Wearable Technology Market (Covid-19 update) 2020 | Deep analysis of the market with Top Key Players and Future Forecasts To 2022

Wearable Technology Market size in 2015 was valued at $19,633 million growing at CAGR of 16.2% to reach $57,653 million by 2022. Wearable technology market has witness increased adoption owing to factors such as ease of use, flexibility and convenience. Moreover, it provides real time data monitoring, operational efficiency and fitness tracking which further supports the market growth.

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Wearable technology industry is projected to depict a prominent growth from 2016 to 2022 in Asia-Pacific owing to technological advancements, entry of large players, and increase in awareness of the benefits offered by wearable devices. Furthermore, the market possesses high growth potential due to increasing trend of Internet of Things (Iot). However, the wearable technology market is at a nascent stage and some of the regions such as Africa are still untapped.

Increase in health concerns such as obesity and other health-related problems are encouraging people to adopt fitness devices, thus minimizing the hospital bills. Moreover, various other benefits offered by these devices such as placing calls and viewing notifications at ease supplement the growth of the global wearable technology market. Many enterprises use wearables to increase productivity of employees and to keep a track on their performance. Moreover, smart textiles are launched in the market with embedded sensors, thereby providing the user with whole body tracking. For instance, in 2015, Ralph Lauren launched sensor-laden shirts named "PoloTech", which has attached biometric sensors to check heart rates, stress levels, and calories burnt. Such innovations by various companies accelerate the wearable technology market growth.

The report segments the global wearable technology market on the basis of devices, product type, application and geography. Based on devices, the global wearable technology market is categorized into smart watches, fitness and wellness devices, smart glasses, smart clothing and others. The smartwatches devices segment is expected to witness the fastest growth, registering a CAGR of 19.9%. Among the product type segment, the fitness & sports segment dominated the wearable technology market with over 39% share in 2015, and is projected to maintain this trend throughout the forecast period. However, Entertainment sector is anticipated to grow at a highest CAGR of 35.7% during the forecast period.

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The geographical analysis of the global wearable technology market covers North America, Europe, Asia-Pacific, and LAMEA. Various countries covered under each region are studied and analyzed to identify the major trends demonstrated by these respective regions. North America dominated the market in 2015, followed by Europe. North America extensively uses wearable technology in various application areas. However, this technology is in their emerging state in developing countries.

Key players profiled in the report are Apple Inc., Fitbit, Inc., Garmin Ltd., Adidas AG., Nike Inc., Samsung Electronics Co., Ltd., Sony Corporation, Huawei Technologies Co., Ltd., LG Electronics Inc., and Motorola Solutions Inc.

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