Wearable Technology Market Aggrandizes To USD 50 Billion by 2022 With 16% of CAGR Worldwide; Asserts MRFR
Pune, India -- (SBWIRE) -- 10/25/2018 -- Market Highlights:
The Wearable technology market is growing rapidly. Increased demand in smart gadgets, higher accuracy are driving the wearable technology market. The Wearable technology market is globally emerging across world. New opportunities from internet of things (IoT), smartphone subscriptions, LTE adoptions, mobile data traffic growth are the factors accelerating the wearable technology market.
The Wearable Technology Market connects with the person and surrounding environment which results in quick response and better information with respect to the environment. The study reveals a trend of rise in the number of smart and innovative products in the near future which is responsible for growth the wearable technology market. The wearable technology has many advantages as hand-free user experience, personalized information, personal assistance and others. The battery life and usability issue are the major factors restraining the wearable technology market.
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According to Market Research Future Analysis, Global Wearable technology Market has been valued at US $ 50 Billion by the end of forecast period with 16% of CAGR during forecast period 2016 to 2022.
Major Key Player:
Market Research Future (MRFR) recognizes the following companies as the key players in the Wearable technology Market: – Adidas AG (Germany), Xiaomi Inc. (China), Apple Inc. (U.S.), Google Inc. (U.S.), Garmin Ltd. (U.S.), Fitbit (U.S.), Jawbone (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Qualcomm Technologies, Inc. (U.S.), Nike, Inc. (U.S.), Lifesense Group (The Netherlands), Misfit, Inc. (U.S.) among others.
Market Research Analysis:
Regional analysis for Wearable technology market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region would account for larger share in wearable technology market followed by Europe. It has been observed that North America region has technological developments and IT modernization which has resulted in the growth of wearable technology market.
The study reveals that Asia-Pacific region is expected to have a significant growth in wearable technology market by the forecast period. Asia-Pacific countries like China, India and Korea have maximum smartphone penetration which is the primary growth driver for the Asia-Pacific region.
Wearable technology Market Segmentation:
The wearable technology market has been segmented on the basis of product, technology, components and application. Looking through the product segment it's been observed that wristwear products are dominating the wearable technology market where as the smart clothing's products are expected to show a substantial increase in Wearable technology market. The wearable technology market is dominated by consumer electronics sector. However the fitness and wellness sector and the healthcare sector are showing a positive growth towards wearable technology.
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Commenting on the report, an analyst from Market Research Future (MRFR)'s team said:
By product segment, the wristwear and wearable cameras segment are the major segments in Wearable technology Market. The wristwear segment consists of many products such as smart watches, fit-bands and others. The smart-watches have a very high demand in the market. Considering the application segment the consumer electronics segment holds a larger share in wearable technology market. The study indicates that fitness and wellness segment would grow significantly in wearable technology market by the forecast period. Many organizations are working on various wearable devices for fitness which would have high health benefits.
By Region, North America region has been leading the wearable technology market. Many factors such as innovation, product awareness have credited to developments of Wearable technology market in North America region. North America region is followed by Europe region showing a positive growth in the Wearable technology Market. It has been observed that Asia-Pacific countries like China, Japan and India would enhance the wearable technology market by the forecast period. It has been in news that Asia-Pacific companies like Xiaomi have shown a sudden hike in sales of wearable technology.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Network Solution
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
List of Tables
Table 1 Wearable Technology Market, By Technology
Table 2 Wearable Technology Market, By Product
Table 3 Wearable Technology Market, By Component
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