Wearable Technology Market Research Report Information Technology (Computing, Display, Networking, Sensor), By Product (Wristwear, Headwear & Eyewear, Neckwear, Wearable Cameras), Components (Control, Memory, Battery, Sensing, Connectivity), Applications (Fitness & Wellness, Consumer Electronics, Healthcare) and Region – Forecast 2027

ID: VPR/CO/1093 Publishing Year: January 2022 Pages: 109 Format:   


Wearable Technology Market Overview:

Wearables are electronic devices that may be comfortably worn on the body and are integrated with things. These items are either accessories or pieces of clothing. Sensors are used in these devices, which may track data in real time. The key rising factor of wearable technology market value is the increase in demand for smartphones, mobile networks, mobile applications, computing broadband access, and others.

The Wearable Technology Sector opens up new possibilities in people's lives. By the end of the projection period, the Wearable Technology Market will have grown due to the emergence of specialised markets, fewer competitors, low barriers, and the lack of standard devices. Wearable gadgets are still in the development stage, and their marketability is a major concern in the field of Wearable Technology.

Key Players:

  • Apple Inc.
  • Fitbit, Inc.
  • Garmin Ltd.
  • Adidas AG.
  • Nike Inc.
  • Samsung Electronics Co., Ltd.
  • Sony Corporation
  • Huawei Technologies Co., Ltd.
  • LG Electronics Inc.
  • Motorola Solutions Inc.

Market Drivers:

Technologists have accomplished the dream of integrating displays into wearable gadgets such as smart glasses and smartwatches after more than three decades of R&D. Recently, it has become feasible to produce flexible and economical electronic displays; however, the high requirement for luminance, high power consumption, and brightness difficulties are the key challenges that organisations confront. However, recent product announcements by a variety of industry companies indicate that display technology in Wearable Devices is improving. Nubia Alpha debuted a one-of-a-kind smartwatch with an OLED flexible display, a camera, and eSIM compatibility at MWC 2019 in February 2019. The Snapdragon Wear 2100 SoC, 1 GB RAM, and 8 GB internal storage are among the features of the Nubia Alpha smartwatch. The Nubia Alpha has a 500mAh battery and operates on a proprietary OS. Furthermore, developments in backplane materials are currently popular. Engineers utilise a metal oxide made of equal parts indium, gallium, and zinc in the backplane instead of silicon, giving the material its name—IGZO or indium gallium zinc oxide—which is used in sophisticated wearable display technology. The industry prognosis for integrating next-generation display technology in wearable devices is predicted to boost wearable product marketability even more.

Restraint:

The lack of a reliable and efficient battery system that could be easily worn without sacrificing the device's compactness and convenience of use is a major limiting issue in the Wearable Technology Market's Growth. The largest problem in Wearable Computing is addressing the power need and managing power consumption and battery recharge as all computer devices become one Wearable Device. With the growing demand for wearable devices, it's critical to not only achieve the power efficiency requirement cost-effectively, but also to regulate power usage. This factor is predicted to have a significant market restraint.

Regional Analysis:

The Global Wearable Technology Market is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean. Various countries in each region are investigated and analysed in order to determine the significant trends that these regions exhibit. In 2015, North America led the market, followed by Europe. Wearable Technology is widely used in North America in a variety of applications. However, in developing countries, this technology is still in its infancy.

Covid-19 Impact:

The COVID 19 pandemic is expected to have a significant impact on market size in 2020. The onset of this crisis has increased the Wearable Technology Industry's importance in the healthcare field. Some key players in this industry, but in relation to other sectors, are eager to enter the healthcare unit's landscape as a virus protection alert system. It is a health emergency of unparalleled proportions, affecting a wide range of sectors as well as recreational facilities. Some industries have more robust defences, while others are striving to return to their reformed and redefined stages. Many Wearable Technology Businesses' economies have been destroyed as a result of the severe inroads.

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