European Wearable Technology Market: Germany and UK to Push Market at 42.1% CAGR during 2013-2019

According to a recent market research report published by Transparency Market Research, the Europe wearable technology market is expected to expand at a CAGR of 42.1% during the period between 2014 and 2019. The report, titled “Wearable Technology Market - European Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”, assesses the value of the overall market, which was worth US$308.69 million in 2013. With increased demand for wearable devices in sectors such as healthcare, military, and infotainment, the wearable technology market in the region is expected to be valued at US$2,545.51 million by 2019.The report points out that the large installed base and rapid adoption of mobile products has fuelled the market for wearable devices in Europe. Advances in material sciences have led to compactness, multi-functionality, and easy use of wearable technology products. Increased application of wearable devices across various sectors has pushed the growth of the market.

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However, the report cites that the high cost of wearable devices has resulted in low adoption of the products. Limitation on the size of the power source of wearable devices is further expected to restrain the overall market. The report mentions that the rapid growth in sports and fitness wearable technology is expected to open new opportunities for the market.On the basis of application, the European wearable technology market has been segmented into infotainment, fitness and wellness, industry and military, and healthcare and medical. The report further compiles the various wearable devices used in each of the application segments. In the industry and military sector, augmented reality headsets, hand worn terminals, and other devices are commonly used.Heart rate monitors, continuous glucose monitors, and wearable patches are some of the wearable technology devices used in the healthcare segment. Smart watches and smart glasses are much sought after in the infotainment sector. The fitness and wellness segment includes wearable devices such as running watches, sleep sensors, smart clothing, and activity monitors. The report points out that the fitness and wellness segment dominated the overall market in 2012 and is expected to continue as the largest segment during the forecast period.

In Europe, Germany was the largest market for wearable technology devices in 2012, with a share of 32%. Technological innovations are being introduced through various channels, which has led to increased adoption of wearable devices in the country. In the U.K., the Wearable Technology Show held in London in 2014 witnessed innovative products such as Optinvent Ora – an alternative to Google Glass, and smart clothing in the form of body armor. The report mentions that the U.K. market for wearable devices will grow at a CAGR of 41.8% during the forecast horizon. Countries such as Denmark, Sweden, and Norway are also expected to grow rapidly in the European wearable technology market.Some of the key players in the wearable technology market are Microsoft, Nike, Samsung, Google Inc., Sony, and Adidas.

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