The overall wearable technology market was valued at USD 15.74 billion in 2015 and is
expected to reach USD 51.60 billion by 2022, at a CAGR of 15.51% between 2016
to 2022.The key factors contributing to the growth of the wearable technology
market include consumer preference for sophisticated gadgets, increasing growth
prospects of next-generation displays in wearable devices, and growing
popularity of internet of things (iot) and connected devices.
By Product, Headwear & eyewear in
wearable technology market expected to grow at highest rateduring forecast
period
The
headwear & eyewear includes products such as augmented reality and virtual
reality which would grow in various high class applications such as industrial
segment, video gaming, and entertainment among others.
By Application, Consumer Electronics is
expected to be the largest market for wearable technology during the forecast
period
This
growth is mainly attributed to the increasing demand for wearable scanners and
computing devices in warehouses, logistics, and for other operations where high
speed and efficiency is essential.
The Americas is expected to dominate the
market by Geography
The
Americas accounted for the largest share of the overall wearable technology
market in 2015, primarily because of the huge demand of wearable technology
products in the U.S. The U.S., being a prominent market, holds the largest
share of the wearable technology market in the Americas. The U.S. is home to
various key players such as Jawbone, Inc. (U.S.), Apple, Inc. (U.S.), and Fitbit,
Inc. (U.S.) which majorly contribute toward the growth of the wearable
technology market.
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Driver growing popularity of Internet of
Things and connected devices
The
Internet of Things (IoT) refers to the phenomenon in which not only computers,
but all sorts of devices with embedded computing capacity are interconnected.
These include self-driving cars, drones, smart sensors, connected homes, and
wearable devices. For consumers, IoT technologies offer an array of new devices
and service options that make lives and jobs easier. This is especially the
case with the subset of IoT technologies known as wearables. Also, IoT plays a
significant role in a broad range of healthcare applications, from managing
chronic diseases to preventing diseases.
Restraint: Shorter life cycle of the consumer
electronics sector
The
consumer electronics sector is a rapidly evolving marketplace. However, market
players face high price erosion owing to the fact that when a new technology is
developed, the products with old technology lose their significance. Technology
advances at an incredible speed, and keeping up with these advancements is a
big challenge for companies because by the time engineers come up with a
prototype, the technology changes. New technologies are being developed at a
rapid pace and integrated with various products as an additional function.
Consumers also prefer products which have more features and are technologically
advanced. Thus, companies need to embrace new technologies and reduce the
design and production cycles to keep up with the pace of the wearable
technology market.
Opportunity: Multi-featured and hybrid
application mobile devices
There
is a huge availability of devices such as smartphone, tablets, and phablets
among others. Currently, consumers prefer to have a single compact device which
could integrate all the computing and monitoring requirements. This preference
presents an opportunity for the development of multi-function and hybrid
wearable devices that provide convenience to the users as well as integrates
the functionality of many devices into a single compact wearable device. The
number of such devices is expected to increase in the coming years. With a
steady transformation from the Plain Old Telephone System (POTS) to cellular
gateways and mobile phones, cellular technologies have become a leading medium
for data transmission and communication. This factor is expected to present a
good opportunity for companies to launch wearables connected with mobile
devices such as smart phones and tablets.
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