London, Oct. 31, 2019 (GLOBE NEWSWIRE) -- According to a new market research report “Wearable Devices Market by Product Type (Smartwatch, Earwear, Eyewear, and others), End-Use Industry (Consumer Electronics, Healthcare, Enterprise & Industrial, Media & Entertainment), Connectivity Medium, and Geography - Global Forecast to 2025”, published by Meticulous Research®, the wearable devices market is expected to grow at a CAGR of 11.3% from 2019 to reach $62.82 billion by 2025.
Several technology companies are considering wearable electronics as the next big innovation in the world of technology after smartphones. The global wearable devices market is witnessing a consistent growth owing to growing adoption of wearables across multiple application areas. Furthermore, consumer preference for connected devices and the increasing population of IoT and related devices is also contributing to the overall growth of the wearable devices market. However, factors such as lack of data privacy and security and lack of internet and associated infrastructure in underdeveloped countries are restraining the growth of the global wearable devices market.
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The wearable devices market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2025- by product type (smartwatch, earwear, clothing, wristband, and others), end-use industry (consumer electronics, healthcare, enterprise & industrial, media & entertainment, and others), and connectivity medium (cellular, NFC, Bluetooth, Wi-Fi, and ANT+).
Based on product type, smart watches segment is expected to command the largest share of the overall wearable devices market in 2019. The large share of this market is mainly attributed to growing technological up-gradation in smartwatches by key players, rising awareness pertaining to personal fitness and health among citizens, and increasing demand for wireless health monitoring devices. However, smart clothing is expected to register the fastest growth during the forecast period, mainly due to growing trend of wearing smart cloths; growing applications across various sectors such as sports, health, fitness, connected lifestyle, and defense; and high demand for monitoring body activities.
Based on connectivity, Bluetooth connectivity segment is estimated to command the largest share of the overall wearable devices market in 2019, owing to the fact that Bluetooth connectivity is easy to implement and less expensive. From everyday household items to health and wellness devices that are changing the face of healthcare, Bluetooth is the common thread across the most innovative wireless start-ups and solutions.
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Based on end-use industry, healthcare segment is estimated to account for the largest share of the overall wearable devices market in 2019. The large share of this market is mainly attributed to huge demand of wearable devices, such as fitness trackers, by medical professionals to acquire physiological, behavioral, and contextual data for the diagnosis, treatment, and management of chronic diseases. However, media & entertainment segment is expected to experience a rapid growth during the forecast period in the overall wearable devices market. The growth is mainly attributed to the factors such as rise of on-demand entertainment and growing craze for interactive gaming among youth. Besides, use of wearables for connecting several social media platforms is also gaining momentum, thereby supporting the demand for wearables in media and entertainment segment.
Geographically, North America is estimated to command the largest share of the overall wearable devices market in 2019. The large share of this region is mainly attributed to high adoption rate of wearable technology; increasing investments by key players; growing innovation in applications, such as healthcare, garment, and fashion; developed internet infrastructure; and presence of majority of established wearable device players and start-ups. However, Asia Pacific region is expected to witness rapid growth during the forecast period in wearable devices market. The rapid growth in this market is mainly attributed to rising population, increasing disposable income, growing penetration of internet, huge base of techno-savvy consumers, and growing investments from key players in the region.
The global wearable devices market is consolidated and dominated by a few major players, namely Apple Inc. (U.S.), Google LLC (U.S.), Microsoft Corporation (U.S.), Sony Corporation (Japan), Samsung Electronics Cp., Ltd. (South Korea), Garmin Ltd. (U.S.), Huawei Technologies Co., Ltd (U.S.), Fitbit, Inc. (U.S.), LG Electronics (South Korea), Misfit Inc.,(U.S.) along with several local and regional players.
Browse key industry insights spread across 130 pages with 104 market data tables & 23 figures & charts from the report: https://www.meticulousresearch.com/product/wearable-devices-market-5050/
Scope of the Wearable Devices Market Research Report:
Wearable Devices Market by Product Type:
- Smartwatch
- Earwear
- Clothing
- Wristband
- Others
Wearable Devices Market by End-Use Industry:
- Consumer Electronics
- Healthcare
- Enterprise & Industrial
- Media & Entertainment
- Others
Wearable Devices Market by Connectivity Medium:
- Cellular
- NFC
- Bluetooth
- Wi-Fi
- ANT+
Wearable Devices Market by Geography:
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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