Published on : May 16, 2016
ALBANY, New York, May 16, 2016: This report provides a top-level review of the wearable technology ecosystem and presents detailed forecasts on the major indicators for the period 2016 to 2030. It also offers thorough quantitative and qualitative insight on the market and analyzes the major risk factors, trends, and opportunities prevalent in the market in the forecast period.
According to this report, wearable device shipments are predicted to expand at a 29% CAGR from 2016 to 2020. The report starts by discussing the definition of wearable technology. Wearable technology is a category of technology devices that can be worn by a user and often comprises tracking information related to fitness and health. A number of other wearable technology gadgets include devices that comprise small motion sensors to take photos and sync the same with the user’s mobile device. The key feature of these devices is their ability to easily connect to the Internet, through which data can be exchanged between a device and a network.
Next, the report sheds light on the device classification of wearable technology and segments the market into wrist-worn devices, leg and ankle-worn devices, smart clothing and jewelry, arm, chest, and neck-worn devices, in-body wearables, and head-worn devices. The report states that the top smartphone OEMs Samsung and Apple are leading the segment of smart watches and constitute a combined share of approximately 75% in this segment.
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The enabling technologies in these devices are categorized into MEMS and sensors, voice recognition, RFID and NFC, lowered powered wireless SoCs, GPS and navigation technology, energy harvesting, augmented reality, and ergonomics and materials science. On the basis of form factor submarkets, the report segments the wearable technology market into healthcare, consumers, retail and hospitality, professional sports, public safety, military, and others.
In the following section of the report, the major factors fuelling and restraining the growth of the market have been presented. The increasing popularity of smartphones, advancements in enabling technologies and components, human centric assistance, and rising interest from new market segments are amongst the chief factors stimulating the growth of the wearable technology market. Increasing endorsements via key mobile OEMs and increasing corporate investments are also amongst the prime factors fuelling the development of the market. On the other hand, the soaring costs of these devices and battery life issues are the major factors impeding the growth of the market. In addition, the increasing security and privacy concerns and the rising potential health issues associated with the use of wearable technology devices will also pose a negative impact on the growth of the market.
The report segments the market on the basis of region into Asia Pacific, Western Europe, North America, Eastern Europe, the Middle East and Africa, and Latin and Central America. In the last section of the report, the competitive landscape section dicusses the leading companies dominant in the market such as 270 Vision, 3L Labs, 4DForce, 4iii Innovations, 9Solutions, Abbot Laboratories, Acer, AcousticSheep, and Active Mind Technology.
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