What is the Future of Wearable Technology?by Susan Hill Business Consultant
The global wearable technology market is anticipated to reach USD 196.5 billion by 2022, according to a new study by Grand View Research, Inc. Research and development investment by large number of industry player is expected to fuel growth over the forecast period.
Increasing disposable income worldwide is expected to fuel industry growth over the forecast period. Technological advancement, price, quality, and battery life influence the buying decision of the end-users. The emergence of 3D printing solution and crowd funding is expected to positively impact the wearable technology market.
Increasing smartphone penetration worldwide is expected to propel industry growth over the forecast period, owing to increasing wearable device compatibility. Advancement in semiconductor electronics is expected to favor more efficient and effective products, thereby fuel revenue growth over the next seven years.
Various health and economic benefits are expected to contribute to overall industry development. For instance, advertisement agencies can bring down research cost through the use of eye-wear, which can allow enhanced data collection of customers’ feedbacks. Low battery life and high cost of some of the devices may hinder the industry growth over the forecast period. Data privacy concern may also adversely affect the industry demand.
Further key findings from the study suggest:
- The global industry is innovation driven and continuously evolving.
The products available in the market include wrist-wear, neck-wear,
body-wear, eye-wear and foot-wear. Companies such as Nike, Garmin, GOQii
are offering wrist-wear for fitness and sport and healthcare application.
- Applications include healthcare, fitness and wellness, infotainment,
enterprise and industrial, and defense. Increasing concern about fitness
and health among urban population is anticipated to drive demand over the
forecast period. Advancement in virtual
reality technology is expected to favor the infotainment segment over
the next seven years. Government initiative to enhance their defense
capability and provide soldiers with advanced technology is anticipated to
drive investment in this sector.
- North America wearable technology market is estimated to be the key
regional segment and is anticipated to grow at a CAGR of around 32% over
the next seven years. Increasing in awareness about the benefit of this
technology will drive demand in Asia Pacific over the forecast period.
Asia Pacific is expected to be key component manufacturing hub over the
forecast period owing to availability of cheap resources. The region was
valued over USD 3 billion in 2014, and is expected to grow at a CAGR of
over 36% from 2015 to 2022.
- Companies operating in the industry include Apple Inc., Adidas AG, Garmin, Fitbit, Nike, Inc., Google Inc., Jawbone, Sony Corp, Samsung Electronics Co. Ltd., and Xiaomi. In March 2014, Google Inc. launched Android operating system for wearable technology. CuteCircuit Technologies is a company that designs and develops wearable garments for both men and women.
Request a Sample Copy of the Global Wearable Technology Market Research Report @ www.grandviewresearch.com/industry-analysis/wearable-technology-market/request/rs1
Created on Feb 14th 2020 06:49. Viewed 318 times.