The Global Market for Wearable Electronics is Projected to Reach US$30.6 Billion by 2020
Product Innovations & Expanding Applications to Drive
the Global Market for Wearable Electronics, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size, and
demand forecasts on the global Wearable Electronics market. The
global market for Wearable Electronics is projected to reach US$30.6 billion by
2020, driven by increasing adoption of healthcare and fitness monitoring
wearables, rising demand for wearables in entertainment and enterprise
applications, and development of advanced wearables with multiple sensors and
communication technologies.
The global wearable electronics
market offers robust potential for growth due to rising demand for devices that
offer intelligent computing benefits packaged into a single wearable gadget. The
market for wearables is currently in its infancy and is expected to evolve beyond
its early adopter phase to reach to mass market in the near term. With the development
of sophisticated sensors and low-power radio chips and sophisticated
communication technology, electronic gadgets are witnessing new uses in
healthcare and medical fields, where real-time connectivity is crucial. While
the impact of wearable technology is currently felt the most in the healthcare
and fitness sectors, the devices also hold potential of influencing the gaming
and entertainment industry. Wearable electronics are expected to be increasingly
employed in applications such as construction and manufacturing, retail, and customer
relationship management. Novel prototypes are discarding bulky technology,
including oversized watches, large backpacks and goggles, in favor of smaller,
lighter and more portable devices. Also fashion, design, and practical
functionality are gaining importance as manufacturers’ focus shifts towards sleek,
lightweight and unobtrusive designs to gain traction.
As use of wearable devices
continues to expand, demand for technologies to capture and analyze the data
generated by these devices is also on the rise. Integration of wearable
technology with augmented reality is expected to result in the creation of a
much more immersive and realistic real-time user experience. Cloud computing is
emerging as an effective solution to aid enterprises as well as consumers to
deal with data issues. Wearables have limited processing power and low battery
life, and therefore depend more on the cloud. Given the optimistic market
outlook for wearable devices, venture capital funding in startups is on the rise
in recent years. In the healthcare domain, aging population, coupled with the demand
for remote monitoring and point-of-care treatment, are creating market
opportunities for patient wearable devices. Wearables devices are expected to play a key role in the management of
chronic illnesses, particularly diabetes. In the enterprise sector, wearables
technology is being increasingly synced with Customer Relationship Management
(CRM). In the warehouse sector, the next generation of wearables integrating
voice recognition technology along with heads-up display solutions offer enhanced
capabilities for improved logistics.
As stated by the new
market research report on Wearable
Electronics, the United States represents the largest market worldwide. Asia-Pacific
ranks as the fastest growing market with a CAGR of 35.1% over the analysis
period. The growth in the region is driven by increasing preference for
wearables by young adults, higher living standards, and rising per capita
healthcare spending.
Major players in the
market include
adidas AG, Apple, Inc., Epson America, Inc., Fitbit, Inc., Garmin
International, Inc., Google, Inc., Infineon Technologies AG, Intel Corporation,
Jawbone, Lumus Ltd., Medtronic Plc, Nike, Inc., Osterhout Design Group, Pebble
Technology Corporation, Polar Electro, Qualcomm, Incorporated, Recon
Instruments, Inc., Samsung Electronics Co., Ltd., Shimmer Research, Inc., Six15 Technologies, Sony Corporation,
Sotera Wireless, Inc., Texas Instruments, Inc., Vancive Medical Technologies, Vuzix Corporation and Withings SA.
The research report titled
“Wearable
Electronics: A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, product launches, mergers,
acquisitions and other strategic industry activities of global companies. The report provides market estimates and
projections for all major geographic markets that include the US, Canada,
Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific
(China and Rest of Asia-Pacific), Latin America, and Rest of World.
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