Wearables are electronic technology that is incorporated with items and can be comfortably worn on the body. These gadgets are accessories or a part of clothing. These gadgets use sensors and can track information on a real-time basis. The increase in demand for smartphones, mobile networks, mobile applications, computing broadband connectivity, and others are the main rising factor of wearable technology market value.
The wearable technology market creates new opportunities in the life of people. The development of niche markets, fewer competitors, low barriers, and no standard devices will boost the wearable technology market size by the forecast period. As wearable devices being still in the development phase and their usability in the market is a major issue in wearable technology. Globally the market is expected to grow at USD 50 billion by 2022 at 16% of CAGR from 2016 to 2022.
COVID 19 ANALYSIS
In 2020, COVID 19 pandemic is anticipated to hugely impact the market size. The outbreak of this crisis has expanded the major role of the wearable technology industry in the healthcare field. Some key players operating in this industry but relation to other sectors eagerly enter the landscape of the healthcare unit to be used as an alert system for virus protection. It is an unprecedented emergency for health that has affected various industries and also its leisure facilities. Some of the industries have stronger defenses while the rest is struggling to return to its redefined and reshaped stage. It has affected the steep inroads thus destroying the economy of many wearable technology companies.
The majority of the leading countries are forced to lock down for controlling the outbreak. This has led to a huge disruption in wearable technology companies' supply chains. Government-issued guidelines like the working place should be safe and he also takes structural and administrative measures and human policies that should be carried out in the workplace. It also provides timely recommendations and regulatory guidance in response to the situation. A Public Health Emergency Declaration was renewed and was passed.
Wearable Technology Market
The adoption of miniaturized sensors is an innovation in the medical and automotive sectors. Increasing its popularity among the population, like athletes and recreational activities is expected to drive its beneficial demand for fitness and wellness activities. Increasing social awareness during the COVID period and various benefits of electronics during this period increases the wearable technology market size.
CHALLENGES - privacy concern puts a challenge on the growth of revenue in the next upcoming years.
OPPORTUNITIES - these current market dynamics will help the stakeholders adapt and align as per the tactics of the market.
RESTRAINTS- low battery life, miniaturization and integration and the more initial cost of the wearable technology industry decline the growth of the industry. Variation of the supply of raw materials is a great restraining factor in the industry.
CUMULATIVE GROWTH- a rapid increase in disposable income and smartphone penetration is expected to increase the wearable technology market value.
TYPE- from wearable technology industry analysis it was seen that it was segmented into product, technology, components, and applications. The product includes wristwear, eyewear, headwear, smart clothing, etc. the wristwear market for more revenue 45% share. The wearable technology industry overview shows that the smartwatches segment shows the fastest growth registering a CAGR of 19.9%.
TECHNOLOGY- it is an emerging trend that integrates cutting-edge technology with day-to-day activities. It fits with the changing and active lifestyles. This market brings competitive intelligence, product innovations, etc. as per technology the wearable devices market is of computing, networking, display, and sensor.
SERVICE- these are gaining traction by accepting smart assistants.
VALUE CHAIN ANALYSIS
The advanced technology has led to the innovation of mini computers which facilitate the users to use the internet. It showed great interest in the supply chain collaboration. The supply chain strengthens the relationship between continuance intention to use smart technology. Using supply chain activities communicate among the members rapidly.
The regional analysis of wearable gadgets for geographical regions that cover the wearable technology market share in the Asia Pacific, North America, Europe, and some other rest parts. It has been marked that North America plays a great dominant role in the marketing sector which owes to factors like health concerns and awareness of the usage of products. Steady and considerable growth of the industry took place, especially in Europe. Asia Pacific market shows expected positive growth during the forecast period which owes to factors like rising awareness like rising tech-savvy population and increases in awareness. China and India, the Asia Pacific countries, resemble the hike in technology during this forecast period.
The leading players for the growth of the wearable technology market are Adidas AG(Germany), Xiaomi Inc(China), Apple Inc(US), Google Inc (US), Garmin Ltd(U.S.), Fitbit (US), Jawbone(US), Samsung Electronics Co(Ltd), Sony Corporation (Japan), Nike Inc(US), etc. Competitive landscape offers a detailed study about the product portfolio of the wearable technology market share, business overview report, key developments, and business strategies of the players operating in the marketing industry.
From the wearable technology industry overview, it was analyzed that the market structure along with forecasts of various segments of the wearable market. You will also mark the insights about the factors affecting the market growth based on porter’s five force analysis. You will also mark the historical significance and forecast revenue in countries like North America, Europe, Asia, and many rest places. It provides a future perspective of the country-level market size.
As per wearable technology market analysis, you will find analysis about the market scenario, market value prediction, latest trends, key drivers, potential challenges, and also about the overall market environment. Globally the wearable technology industry report provides an appropriate combination of perceptible perceptions and qualitative research. The research study will help to create a panorama of features of industrial manufacturing and its expansion. Globally the wearable gadgets market report provides coronavirus impact analysis to overcome the impact of the pandemic.
The huge availability of smart devices in the wearable technology market is like tablets, smart devices, etc. Nowadays the end-users wish to have a single compact product that will combine the monitoring and computing requirements.
According to the wearable technology market trends, the latest innovation in wearable gadgets is that the Bon Bouton device has graphene sensors that monitor your skin's physiological signal. The data so collected is used to predict potential injuries, detect infection and monitor muscular activity.
The wearable technology industry features even monitor your sleeping habits, track your heart rates, record blood sugar level and let your doctor understand your health.
It is believed that due to the development of the latest wearable technology, improvement in patient care was marked and patient's rehabilitation outside the hospital was seen. It also has the potential for accurately gathering and personalizing patient data that could inform treatment planning.
They are often used in sports as it is used to monitor athletic training, in-game performance, and recovery after your injury.
Frequently Asked Questions (FAQ) :
16% of CAGR is the expected growth rate of the global Wearable Technology Market.
North America, Europe, Asia, and Rest of the World (ROW) are the regions mentioned in the Wearable Technology Market.
Product, technology, components and application are the segments involved in the study of the Wearable Technology Market.
2016 and 2022 is the period of years for the market’s growth, as per the study.
The rising popularity of smart phones, mobile applications, mobile networks, broadband connectivity, and computing are the major contributors of wearable technology market.