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17.66% CAGR Growth by 2023 in the Wearable Technology Market| Major Vendors - ADIDAS AG, APPLE INC., FITBIT INC., GOOGLE INC., MICROSOFT INC., NIKE INC., QUALCOMM INC., SAMSUNG ELECTRONICS CO. LTD, amongst others
Market Analysis:Wearable technology is an emerging innovative technology that is integrated with electronics and can be worn on any part of the body, usually used as an accessory. The market has a significant number of startups that have invested in smart wearables. The ability to connect to the Internet and enable data to be exchanged between a network and a device is one of the most remarkable features of wearable technology.
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The wearable technology is widely being used in health and wellness, infotainment, fitness, military, healthcare and medicals, and the industrial sectors. This technology is constantly re-innovating itself with ideas of a connected smart wearable technology by using global cloud technology, and miniature and distributed sensors. The drivers of the market are the advancements in R&D causing increased innovation in recent years and demand for a market that incorporates high technology and design in daily living. The decrease in sensor prices and improvement in the quality of information gathered has led the high penetration in health and wellness segment. Real-time data collection, display, and transmission possibility to other devices have also caused the wearables to create a niche market in the medical device segment.
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Market Segments:
Wearable Technology Market is segmented by:
1. Component: Backplanes, Batteries, Conductors, Displays, Sensors, Others
2. Product: Activity Monitors, Augmented Reality, Continuous Glucose Monitor, Drug Delivery, Hand-worn Terminals, Heads-up Displays, Hearables, Sleep Sensors, Smart Clothing, Smart Glasses, Smart Watches, Wearable Patches, Others
3. End User: Fitness, Health & Wellness, Healthcare & Medicals, Industrial, Infotainment, Military, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa
Key Developments in the Market
• March 2018 - Garmin International, Inc. announced tactix Charlie, a new and improved ruggedized GPS wearable that combines specialized tactical functionality with mapping-enhanced navigation and advanced fitness training features.
• February 2018 - Garmin International, Inc. announced that the D2u2122 Charlie aviator watch has been selected by the United States Air Force (USAF) for use by the pilots of the Lockheed U-2 aircraft.
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