European Wearable Technology Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 01/05/2015 -- The American cities are just about to warm up to using wearable technology on an everyday basis. European consumers, on the other hand, are playing it a lot cooler when it comes to adapting to wearable technology.Surveys show that consumers are more likely to use either watches or health monitors on their wrists more than gadgets that are fitted into their clothes or eyewear. With the European wearable technology market being focused here, the current emphasis for businesses to introduce wearable technology to their employees comes into picture. Almost one third of the European businesses are now trying to incorporate new wearable technologies into their working methodologies, thus ushering forth a new age of management and work visibility.
An Introduction to Wearable Technology:
Also known as wearables, fashion electronics, or wearable devices, the different types of wearable technology that we are about to see in the market are poised to make a big difference. Most of the goods in the wearable technology market are built with either practicality or aesthetics in mind, or even a mixture of both. The earliest known example of wearable technology was the calculator watch of the 1980s. Visionaries have since attempted to perfect the use of technology into shapes and forms that are not only mobile, but also involve ubiquitous computing. Most science fiction movies portray the use of hidden gadgetry in espionage situations such as a microphone in a ring or a tie. Currently, Twitter users can make the use of Pocket Tweet that simply let one "wear" a tweet of their choice. From the much-hyped Google Glass to the formation of the Wearable Technology in Healthcare Society, the wearable technology market is here to change the way we work.
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European Wearable Technology Market Overview:
There have been quite a few advancements in the European wearable technology market recently. The 2014 Wearable Technology Show held in London hosted a slew of products including the Google Glass and its European competitive counterpart, the Optinvent Ora. Both are glasses that use a transparent screen which is thrice as large in the case of the Optinvent Ora. The U.K. is also witnessing quite a few developments in the smart clothing sector. For instance, Intelligent Textiles, a U.K. based firm has created clothes that use electrically active woven fabrics. These clothes are intended for a range of uses from commercial to defense fields, including iPod connected garments, heated bedding, and body armor.
The Scandinavian countries are involved in the development of wearable technologies through the course of technical innovations. They are trying to work out a way to power wearable technology through blood. Such devices will utilize the natural bodily processes to generate their own electricity.
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European Wearable Technology Market Segmentation
This market is broadly classified as applications or products. Application segments include:
- Industrial and Military
- Fitness and Wellness
- Healthcare and Medical
The products in the European wearable technology market include:
- Sleep sensors
- Smart watches
- Smart glasses
- Drug delivery
- Hand worn terminals
- Wearable patches
- Activity monitors
- Smart clothing
- Constant glucose monitor
- Augmented reality headsets
The fitness and wellness segment accounted for the largest market share in 2012. The segment should successfully maintain its position till 2019.
By country, the largest market share for wearable technology was held by Germany in 2012 with 32%. The scope for growth in the country is highlighted by technology conferences such as the Wearable Technology Conference (WTC) which is held by Wearable Technologies GmbH which is a top company in the European wearable technology market.
All in all, the European wearable technology market that was once valued at US$308.69 million in 2013 will be growing at a CAGR of 42.1% from 2014 to 2019. The scope seems bright with the U.K. showing a CAGR of 41.8% and the Scandinavian countries showing a collective CAGR of 43.1% for the same forecast period.
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