In its research report, Market Research Future (MRFR), asserts that the wearable technology components market 2020 is expected to grow significantly, securing a exponential market valuation from USD 20.89 billion in 2017 up to USD 51.50 Billion in 2023, and a substantial 16.02% CAGR over the review period.
Drivers and Restraints
The demand for wearable technology components has yet to grow, and health and activity monitoring apps currently dominate. While the reach of this market has expanded beyond health and wellness, due to innovation, technology innovations and the growing number of use cases, wearables are expected to be used for different purposes in the near future.
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One of the major factors leading to the growth of the wearable technology product market has been the recent developments in mobile networks. This is also likely that demand for wearable devices in sectors such as infotainment, telemedicine, navigation (cycling and running), and others, would fuel the market. For example, various fitness devices such as Fitbit can be connected to satellites to facilitate navigation, while the Apple Watch can be used for hotel check-in and contactless payment.
However, shared data privacy and protection and lack of sufficient network infrastructure are some of the limiting factors that could potentially hamper the wearable technology portion market during the forecast period.
The global wearable technology component market is segmented into products, technology, components, and application.
The segmentation by product includes headwear and eyewear, wristwear, neckwear, smart clothing, wearable cameras, and implants. According to MRFR study, Wristwear segment is gaining the highest market share in 2017 and is slated to grow at a healthy CAGR by the end of the reivew period. The growth in the segment is due to the inclination of major market players towards creating products with advanced features to serve consumers’ need of fitness and healthcare.
By technology, it is segmented into display technology, computing technology, networking technology, and sensor technology
By components, it is segmented into memory, battery, control, sensing, and connectivity.
By application, the market is segmented into fitness and wellness, consumer electronics, healthcare, defense, and enterprise and industrial applications.
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The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
During the forecast era, North America is projected to account for the greatest market share of the wearable fitness technology industry. The that understanding of the latest developments in technology, new technologies and the acceptance of wearable technology components leads to rising wearables ownership. In addition, the market in this area is powered by high consumer disposable income that, combined with health knowledge and willingness to maintain a healthy lifestyle, will accelerate the adoption of wearable technology components in the years to come. Europe is also expected to experience significant growth in the demand for wearable technology components over the forecast period. In Europe, a number of innovations are being introduced which drive the region's demand for wearable technology. Due to the increasing population in China, Japan and India, which is responsive to the latest technology trends, Asia Pacific is expected to have a positive growth during the forecast period.
The major market players operating in the global market as identified by MRFR are Adidas AG (Germany), Xiaomi Inc. (China), Apple Inc. (US), Google Inc. (US), Garmin Ltd. (US), Fitbit (US), Jawbone (US), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Qualcomm Technologies, Inc. (US), and Nike, Inc. (US). Whereas, Lifesense Group (Netherlands), Misfit, Inc. (US) are among the other players.
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