Europe wearable technology market was valued at USD 308.69 million in 2013, growing at a CAGR of 42.1% from 2014 to 2019. Wearable technology market is a niche market with current domination of a few players. As the technology is new and there are few players, the prices of the products are high.
Albany, NY -- (SBWIRE) -- 04/21/2016 -- The wearable technology market in Europe comprises a number of cutting-edge wearable gadgets, namely Jawbone UP, Nike's Fuel and wrist band, among others. This market is poised to experience a number of shifts with the rise in demand for products such as Sony's wrist watch, Google's smart glass, etc.
This research study demonstrates a strategic analysis of the wearable technology market in Europe and displays the magnitude of the market's growth in US$ million and provides a forecast for the market from 2013 to 2019. The report encompasses a detailed evaluation of the industry trends, market restraints, and market drivers. The report also explains significant growth opportunities in the wearable technology market in Europe in the near future.
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The study presents a comprehensive assessment of the main stakeholders' strategies, and presents imperatives for gaining success in the wearable technology market in Europe. The report collates the present and future market potential and segregates the wearable technology market on the basis of products, applications, and geography.
Overview of the European Wearable Technology Market
The wearable technology market in Europe is still a niche market. Due to the fact that this technology is still new, presently only a few players are dominant in the market and the cost of the products in this market is relatively high. Nonetheless, the wearable technology market in Europe is expanding across numerous sectors.
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On the basis of application, the European wearable technology market is segmented into infotainment, fitness and wellness, industrial and military, and healthcare and medical. The segment of fitness and wellness led the market in 2012 and is predicted to maintain its superiority in the forecast period. There are a number of products that come under these applications. On the basis of product, the European wearable technology market is segmented into activity monitors, smart sports glasses and smart clothing, smart watches, sleep sensors, smart glasses, head-up displays, drug delivery, continuous glucose monitors, wearable patches, augmented reality headsets, and hand-worn terminals.
Technological advancements in wearable technology have raised the demand for wearable technology devices in Europe. Nonetheless, the increasing cost of wearable devices has led to decreased adoption of these devices.
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On the basis of geography, the wearable technology market in Europe is segmented into Germany, the UK, Sweden, Norway, and Denmark. Amongst these, in 2012, Germany held the biggest share in the market – 32%. On the other hand, in the UK, there is huge demand for wearable technology devices owing to the launch of many new products and huge number of technological advancements. These new innovations in the UK are predicted to raise the demand for wearable technology in the forthcoming future and the region is expected to expand at a 41.8% CAGR in the forecast horizon.
Key players in the European Wearable Technology Market
Google Inc., Nike, Microsoft, Samsung, Adidas, and Sony are some of the major players in the wearable technology market in Europe.
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