Westford, U.S., April 11, 2023 (GLOBE NEWSWIRE) — SkyQuest projects that Market for wearable technology will reach a value of USD 131.60 billion by 2030, with a CAGR of 13.5% over the forecast (2022-2030). The requirement for safety, security and privacy of customer information is the biggest difficulty for wearable technology as it expands faster. Due to lithium batteries used in portable technology and their proximity to the body, there may be a risk to the user. Due to the growing danger of hackers who can manipulate data, user security and privacy are also hampered. The lack of end-to-end information encryption, insecure communication, and the development of cyber-related vulnerabilities are all consequences of security and privacy concerns that also pose a danger to the adoption of wearable technology.
According to SkyQuest’s, smart watches and drugs that monitor a person’s health in numerous ways use tiny sensors to help understand and track these various characteristics. Using the portable devices, these gadgets further simplify the payment service. The multifunctional watches used by people all over the world are smartwatches. In this industry, ongoing research and development efforts have been crucial to the creation of new products and services that have contributed to the market’s growth in recent years. In the coming years, advanced features made possible by using these variable devices will fuel market expansion.
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Browse in-depth Table of Contents on “Wearable Technology Market”
- Pages – 242
- Tables – 93
- Figures – 66
Wearable technology is electronic devices that can detect, analyze and transmit information about the body, such as vital signs, when worn close to or on the surface of the skin. Wearable technology, like activity trackers, is a prime example of the Internet of Things as it allows for data transmission between an object and its manufacturer over the Internet. The features that always attract a buyer to a product are its elegant design and versatility, and wearable technology products offer these benefits which are expected to increase the demand for wearable technology products.
Prominent players in the wearable technology market
- AiQ Smart Clothing Inc.
- Alphabet Inc.
- Apple Inc.
- ASUSTeK Computer Inc.
- BAE Systems Plc
- CINEMA OPTICS
- Citizen Watch Co. Ltd.
- Fossil Group Inc.
- Garmin Ltd.
- Huawei Technologies Co. Ltd.
- K Wearables Ltd.
- Kopin Corp.
- Lenovo Group Ltd.
- LG Electronics Inc.
- Magic Leap Inc.
- Polar Electro Oy
- Samsung Electronics Co. Ltd.
- Vuzix Corp.
- Xiaomi Inc.
- Elbit Systems Ltd.
The consumer electronics segment dominated the market due to high adoption rate
The consumer electronics segment dominated global revenue. Consumer electronics applications include entertainment, multifunction, apparel and fashion, fitness and sports and many more. Industrial companies are concentrating on creating gadgets that can keep end-users’ working hours tracking considering the increasing consumer demand for portable consumer electronics. In addition, increased machine-to-machine communication and the proliferation of connected devices are expected to aid the development of portable consumer electronics and the expansion of the industry.
North America had a highly dominated market share for wearable technology. The development of smart devices, the increasing demand for more advanced wearable technologies and the affordability of smart wireless sensor networks are driving the Wearable Technology market in this region. The design and usability of Bluetooth smartwatches are constantly improving, further increasing their popularity in the United States.
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The wrist wear segment dominated the market due to versatility and convenience
The wrist wear segment dominated the market and held a significant market share. A mobile application can be paired with a fitness wristwatch or band to provide the user with important fitness-related data and statistics. Leading manufacturers of sports and fitness wristbands include GOQii, Apple, Xiaomi, Fitbit and Nike. The watch and bracelet segment experienced a setback in the first half of 2020 as top Chinese manufacturers struggled with manpower bottlenecks and limited raw material supply. In the second half of 2021, the market experienced a slight comeback as production units started up.
The Asia-Pacific region is an important center for manufacturing. Large manufacturing facilities for several industry categories are present in countries such as China and India (including consumer electronics, automotive manufacturing, and heavy materials, among others). The Wearable Technology market now has huge prospects to grow at the fastest possible rate for business and industrial use. The region’s high population density, increasing income per population in developing countries and the availability of cheap portable devices from manufacturers in China and India, as well as in countries such as Australia, Singapore, China and Japan.
A comprehensive analysis of the major players in the Wearable Technology market has recently been conducted in a report. The report covers various aspects including collaborations, mergers, innovative business policies and strategies that provide valuable insights into key trends and breakthroughs in the market. Furthermore, the report examines the market share of the top segments and presents a detailed geographical analysis. Finally, the report highlights the major players in the industry and their efforts to develop innovative solutions to meet the growing demand.
Key developments in the wearable technology market
- In 2020, the company launched its Apple Watch series at that time. An individual’s health and well-being will be greatly improved by this product. The addition of new functions to the watch series supports the monitoring of blood oxygen saturation.
- Verisense Pulse+, from Shimmer Research, was released in March 2021. For the Verisense platform, it is a completely new sensor. Verisense Pulse+ includes photoplethysmogram (PPG), inertial measurement unit and galvanic skin response (GSR) (IMU).
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Key Questions Answered in Wearable Technology Market Report
- What specific growth drivers are expected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they achieved their positions of influence?
- In what ways do regional trends and patterns differ in the global market, and how might these differences shape the market’s future growth?
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