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Wearable Technology Market worth $56.8 billion by 2025 with a growing CAGR of 11.28%


(IT-NEWSWIRE.COM, July 06, 2019 ) The report "Wearable Technology Market by Product (Wristwear, Headwear/Eyewear, Footwear, Neckwear, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Enterprise & Industrial), and Geography - Global Forecast to 2025", is expected to reach USD 56.8 billion by 2025, at a CAGR of 11.28% between 2016 to 2025. The driving factors for the growth of this market include consumer preference for sophisticated gadgets, increasing popularity of smartwatches and wristbands in consumer market, increasing growth prospects of next generation displays and integrated consumer wearables, increasing popularity of wearable fitness and medical devices and growing popularity of internet of things and connected devices.

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In 2016 consumer electronics was the biggest segment in terms of market size:

The growth of wearable technology in consumer electronics sector is mainly attributed to the rising consumer demands coupled with the proliferation and suitability of the enhanced communication protocol and miniaturization of sensor technology. Sensors and wearable devices can be integrated into various accessories such as garments, hats, wristbands, socks, shoes, eyeglasses, and other devices such as wristwatches, headphones, and smartphones because of their compact size and advanced integration technologies. Additionally, wearable electronic devices find compelling applications in fitness and sports. From smart wrist watches that record heart rates to intelligent bands that track physical activities, wearable technology in the form of fitness monitoring devices attract increasing attention from health-conscious consumers.

Wrist wear market segment is expected to dominate wearable market during the forecast period :

Wrist wearable products are likely to explode in popularity in the coming years. The market is abuzz with the talk of smart watches expected to be launched by leading players. Many leading companies have already launched smart watches and wristbands. It is expected that with major companies foraying into the market such as Apple and Samsung, the look and feel for wearables would increase immensely. These devices won’t be just a computing device but a style statement. And it is no surprise that sports apparel and fitness brands such as Nike and Adidas are also launching smart wrist wear that not only monitors health parameters but also magnifies the aesthetics sense of users.

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Americas market is expected to grow at a highest CAGR during forecast period

The Americas comprises the largest market share in wearable technology due to several factors. One of the most important factors is technological innovations and advancements, which led to the introduction of new products. The increasing demands from consumers and medical application have also led to the growth of wearable technology in the Americas. Other factors promoting the growth of the market are increasing incidences of chronic diseases, diabetes patients, and ease of use.

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Major players in the wearable technoloyg market are Fitbit (U.S.), Apple, Inc. (U.S.), Xiaomi Technology Co., Ltd. (China), Garmin, Ltd. (U.S.), Samsung Electronics Co. Ltd. (South Korea), Alphabet (U.S.), LG Electronics (South Korea), Qualcomm Technologies (U.S.), Sony Corporation (Japan), Adidas Group (Germany), Jawbone, Inc. (U.S.), Misfit, Inc. (U.S.), Guangdong BBK Electronics Co., Ltd (China) and Lifesense Group B.V. (Netherlands).

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