Wearable Technology Market Pegged for Robust Expansion by 2031 | Garmin Ltd., Xiaomi, Huawei Technologies Co.Ltd., Motorola Solutions Inc, Sony Corporation

Global Wearable Technology Market report from Global Insight Services is the single authoritative source of intelligence on Wearable Technology Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. 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.

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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.

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.

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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.

Segmentation:

By Type:

Wearable Textiles
Wearable Products and Devices (Non-Textiles)

By Product:

Wristwear
Headwear
Footwear
Fashion & Jewelry
Bodywear

By Application:

Consumer Electronics
Healthcare
Enterprise and Industrial Application

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Key Players:

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

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This release was published on openPR.