Wearable Computing Market Size, Share, Growth Analysis, Demand Forecast, Revenue, Future Outlook and Impact of COVID
Research Reports
Mar 18, 2022
Market Insights
Wearable computing includes devices which are normally small computing devices that can be worn on the body. They can be used for a variety of specific purposes or general purposes depending on the device. Market Research Future has determined the growth of the market at a CAGR of 15% during the projection period from 2017 to 2023. The rapid development in the market and equally rapid adoption of wearable computing is expected to result in an estimated market value of USD 35 Bn by the end of 2023. Wearable computing extends to various types of devices ranging from activity monitoring devices, and wearable cameras, to intelligent eyepieces and smartwatches.
Innovation in the Wearable Computing Market has been consistent for decades. However, it is in the past few decades that real progress has been witnessed as innovative wearable devices are rapidly being launched one after the other with every new version growing more and more sophisticated. Wearable computing has been designed for a number of industry verticals such as defense & security, medical & healthcare, home automation, enterprise & industrial, infotainment, fitness, and entertainment applications. Medical wearable devices have had perhaps the most utilitarian impact as they are increasingly being used to monitor patients among other applications. Fitness applications such as the Fitbit and other similar wearable devices which work in tandem with smartphones to display vital health states such are heart rate, activity rate, and others. Increasing health consciousness among millennials and the desire to manage one’s own health has resulted in widespread adoption of such fitness and wellbeing devices. Smartwatches are another fine example of wearable computing as these devices sync with smartphones to run applications and tasks in an integrated or independent manner. Research and development of independent wearable computing are likely to produce new opportunities for growth. Various market players in the wearable computing field are increasing investments in wearable computing technology and working toward the development of devices that work well with the internet without the need for syncing to smartphones. The high adoption of smartwatches, wristbands, and other devices is expected to propel the market. While consumer fascination with novel technology, gadgets, and smart technology is expected to both drive the market and lead the market toward new technology.
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It should be noted, that despite the high promise present in the market regarding its growth, high power consumption and restricted battery usage is likely to hinder market growth. These challenges are likely to be mitigated by ongoing R&D activities toward improving currently available devices.
Segmentation
The global wearable computing market has been segmented based on technology, product, and end user. By technology, the market has been segmented into display technologies, networking technologies, and other technologies. The display technologies segment is further segmented into augmented reality and virtual reality. The networking technologies segment is further segmented into Wi-Fi and Bluetooth. By product, the market has been segmented into smart clothing and textiles, activity monitoring device, wearable camera and virtual reality eyewear. By end-user, the market has been segmented into defense & security, home automation, medical & healthcare, enterprise & industrial, fitness & wellness, infotainment, gaming, and other applications.
Key Players
Some of the key players of wearable computing market include Nike Inc. (U.S.), Pebble Technology Corporation (U.S.), Valve Corporation (U.S.), Zephyr Technology Corporation (U.S.), Samsung Electronics Co., Ltd (Republic of Korea), Smartlife Technology Ltd (Manchester), Fitbit Inc. (U.S.), Apple Inc. (U.S.), Adidas AG (Germany), LG Electronics, Inc. (Republic of Korea), Motorola Mobility Holdings, Inc. (U.S.), Sony Corporation (Japan), Philips Healthcare (Amsterdam), Microsoft Corporation (U.S.), and Boston Scientific Corporation (U.S.)
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Regional Analysis
The key markets of the global wearable computing market include North America, Europe, Asia Pacific and the Rest of the World (RoW). North America is dominating the market for wearable computing, and the US and Canada are the key contributors in the region. The market has been witnessing rapid growth on account of increasing investment in the development of the technology and rising popularity of the technology and related products. Europe is the second largest market for wearable computing, Germany, France and the U.K being the key contributors in the region. Massive investment in R&D activities can be attributed for the growth of the market in the region. Asia Pacific is expected to be the fastest growing market for wearable computing, and the Rest of the World is also expected to exhibit steady growth over the forecast period.
Industry Updates
- In July 2018, Toronto-based Myant Inc and Pittsburgh-based developer and manufacturer of Printed Electronic solutions, Butler Technologies Inc, announced the licensing agreement of Myant’s wearable electro-luminescent (EL) lamp technology.
- In July 2018, AT&T announced a strategic investment with Magic Leap, developer of proprietary spatial computing and experiential platforms. The agreement will focus on the development of a new kind of contextually aware, intelligent, wearable computers. Through the agreement, AT&T has become the exclusive distributor of Magic Leap products for consumers in the U.S.
- Scientists have developed tattoo-like circuits for use in wearable computing. The circuits are made using an off-the-shelf printer and develop highly flexible circuits at low cost which adheres to human skin. These tattoo like circuits have mechanical properties similar to lightweight fabrics and can be bent, folded and twisted.
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Target Audience:
- Research Firms.
- Government Agencies
- Wearable smart device and accessories manufacturers.
- Military and security systems and equipment manufacturers.
- Multimedia marketing and gaming industries.
- Cloud services providers
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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