The global wearable computing market was analyzed by Market Research Future (MRFR) and it was projected that a striking CAGR of 15% will be attained by the market over the forecast period of 2017 to 2023. The valuation of the wearable computing market was further stated to surpass its previous figure to reach an estimated valuation of USD 35 Billion by 2023.
The global market is experiencing a surging growth due to the increasing adoption of wristbands and smart watches among consumers. Add to this, there is a burgeoning interest for networking, communication and recognition technologies for wearable products, thereby driving the global Wearable Computing Devices Market. However, the high consumption rate of power and limited use of battery life can pose to be a challenge to the potential growth of the market over the forecast period.
Some of the key players of wearable computing market include Nike Inc. (U.S.), Pebble Technology Corporation (U.S.), Valve Corporation (U.S.), Zephyr Technology Corporation (U.S.), Samsung Electronics Co., Ltd (Republic of Korea), Smartlife Technology Ltd (Manchester), Fitbit Inc. (U.S.), Apple Inc. (U.S.), Adidas AG (Germany), LG Electronics, Inc. (Republic of Korea), Motorola Mobility Holdings, Inc. (U.S.), Sony Corporation (Japan), Philips Healthcare (Amsterdam), Microsoft Corporation (U.S.), and Boston Scientific Corporation (U.S.)
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The global wearable computing market has been segmented in terms of product, end-user, and technology.
- By technology, the market segments into networking technologies, display technologies, and other technologies. The networking technologies is narrowed down into Wi-Fi and Bluetooth, while the display technologies is broken down into augmented reality and virtual reality
- By product, the market comprises activity monitoring device, smart clothing and textiles, wearable camera and virtual reality eyewear.
- By end-user, the market includes fitness & wellness, defense & security, medical & healthcare, infotainment, gaming, automation, home enterprise & industrial, and other applications.
- Healthcare & medical and fitness & wellness are expected to have a significant growth over the next few years. This is due to increasing health awareness among the young generation. Recently, few companies are investing more in this trending technology. For instances, fitness-oriented wristbands from Fitbit and Xiaomi are the most popular wearable is expected to be overshadowed by watches equipped by fashion brands and which can be readily compatible with internet without syncing to smart gadgets such as smartphones.
The global wearable computing market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
North America is expected to dominate the global wearable computing market with the highest share percentage. The region currently leads the global market and is expected to remain the same in the coming years. The US and Canada are two of leading nations that are contributing majorly to the growth and expansion of the regional market. The growth of the region is due to the growing popularity of smart gadgets and an increasing level of investments that are being made in developing wearable products.
Elsewhere, Europe is projected to enjoy substantial growth over the forecast period to retain its second rank in the global standings. Herein, countries like the UK, Germany, and France are majorly leading the contribution charts. The huge investments being made for research and development of wearable devices in this region is triggering the growth of the market.
Finally, Asia Pacific region is expected to be the fastest growing region in the global wearable computing market over the forecast period. Countries like China, Japan, and India are leading the regional market with the maximum contribution. The growth of the regional market is due to the rising awareness among the young generation about such devices.
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- Research Firms.
- Government Agencies
- Wearable smart device and accessories manufacturers.
- Military and security systems and equipment manufacturers.
- Multimedia marketing and gaming industries.
- Cloud services providers
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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