Wearable Computing Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
Wearable computing devices are electronic computer based equipment or devices that can be incorporated on a body or into an item of clothing. These small electronic devices provide the user with wireless networking and mobile computing. Currently, wearable computing devices come with wireless communication capabilities, microchips, and various sensors which can track activities, collect data, and provide enhanced customer experience. The devices range from providing limited, very specific features such as heart rate monitoring to advanced functions similar to those of smartphones. Wearable computing devices allow the wearer to browse the internet via applications, take and view videos or pictures, and read emails and text messages. The advantages of wearable computing devices include real time data provision, local storage, and portable design. Some examples of wearable computing devices include smart watches, smart contact lenses and glasses, and smart fabrics and e-textiles. Market players are also launching wearable computing devices which can be integrated with smartphones. Use of wearable computing devices in health and fitness, medicine, gaming, music, transportation, and education has seen significant growth in the past few years.
Factors such as growing popularity of wearable medical and health devices, rising adoption of wristbands and smartwatches, and continuous technological advancements in the wearable devices market are some of the factors which are expected to drive the global wearable computing devices market from 2017 to 2025. Features such as real time data monitoring, unique user interface, and light weight designs are attracting end users to adopt the devices. Moreover, technological developments in Information Technology (IT) and material sciences is expected to fuel the growth of the wearable computing devices market over the forecast period. Privacy concerns pertaining to data generated from wearable devices and high cost associated with it are some of the factors expected to limit the market growth. In addition, limited battery backup provided by these devices is likely to be a restraining factor. Nonetheless, major global technology conglomerates including Microsoft Corporation, Google Inc., and Apple Inc. are investing significant amount of resources on developing advanced wearable computing devices.
The global wearable computing devices market is segmented on the basis of applications and region. By applications, the market is divided into consumer applications and non-consumer applications. The consumer applications segment is further divided into smart glasses, smart clothing, activity trackers, smart watches, wearable cameras, gaming devices and others. Non-consumer applications are classified into healthcare, defence and industrial. Rising acceptance of smart fitness gears, smart watches, and activity trackers in various fitness activities is expected to drive the growth of the consumer applications segment over the forecast period. By geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is likely to generate significant share of revenues owing to the presence of substantial number of market players and constant launch of technologically advanced products in the region. Further, strong growth of wireless internet connectivity in the region and emergence of China and India as Asia’s manufacturing hubs is expected fuel the market growth of the Asia Pacific region.
A number of startups are entering the wearable computing devices market with their smart solutions owing to huge popularity of Internet of Things (IoT). Major players in the market are further adopting various strategies such as strengthening of intellectual property, and regional expansion via mergers and acquisitions to grab the market share. Some of the key players in the global wearable computing devices market are Apple Inc., Adidas AG, Fitbit Inc., LG Electronics, Inc, Nike, Inc., Garmin, Ltd., Samsung Electronics Co., Ltd, Pebble Technology Corporation, Zephyr Technology Corporation, Sony Corporation, and AiQ Smart Clothing Inc.
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