Market Research Future published a research report on “Wearable Computing Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Wearable computing is the study and practice field of innovation, creation, and production of small scale body-borne computational and sensory devices. Wearable computers, perhaps can be customized into clothing or embedded as smart clothing. Wearable computing can be conceptualized as an attempt to symbolize as a humanistic intelligence. Therefore, humanistic intelligence can evolve the technology and could encourage to be implanted inside the body.
Wearable computing can be devised for various industrial verticals such as defense & security, home automation, medical & healthcare, enterprise & industrial, fitness & wellness, infotainment, gaming 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.
Surging adoption of smart watches and wristbands in the consumer market and increasing interest for communication, networking, and recognition technologies for wearable is expected to drive the Wearable Computing Market over the forecast period.
On the other hand, the high power consumption and restricted usage of the battery life is expected to hinder the growth of wearable computing over the review period.
The global wearable computing is expected to reach approximately USD 35 Billion by 2023 growing at a 15% CAGR over the forecast period 2017-2023.
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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.)
Geographically, the wearable computing is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is presumed to be the dominating region in wearable computing market. The U.S. and Canada are the leading countries in this region. This is due to increasing popularity of smart gadgets and increasing investment in developing wearable products. Furthermore, Europe is anticipated to have a substantial growth over the forecast period. The countries such as Germany, France and the U.K are the leading countries in the region. This is attributed to a huge investment in research and development for smart wearable devices. Asia Pacific is also anticipated to be the fastest growing region in the wearable computing market over the forecast period. India, Japan, and China are the leading countries to be a better prospect region owing to rising awareness among the young generation.
The wearable computing is differentiated by technology, product and end user.
Based on technology, the wearable computing market is sub-segmented into display technologies, networking technologies, and other technologies. The display technologies sub segment consists of augmented reality and virtual reality. Furthermore, the networking technologies is classified into Wi-Fi and Bluetooth.
Wearable computing is further divided on the basis of product that smart clothing and textiles, activity monitoring device, wearable camera and virtual reality eyewear.
On the basis of end user segment, the wearable computing is segmented into defense & security, home automation, medical & healthcare, enterprise & industrial, fitness & wellness, infotainment, gaming, and other applications.
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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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