The development of wearable technology in the sector of consumer electronics is primarily because of the growing demand for computing devices and scanners in logistics, warehouse, and other operations wherein efficiency is very crucial. The growing inclination toward sophisticated gadgets and the growing popularity of wrist bands and smart watches in the consumer market are amongst the key factors providing impetus to the global wearable technology market.
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The development of wearable technology in the sector of consumer electronics is primarily because of the growing demand for computing devices and scanners in logistics, warehouse, and other operations wherein efficiency is very crucial. The growing inclination toward sophisticated gadgets and the growing popularity of wrist bands and smart watches in the consumer market are amongst the key factors providing impetus to the global technology market.
The report provides forecast and estimates the key products in the market and also throws light on the prime opportunities, restraints, and drivers impacting the growth of the market. The study presents an extensive evaluation of in terms of statistically refined segment forecast and historical data. The key players operating in the global market have also been presented and have been analyzed in terms of regional presence, distribution channel, and top offerings.The study also encapsulates the supply and demand dynamics in the technology market and presents an extensive analysis of all the segments and sub-segments present in the market. The mergers and acquisitions taking place in the market and their impact analysis have also been encapsulated in this study.
Overview of the Wearable Technology Market
Wearable technology has gained immense popularity at a swift pace and has evolved beyond just smart watches and eyewear with cutting-edge products such as smart shoes, wrist bands, smart apparels, etc. A number of industry giants have been introducing accessories, apparels, and fitness wear that can perform various functions ranging from heart rate monitoring to smartphone charging. The growing awareness amongst consumers and the increasing technically sound population will positively impact the growth of the global market.
On the basis of end use, the report categorizes the global wearable market is segmented into four end-use segments, namely infotainment, fitness and wellness, industrial and military, and healthcare and medical. The segment of fitness and wellness includes products such as sleep sensors, activity monitors, smart clothing and smart sensors, and others.On the other hand, the segment of infotainment comprises products such as smart glasses, heads-up displays, smart watches, and others. The healthcare and medical sector comprises products such as wearable patches, drug delivery monitors, continuous glucose monitor, and others, whereas the industrial and military sector includes products such as augmented reality headsets, hand worn terminals, and others. Geographically, the report segments the global technology market into Europe, North America, Asia Pacific, and Rest of the World (RoW).
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The increasing penetration of smartphones and the rising internet mobility are amongst the key factors fuelling the growth of the global technology market. In addition, the increasing disposable income and the developing urban lifestyle have also resulted in individuals expending more on utilities, thus positively impacting the development of the market for wearable. The growing inclination and awareness amongst customers on energy efficient products will further provide impetus to the development of this market.
On the other hand, concerns of data privacy may pose a threat to the revenue generation in the market in the coming years, thus impeding the development of the market for wearable technology. In addition, the soaring cost of initial investment and the low battery life may negatively impact the development of this market.