Wearable technology, also known by various other names like fashion electronics and tech tags is a type of clothing and accessories that incorporate advanced electronics and computer technologies. These accessories and clothes bear practical functions and features of the technology. Experts cite this technology to be the advanced consumer face of the internet of things (IoT) technology. Considering the technological advancements and rapid rate of adoption of this technology, researchers are expecting impressive growth in the global wearable electronics and technology market. The overall market is anticipated to maintain exponential rate in terms of demand, adoption, advancements and revenue across the globe.
Scope of Research – Market Segmentation
Researchers segment the global wearable electronics and technology market on the basis of the basic industry components. These components include products, technologies, applications, formfactor and geographic demand for these products. Most popular products in the market include wristwatches, footwear, eyewear and clothes. The major applications of the industry products range across enterprise, healthcare and consumer electronics industries. On the basis of geographic regions, the industry is segmented into North America, Asia pacific, Europe and rest of the world. The rest of the world region includes elaborate analysis of the regions like Middle East, Latin America and Africa.
Major Market Drivers
Major drivers for the wearable electronics and technology market include rapid development of new products, especially in wrist wear and eyewear segments. Growing customer inclination towards sophisticated gadgets that also have advanced functions and technologies is also expected to drive growth in the global market. Increasing interest of the enterprise as well as customers towards communication, networking and recognition technologies is also expected to drive major growth opportunities towards the industry in the years to come. Apart from that, rising growth trends in the next generation displays in the wearables are also expected to drive the industry growth.
Challenges & Opportunities
According to the researchers, the wearable electronics and technology market is expected to be restrained by several factors like high initial price range and power consumption of the advanced products running with high-tech features. Thermal considerations and device protection are also expected to be crucial challenges for the market. However, researchers in the market are hoping for impressive rise in business opportunities for the market with multi-featured devices, hybrid applications, integration and applications of E-textile and smart textiles, growing range of application areas for these devices and development of the technologies like key enabling are expected to create growth opportunities for the industry players in the years to come.
According to the experts, wearable electronics and technology market is expected to grow at an exponential CAGR of over 24% from 2014 to 2020. At the projected growth rate, it is anticipated to become worth $11.61 billion by the end of 2020. The Americas lead by the United States of America is expected to hold over 72% of the total shares of the global market. Asia Pacific region on the other hand is also poised to witness impressive rise in demand during the forecasting period.