According to a new market research report published by MarketsandMarkets, the wearable technology market is expected to grow from USD 15.74 Billion in 2015 to reach USD 51.60 Billion by 2022, at a CAGR of 15.51% between 2016 and 2022.
The future growth of the wearable technology market is expected to be driven by consumer preference for sophisticated gadgets, increasing growth prospects of next-generation displays in wearable devices, and growing popularity of Internet of Things (IoT) and connected devices.
Consumer electronics in the wearable technology market held the largest market size in 2015
Applications such as fitness and sports, entertainment and multimedia, and garments and fashion are majorly considered under the scope of the consumer electronics vertical. The increasing demand for smart gadgets and gaming devices for interactive gaming and entertainment is driving the growth of the wearable technology market for the consumer electronics vertical.
Headwear and eyewear product segment estimated to grow at the highest rate in the wearable technology market between 2016 and 2022
The headwear and eyewear such as smart glasses, augmented reality (AR) and virtual reality (VR) glasses and displays is a promising segment, which is gaining significant opportunities in the wearable industry. The AR and VR glasses are expected to grow significantly. These devices helps in projecting images at high resolution, and 3D images could be perceived easily. VR glasses have tremendous growth in entertainment and video games. For instance, in October 2016, Sony Corporation (Japan) launched a PlayStation with the VR glasses. Moreover, Volvo Car Corporation (Sweden) uses VR glasses to provide a virtual experience of a car, while buying the car. All such developments would certainly help the wearable technology market to grow at the highest rate between 2016 and 2022.
The adoption of wearable technology is continuously increasing in the U.S. with the increasing demand for wristwear/fitness wear, and health and wellness monitoring applications among others. The U.S. offers an ideal environment for innovation, which has facilitated massive advancements in the wearable technology. The presence of some of the leading players in the American region and the growing demand for consumer electronics such as wearable devices and gaming consoles are also boosting the adoption of wearable technology in different end-user industries (which includes entertainment and healthcare). In addition, the growing interest for investments and innovations in applications such as healthcare, garment and fashion is driving the growth of the wearable technology market in the American region.
Major players in this market include Fitbit, Inc. (U.S.), Apple, Inc.(U.S.), Xiaomi Technology Co. Ltd. (China), Garmin Ltd. (U.S.), Samsung Electronics Co., Ltd.(South Korea), Guangdong BBK Electronics Co., Ltd (China), Misfit, Inc. (U.S.), Alphabet, Inc. (U.S.), LG Electronics Inc.(South Korea), Qualcomm Technologies, Inc. (U.S.), Adidas Group (Germany), Sony Corporation (Japan), Jawbone, Inc. (U.S.), and Lifesense Group (The Netherlands) among others.