Wearable Technology Market Future Analysis with Dominating Key Players Sony Corporation, Apple Inc., Adidas AG., LG Electronics Inc.

New York, According to a new market research report published by Global Insight Services Wearable Technology Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

Incorporating MEMS sensors such as accelerometer, gyroscope, and magnetometer into specialized wearable devices has led to rapid growth of wearable device market. These sensors have aided the fitness tracking wearable in monitoring body activities. Factors such as rising demand for smart devices in the healthcare sector and a surge in demand for IoT devices will propel the market forward.

The increased frequency of chronic diseases and obesity has led to increased adoption of wearable gadgets such as activity trackers and body monitors that provide real-time data on a user's overall health. These wearable gadgets also provide data on daily activities and physiological data like calories expended, heart rate, oxygen level, blood pressure, cholesterol level, and sleep.

View Detailed Report Description : https://www.globalinsightservices.com/reports/wearable-technology-market

According to a HIMSS survey, more than half of healthcare providers regarded wearable technology to be beneficial in monitoring their patients. They use commercial and personal-grade wearables to track prescriptions, check health conditions and vitals, follow post-operative patients' recovery, and track sleep.

However, as smart wearables' technological capabilities expand, complexity and data security issues are likely to become roadblocks to industry expansion. Nonetheless, in the coming years, ongoing research in the smart wearable field is expected to overcome these issues.

COVID-19 Impact

Global supply chains across industries were impacted on account of novel coronavirus which resulted in wearables market growing at a lower growth rate than expected. However, pandemic also increased peoples focus on monitoring health and increasing immunity which still resulted in good growth rates of wearable technology industry as compared to other industries. Mount Sinai researchers claim in one of the first studies on the topic that wearable devices can detect COVID-19 instances sooner than traditional diagnostic methods and can help track and enhance disease management.

Request Sample Report : https://www.globalinsightservices.com/request-sample/GIS10031

Key Trends and Drivers:

Over the projected period, the increased adoption of smartwatches and fitness trackers in the healthcare industry is expected to promote category growth.
Other growth factors for the market include product advancements such as the integration of linked devices with the Internet of Things (IoT), artificial intelligence (AI), and virtual reality (VR). Next-generation screens and tiny sensors are also being developed by manufacturers for use in head-mounted displays for high-end gaming and virtual and mixed reality experiences.
Sensors allow athletes and their coaches to collect data on anything from heart rate to acceleration to sleep, which has revolutionized the way certain athletes train. Athletes can use this information to create more effective training regimens, identify shortcomings, and track progress toward fitness goals.
Some of the key drivers in developing regions are the rise in disposable income and the fast acceptance and popularity of upgraded technologies.

Restraints and Challenges:

The lack of a dependable and efficient battery system that can be worn without compromising the device's compactness and convenience of use is a major limiting issue in the wearable technology market's growth. As the demand for wearable devices grows, it is critical to not only meet the power efficiency requirement in a cost-effective manner, but also to monitor power usage.
The consumer electronics industry is a fast-moving market. Market players risk significant price erosion as old technology items lose their value when new technology emerges.
Privacy and Data Security related to data collected using wearable devices remain a key challenge for users as well as regulators and manufacturers.

Segmentation:
By Type:

Wearable Textiles
Wearable Products and Devices (Non-Textiles)

Key Players:

Garmin Ltd.
Xiaomi
Huawei Technologies Co.Ltd.
Motorola Solutions Inc
Sony Corporation
Apple Inc.
Adidas AG.
LG Electronics Inc.
Fitbit Inc.
Alphabet

Free Customization Available : https://www.globalinsightservices.com/request-customization/GIS10031

Reasons to buy Wearable Technology Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

Contact Us:

Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

This release was published on openPR.