January 22, 2020 by Market-NewsFlash
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 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.
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).
The global wearable computing market comprises a host of key players. This includes names like Valve Corporation (U.S.), Smartlife Technology Ltd (Manchester), Nike Inc. (U.S.), Motorola Mobility Holdings, Inc. (U.S.), Sony Corporation (Japan), Pebble Technology Corporation (U.S.), Zephyr Technology Corporation (U.S.), Philips Healthcare (Amsterdam), Samsung Electronics Co., Ltd (Republic of Korea), LG Electronics, Inc. (Republic of Korea), Fitbit Inc. (U.S.), Apple Inc. (U.S.), Microsoft Corporation (U.S.), Adidas AG (Germany), and Boston Scientific Corporation (U.S.).
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