Our industry experts anticipate that within the wearable technology market, the smart watches will dominate the product segment, and will grow at a CAGR of more than 15%. In addition, the fashion and lifestyle will be the fastest-growing application segment of the market, witnessing growth at a CAGR of more than 25% during the forecast period. While North America is poised to dominate the global market based on revenue, the Asia-Pacific region is set to emerge as the fastest-growing geographic region of the wearable technology market.
Chicago, IL -- (SBWIRE) -- 03/01/2017 -- According to the new market research report, "https://www.scalarmarketresearch.com/market-reports/wearable-technology-market">Wearable Technology Market, by Products (Smart Clothing & Smart Glasses, Sleep Sensors, Smart Watches, Activity Monitors, Augmented Reality Headsets, Continuous Glucose Monitors, Heart Rate Monitors, Drug Delivery Devices, Hand Worn Terminals, Wearable Patches, Jewelries), Application (Infotainment, Fitness & Wellness, Healthcare & Medical, Industrial & Military, Safety & Security, Fashion & Lifestyle) - Global Revenue, Trends, Growth, Share, Size and Forecast to 2021", published by Scalar Market Research, the global wearable technology market is anticipated to grow from USD 29.92 billion in 2016 and reach USD 71.23 billion by 2021, growing at a CAGR of 18.9% during the forecast period.
The global wearable technology market report offers in-depth analysis of the market size (revenue), market share, major market segments, different geographic regions, key players, premium industry insights, latest cutting-edge technology trends and forecast to 2021. It also focuses on the key drivers and opportunities in this market.
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Key findings of the report:
1. The strong rise in the penetration of the smartphone devices is one of the key drivers for the wearable technology market. The growth smartphone usage along with the explosion of Internet of Things (IoT) is expected to drive the global market.
2. The growing venture capital funding for numerous emerging market players is also a contributing factor for the overall augmentation of the wearable technology market, during the forecast period.
3. Constant technological advancements, high acceptance level of the consumers, and the innovative range of available devices are also some of the key driving factors highlighted in the wearable technology market report.
Fashion and lifestyle to dominate the market in application segment
The wearable technology market report advocates that the emerging fashion & lifestyle segment is expected to grow at the fastest CAGR during the forecast period, due to the high demand and the increasing awareness towards fitness. Other regions such as industrial & military and safety & security are also estimated to witness a strong growth in the application segments of the market in the coming years.
North America: Expected to dominate the wearable technology market
According to the wearable technology market report, North America and Europe are expected to be the leaders in this market during the forecast period, with North America leading the pack. The growth in the disposable income and the rapid adoption & popularity of the advanced gadgets are some of the major drivers for the market in these geographic regions.
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The key players highlighted in the wearable technology market report include:
1. adidas Group
2. Apple, Inc.
3. Fitbit, Inc.
4. Garmin International, Inc.
5. Google, Inc.
6. Microsoft Corporation
7. Nike Ltd.
8. Sony Corporation
9. Suunto Oy
10. Xiaomi, Inc.
About Scalar Market Research:
Scalar Market Research, Inc., a U.S.-based market research and consulting firm, assists organizations from around the world to achieve their business goal with premium market research reports and consulting services. Our real-time industry tracking with the help of advanced analytics offers a crystal clear view of all the activities in niche markets. Our team, with thorough global understanding, works relentlessly to gather the necessary market insights, including customer analysis, competitions and global forecast.
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