Selbyville, Delaware, Feb. 04, 2021 (GLOBE NEWSWIRE) -- According to credible estimates, worldwide wearable technology market was valued at USD 28 billion in 2019 and is projected to record a y-o-y growth rate of 15.51% over 2020-2027. The growth can be credited to rising cognizance of the benefits of technologically advanced wearables, surging popularity of Internet of Things (IoT), increasing development of next-gen smart interface screens, and escalating demand for innovative accessories.
As per the report, global wearable technology market is scrutinized based on product landscape, type, application scope, technology, component, and geographical landscape. In addition, the document also illustrates the competitive landscape of this business sphere, expounding the plans adopted by several companies to sustain the competition.
For those unversed, wearable technology is basically an interactive device which comes with different programmes to study real-time details and can be worn on the body. It includes wristbands which are intended to monitor various parameters like hours of sleep, steps taken, and heartbeat among others. Wearables are utilized in various verticals including health and leisure, business and manufacturing, lifestyle, consumer applications, and security.
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Major contenders in this domain have adopted several tactics such as investment, funding, partnerships and agreements, mergers and acquisitions, and product launches to gain competitive edge, further augmenting worldwide wearable technology industry share.
Citing an instance, Huami, a subsidiary of Xiaomi, in April 2020, through Weibo, a Chinese social network, announced the launch of Mi Band 5. Likewise, Xiaomi Technology Co. Ltd., in November 2016, launched a new ‘AMAZFIT’ smartwatch for monitoring fitness activity. The watch comprises of heart rate tracker sensors, Bluetooth 4.0 LE, and activity-tracker. This launch will strengthen the company’s position in the market for wearable device.
Speaking of the restraints, shorter life cycle of consumer electronics is likely to hamper global wearable technology industry remuneration over the study period.
Analyzing the market segmentations
Elaborating on application spectrum, the market is split into healthcare, consumer electronics, enterprise & industrial, and others (marine, military & defense, and aviation). Based on technology terrain, global wearable technology market is divided into sensor technology, positioning technology, networking technology, display technology, and computing technology.
Moving on to type, the industry is bifurcated into wearable products& devices (non-textiles), and wearable smart textiles. As per product category, the market is categorized into bodywear, neckwear, footwear, headwear & eyewear, and wristwear.
Speaking of component type, worldwide wearable technology market is classified into interface components, memory components, display & optoelectronic components, control components, sensing components, positioning & networking components, and power supply components. With respect to software & services, the industry is segmented into services, and apps (applications).
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Highlighting the regional landscape
As per credible estimates, North America presently accounts for a major share in global wearable technology industry, creditable to surging popularity of mobile device and Internet of Things.
Meanwhile, Asia Pacific market is reckoned to accrue notable gains by 2027, on account of rising development of next-gen smart interface screens, and mounting demand for modern accessories.
Global Wearable Technology Market Application Reach (Revenue, USD Billion, 2017-2027)
- Enterprise & Industrial Applications
- Healthcare
- Consumer Electronics
- Other Applications (Aviation, Marine, and Military & Defense)
Global Wearable Technology Market by Technology Ambit (Revenue, USD Billion, 2017-2027)
- Sensor Technology
- Positioning Technology
- Networking technology
- Display Technology
- Computing Technology
Global Wearable Technology Market by Type (Revenue, USD Billion, 2017-2027)
- Wearable Products & Devices (Non-Textiles)
- Wearable Smart Textiles
Global Wearable Technology Market Product Landscape (Revenue, USD Billion, 2017-2027)
- Bodywear
- Neckwear
- Footwear
- Headwear & Eyewear
- Wristwear
- Other Wearable Technology
Global Wearable Technology Market Component Type (Revenue, USD Billion, 2017-2027)
- Interface Components
- Memory Components
- Display & Optoelectronic Components
- Sensing Components
- Control Components
- Positioning and Networking Components
- Power Supply Components
Global Wearable Technology Market Software & Services (Revenue, USD Billion, 2017-2027)
- Services
- Apps (Applications)
Global Wearable Technology Market Top Vendors (Revenue, USD Billion, 2017-2027)
- Adidas Group
- Sony Corporation
- Qualcomm Technologies, Inc.
- LG Electronics, Inc.
- Alphabet, Inc.
- Samsung Electronics Co., Ltd.
- Garmin Ltd.
- Xiaomi Technology Co., Ltd
- Apple, Inc.
- Fitbit, Inc.
Related Report:
Wearable Medical Devices Market Size, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025
Global Wearable Medical Devices Market will reach over USD 87.5 billion by 2025, as per a new research report. Growing awareness about physical fitness will create demand for fitness monitoring and tracking devices that will drive wearable medical devices market growth over the forecast timeframe. Increasing disposable income of population resulted in rising adoption rate thereby positively impacting the growth of wearable devices market. India wearable medical devices market held considerable regional share in 2018 and is projected to grow by 46.7% during the forecast timeframe due to high rate of adoption of new technology, technological advancements in healthcare wearables and extensive advertisement by firms in the country. Growing incidence of chronic diseases and rising awareness about physical fitness will further drive India wearable medical devices market.
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