Wearable Technology
Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast, 2012 - 2018, a market report developed by US based market
research intelligence firm Transparency Market Research, is available
at the company’s enormous datastore.
Browse the full
report at Wearable Technology Market -
http://www.transparencymarketresearch.com/wearable-technology.html
The report states
that the global wearable technology market, which valued nearly USD
750.0 million in 2012, is expected to rise with a CAGR of 40.8%
during the forecast period of the report, i.e. between 2012 and 2018,
and rise to a value worth USD 5.8 billion by 2018. North America, the
current leaders of the market, could also top the market by the end
of the forecast period, garnering an expected 43.0% share of the
global wearable technology market.
Wearable technology
or wearable electronics refer to the electronic devices that are
incorporated with items of daily wearing, such as clothes,
jewelleries or accessories, and can be easily worn on the body.
Wearable technology
is still in its nascent stages and finds its major applications in
the fields of medicine, wellness and fitness, military forces and
infotainment (information fused with entertainment).
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Common wearable
devices in the wellness and fitness segments include activity
monitors, sleep sensors and smart clothing. The infotainment segment
includes products such as smart glasses, smart watches, etc. The
healthcare segment is flourished with products such as smart
monitoring devices such as continuous glucose monitoring devices,
implantable devices for timely drug delivery and wearable patches.
According to the
report, the end-user segment of healthcare and medicine garnered the
largest amounts of revenues for this market in 2012 and accounted for
an estimated 35.1% of its shares. This was followed by the segment of
wellness and fitness.
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By 2018, however, it
is expected that the segment of infotainment will surpass the market
shares of the wellness and fitness segment owing to the robust growth
in products such as smart watches and smart glasses. By the end of
the forecast period, the healthcare and medicines segment could
continue to lead the market due to the rising numbers of aged
population and a rise in the overall cases of diabetes in the world.
Factors such as
compactness, portability, multi-functionality, rising areas of
application and increasing adoption of these technologies by the end
users are driving the growth of this industry. The rising popularity
of technically advanced devices amongst the young generation and the
rising demand for real time and readily actionable data are also
fuelling demands of the market.
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However, the high
cost of technically advanced devices from this industry could hinder
its growth during the forecast period.
High adoption rates
and good consumer awareness about wearable technology have rendered
the region of North America as the leader of the global wearable
technology market. In 2012, it was estimated that this region
contributed nearly 2/5th of the total global revenues garnered by
this industry. This region is expected to face tough competition from
Europe and Asia Pacific regions, which, according to the report,
would have shares of about 49% of this market by 2018.
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