Wearable Computing Market Overview
The global wearable computing market is expected to rise at a strong 15% CAGR over the forecast period from 2020 to 2027, according to the latest research report from Market Research Future (MRFR). The global wearable computing market is expected to reach a valuation of USD 35 billion by 2027. The report presents a detailed forecast for the global wearable computing market. The report uses detailed historical and present-day statistics about the wearable computing market to consolidate a solid factual base. Future projections regarding the market are based on this databank. The major drivers and restraints affecting the global wearable computing market are profiled in detail in the report. The major players operating in the global wearable computing market are also profiled in the report.
Wearable computing is the study and innovation of computing items that can be incorporated into wearable items such as clothing or accessories. Wearable computing has emerged quite recently onto the global technological scenario and has become widely popular due to its multifarious applications. The healthcare sector has become a major consumer of wearable computing in recent years due to the growing demand for activity monitors and health monitors that can alert healthcare authorities in case of healthcare emergencies. Blood sugar and cardiac monitors are among the most popular wearable medical devices in the world and are likely to remain major segments of the global wearable computing market over the forecast period. The growing prevalence of diabetes and cardiac disorders is likely to remain a major driver for the global wearable computing market over the forecast period.
The growing demand for activity monitors such as pedometers is likely to remain a major driver for the global wearable computing market over the forecast period. The growing health awareness among consumers is the major driver for this segment of wearable computing. Growing interest in exercise and other health and fitness activities is likely to be a major driver for the global wearable computing market.
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Wearable Computing Market Regional Analysis:
North America is anticipated to hold the largest share in the global wearable computing market over the forecast period. The U.S. and Canada are likely to remain among the leading regional markets in the world for wearable computing over the forecast period. The presence of many leading players in the region has led to a strong business environment for the wearable computing industry in the region. The growing popularity of wearable devices among the consumers in the region is also a major driver for the wearable computing market in the region. Growing health awareness and the growing prevalence of diabetes among the region’s population are also likely to be major drivers for the wearable computing market in North America over the forecast period.
Wearable Computing Market Segmentation:
The global wearable computing market is segmented on the basis of technology, product, end user, and region.
By technology, the global wearable computing market is segmented into display technologies, networking technologies, and other technologies. The display technologies segment is further sub-segmented into augmented reality and virtual reality. The networking technologies segment is classified as Wi-Fi and Bluetooth.
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By product, the global wearable computing market is segmented into smart clothing and textiles, activity monitoring devices, wearable cameras, and virtual reality eyewear.
On the basis of end use, the global wearable computing market is segmented into defense and security, home automation, medical and healthcare, enterprise and industrial, fitness and wellness, infotainment, gaming, and others.
Wearable Computing Market Competitive Leaderboard:
Leading players in the global wearable computing market include Boston Scientific Corporation, Microsoft Corporation, Philips Healthcare, Sony Corporation, Motorola Mobility Holdings Inc., LG Electronics Inc., Adidas AG, Apple Inc., Fitbit Inc., Smartlife Technology Ltd., Samsung Electronics Co. Ltd., Zephyr Technology Corporation, Valve Corporation, Pebble Technology Corporation, and Nike Inc.
Major players in the global wearable computing market are likely to engage in significant product innovation in the coming years in order to cater to the various types of consumers of wearable computing devices.