- Opportunity and Forecast, 2016-2025
Wearable devices has gained momentum over the past decade with advancements in technology and growth in trend of innovation. From healthcare to consumer goods sector, these devices are prevalent due to ease-of-use, flexibility, and convenience. It also saves time, enables real time monitoring, and offers operational efficiency. Eye gear, wrist gear, and head bands with innovative features and advanced specifications are preferred by consumers across the world. Monitoring health conditions and sending information to clinicians and medical professionals is possible through combination of wearable and smartphone.
Increase in prominence in sectors, which include telemedicine, cycling, running, and others along with monitoring health conditions are expected to drive growth in the industry. Demand for sophisticated devices with innovative features supplements the growth. Limited battery life, high power consumption, huge capital investments, and protection of these devices from external changing conditions are the factors estimated to limit the growth of the market. On the other hand, increase in applications of smart devices are expected to create new opportunities in the industry.
The global wearable devices market is segmented based on product type, application, and geography. Based on product type, the market is segmented into eye wear, body wear, neck wear, foot wear, and others. Applications covered are military, enterprise & industrial, consumer, and healthcare & medical. Geographically, the market is studied across North America, Europe, Latin America, Asia-Pacific, Middle East, and Africa.
Key manufacturers operating in the industry Jawbone, Fitbit, Adidas AG, Nike Inc., Beurer & Oregon Scientific, Timex Group USA Inc., BodyMedia, Samsung, Sony Corp., LG Corp., Google Inc., Motorola, Qualcomm, Martian, and others. These key manufacturers have adopted strategies, which include new product launches, collaborations, partnerships, expansion, joint ventures, merger & acquisition, and others to gain a stronghold and competitive advantage in the industry.
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