The increasing adoption of wearable, along with the rising technological advancements and the growing number of chronic diseases among the consumers, are the major factors that are surging the demand of the wearable technology market over the coming years.
Dublin, Ireland – July 17, 2020 /MarketersMedia/ —
The significant factors that are contributing to the growth of the wearable technology market include the increasing adoption of wearables across various application areas, such as consumer applications, defense, and fitness, along with the rising number of mobile networks that are enabling the development of wearable technology. Continuous technological advancement in the wearables, including the implementation of the internet of things (IoT) and inclination towards the connected devices, will further strengthen the demand of the market around the world.
The growing incidences of chronic diseases and obesity are leading to an increase in health concerns, which in turn, is encouraging the adoption of wearable devices to track the physical activities and monitor the body. In addition to this, the growing penetration of internet & smartphones, the increasing demand for next-generation displays in wearable devices, and various research & development activities are some other factors that are responsible for the expansion of the wearable technology market size. On the other hand, the limited battery life of these wearable devices and the high initial cost of the technology are certain factors that will have a negative impact on the growth of the wearable technology market share in terms of revenue.
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On the basis of product, the headwear & eyewear segment exhibits substantial growth potential and is expected to gain traction over the forecast period. This is attributed to the increasing adoption of the headwear & eyewear wearables among the consumers. Additionally, the growing penetration of virtual reality & augmented reality in several application areas is further energizing the demand of the segment.
Based on the application, the consumer electronics segment is predicted to witness considerable growth in the next six years. The increasing implementation of wearable technology in consumer electronics is the key driver that is surging the demand of the segment. In addition to this, the growing adoption of technologically advanced products such as wearable scanners to enhance efficiency and speed is another factor that will drive the market growth of this segment.
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On the basis of the region, the North American region is anticipated to dominate the wearable technology market in the next six years. The high adoption of wearable devices and the strong demand of the consumers for wearable technology are the major factors that are boosting the demand of the market. Furthermore, the large presence of various key players and continuous technological advancements are further creating growth opportunities for the market in this region.
The key players of the wearable technology market include Garmin Ltd., LG Electronics, Adidas AG, Xiaomi, Alphabet Inc., Samsung, Apple Inc., Fitbit, Inc., Qualcomm Technologies, Inc., and Sony Corporation, among others.
The research report on the wearable technology market provides an in-depth analysis of the market revenue based on type, product, technology, component, offering, application, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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