The global wearable computing market is expected to grow at a CAGR of 15% and attain USD 35 Bn by the end of the forecast period of 2017-2023, as per a research report published by Market Research Future (MRFR). The market is set to expand rapidly and gain prominence over the years. Wearable computing technology is largely being used in fitness wellness and life-tracking applications such as smart sports glasses, activity monitors and sleep monitors which is gaining popularity among consumers who are keen on tracking man aspects of their lives. Wearable computing has the ability to make health care more efficient by facilitating virtual monitoring service for chronic diseases and is finding fast adoption in the healthcare sector. Novel developments are being added to the healthcare sector with the help of wearable computing technology such as digital medicines which is expected to bolster the growth of the market. Extensive smartphone adoption is a factor which is likely to increase the chances of buying wearable computing devices that are tethered to those phones. Wearable computing in itself is a significant development, and promising advancements in the wearable computing landscape is expected to propel the growth of the market. The landscape is supported by technology platforms such as Salesforce and Microsoft CRM. CRM vendors incorporating wearable computing technology in their businesses to explore different use cases which, in turn, is boosting the growth of the market. High costs associated with wearable computing devices is a major restraint to the market growth. The market might not reach up to its fullest potential until the technology is fully integrated into clothing and becomes invisible and seamless. The market growth might be hindered by profound challenges to privacy frameworks across the globe. Wearable computing technology has the capability to yield a tremendous amount of personal data which can be analyzed without consent and will give rise to a new generation of privacy challenges. Stringent regulatory norms pertaining to privacy and protection of personal data is likely to restrict the growth of the market.
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- In July 2018, Toronto-based Myant Inc and Pittsburgh-based developer and manufacturer of Printed Electronic solutions, Butler Technologies Inc, announced the licensing agreement of Myant's wearable electro-luminescent (EL) lamp technology.
- In July 2018, AT&T announced a strategic investment with Magic Leap, developer of proprietary spatial computing and experiential platforms. The agreement will focus on the development of a new kind of contextually aware, intelligent, wearable computers. Through the agreement, AT&T has become the exclusive distributor of Magic Leap products for consumers in the U.S.
- Scientists have developed tattoo-like circuits for use in wearable computing. The circuits are made using an off-the-shelf printer and develop highly flexible circuits at low cost which adheres to human skin. These tattoo like circuits have mechanical properties similar to lightweight fabrics and can be bent, folded and twisted.
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.)
The global wearable computing market has been segmented based on technology, product, and end user. By technology, the market has been segmented into display technologies, networking technologies, and other technologies. The display technologies segment is further segmented into augmented reality and virtual reality. The networking technologies segment is further segmented into Wi-Fi and Bluetooth. By product, the market has been segmented into smart clothing and textiles, activity monitoring device, wearable camera and virtual reality eyewear. By end-user, the market has been segmented into defense & security, home automation, medical & healthcare, enterprise & industrial, fitness & wellness, infotainment, gaming, and other applications.
The key markets of the global wearable computing market include North America, Europe, Asia Pacific and the Rest of the World (RoW). North America is dominating the market for wearable computing, and the US and Canada are the key contributors in the region. The market has been witnessing rapid growth on account of increasing investment in the development of the technology and rising popularity of the technology and related products. Europe is the second largest market for wearable computing, Germany, France and the U.K being the key contributors in the region. Massive investment in R&D activities can be attributed for the growth of the market in the region. Asia Pacific is expected to be the fastest growing market for wearable computing, and the Rest of the World is also expected to exhibit steady growth over the forecast period.
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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
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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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