According to the report published by IndustryARC titled “Wearable Technology Market Analysis: By Product Type (Wrist-wear, Eye-wear, Foot-wear, Neck-wear & Others); By Application (Fitness and wellness, Healthcare, Infotainment, Defense & Others)& By Geography – Forecast (2019–2024),” the Wearable Technology market is forecast to reach $48.56m by 2024. Rising demand from wearable devices for various applications such as medical, infotainment, fitness tracking, and so on is the major reason for the growth of the Wearable Technology market.

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The Wearable Technology market is all set to exhibit robust growth owing to the increasing applications of wearable technology in the fitness and wellness, infotainment, defense, and medical and healthcare industries. However, limited battery life and higher initial costs of wearable devices have restricted the growth of this market to a certain extent. The wearable technology market is estimated to grow at a CAGR of 15.42% during the forecast period.

With the increased focus on fitness wear and wrist wear devices, North America has dominated the wearable technology market in 2018. Asia-Pacific is expected to be the fastest growing region for the wearable technology market during the forecast period. The increasing demand from the medical and healthcare industry for various applications such as early diagnosis, remote patient monitoring, information registry, and adherence to medication are resulting in the growth of the wearable technology market.

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The demand from manufacturing industry is also one of the key driving factors for the wearable technology market due to the growth and development of Industrial IoT, in which diverse sensors can be used in the wearable devices that can procure huge amount of data
The rise in demand for IoT in various application such as smart homes, industries, and so on is driving the market for the wearable technology as the wearable devices are the key components of IoT and are used to procure the data to a large extent.

The major players in this market include

Adidas Ag
Apple Inc.
Fitbit, Inc.
Garmin Ltd
Nike Inc.
Google Inc.

Wearable Technology manufacturers have utilized product launch as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets.

The end-user industries covered in the Wearable Technology Market report include:

Fitness and wellness
Healthcare
Infotainment
Defense
Enterprise and Industrial

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.

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Related reports:

Wrist Wearable Devices Market:
https://www.industryarc.com/Report/167/wrist-wearable-devices-market-analysis-and-forecast.html

Wearable Medical Devices Market:
https://www.industryarc.com/Report/205/Wearable-medical-devices-Market-Analysis-Report.html

Wearable Fitness technology Market:
https://www.industryarc.com/Report/15471/wearable-fitness-technology-market.html

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June 13, 2019: The global wearable technology market is anticipated to reach USD 196.5 billion by 2022, according to a new study by Grand View Research, Inc. Research and development investment by large number of industry player is expected to fuel growth over the forecast period.

Increasing disposable income worldwide is expected to fuel industry growth over the forecast period. Technological advancement, price, quality, and battery life influence the buying decision of the end-users. The emergence of 3D printing solution and crowd funding is expected to positively impact the wearable technology market.

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Increasing smartphone penetration worldwide is expected to propel industry growth over the forecast period, owing to increasing wearable device compatibility. Advancement in semiconductor electronics is expected to favor more efficient and effective products, thereby fuel revenue growth over the next seven years.

Various health and economic benefits are expected to contribute to overall industry development. For instance, advertisement agencies can bring down research cost through the use of eye-wear, which can allow enhanced data collection of customers' feedbacks. Low battery life and high cost of some of the devices may hinder the industry growth over the forecast period. Data privacy concern may also adversely affect the industry demand.

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Further key findings from the study suggest:

The global industry is innovation driven and continuously evolving. The products available in the market include wrist-wear, neck-wear, body-wear, eye-wear and foot-wear. Companies such as Nike, Garmin, GOQii are offering wrist-wear for fitness and sport and healthcare application.

Applications include healthcare, fitness and wellness, infotainment, enterprise and industrial, and defense. Increasing concern about fitness and health among urban population is anticipated to drive demand over the forecast period. Advancement in virtual reality technology is expected to favor the infotainment segment over the next seven years. Government initiative to enhance their defense capability and provide soldiers with advanced technology is anticipated to drive investment in this sector.

North America wearable technology market is estimated to be the key regional segment and is anticipated to grow at a CAGR of around 32% over the next seven years. Increasing in awareness about the benefit of this technology will drive demand in Asia Pacific over the forecast period. Asia Pacific is expected to be key component manufacturing hub over the forecast period owing to availability of cheap resources. The region was valued over USD 3 billion in 2014, and is expected to grow at a CAGR of over 36% from 2015 to 2022.

Companies operating in the industry include Apple Inc., Adidas AG, Garmin, Fitbit, Nike, Inc., Google Inc., Jawbone, Sony Corp, Samsung Electronics Co. Ltd., and Xiaomi. In March 2014, Google Inc. launched Android operating system for wearable technology. CuteCircuit Technologies is a company that designs and develops wearable garments for both men and women.

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