Wearable technologies are the devices which can be worn by the user to track information about health and fitness. The global wearable technology market is expected to rise at a CAGR of 22% during the forecasted period 2016-2023. According to Forbes, the global wearable technology market revenue is estimated to reach market revenue share of worth $34 billion by 2020 and become double by the end of forecast period 2023. It has several advantages provided by this advanced technology such as fast response time, fashionable, facilitates continuous monitoring and flexible to use. The key factor driving the growth of the global wearable technology market is the increased adoption of wearable devices by the people for health monitoring.
North America is the largest market region for global wearable technology market and had accounted for largest market revenue share in 2016. This is due to the increased adoption of wearable devices in the U.S due to the increasing demand for fitness and healthcare monitoring and tracking devices. The presence of key market players such as Fitbit , Apple etc. in North America, the rising demand for smart electronics devices such as smart glasses , smart watches, gaming consoles etc. have led to the increased adoption of wearable devices and technology. Moreover, wearable devices are being widely adopted in in various end-user industries such as healthcare entertainment etc. which is contributing significantly to the North American wearable technology market. . The global wearable technology market is influenced by the presence of leading companies such as Apple Inc. (U.S), Sony Corporation (U.S), Fitbit Inc. (U.S), Xiaomi (China), Garmin ltd. (Switzerland) and others. Product launches, joint ventures, mergers and acquisitions are some of the crucial strategies adopted by the key market players to gain competitive advantage.
Global wearable technology report covers segmentation analysis of device type, product type, technology and end users. Report further covers segments of device types which include smart watches, fitness devices, smart glasses and smart clothing. Among these segments, smart watch is the leading market which is expected to grow at a CAGR of about 54% during the forecast period. Apple holds the largest share of the global smartwatch market. By product type, it is sub segmented into eyewear, wrist wear, body wear, hearable and footwear. By technology, it is sub segmented into computing, display, networking, sensor and positioning technology. The applications of wearable technology are across healthcare, entertainment, lifestyle, fitness and sports, etc.