the world, the demand for smart fabric and wearables will boost exponentially.
Recently, one of the leading brands, Nike has launched its HyperAdapt smart sneakers at a reasonable price compared to its previous edition. The sneaker self-tightens as per the athlete's preference, which can be adjusted via an application. The data from the user is extracted from components like accelerometers, sensors, and gyroscopes that can give the brand personalized information about its user's performance.
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Source: MarketersMedia
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