Westford, USA,, April 11, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Wearable Technology market will attain a value of USD 131.60 billion by 2030, with a CAGR of 13.5% over the forecast (2022-2030). The requirement for the safety, security and privacy of the customer's information is the main difficulty facing wearable technology as it expands more quickly. Due to the lithium batteries that are used in wearable technology and their proximity to the body, there may be a risk to the user. Due to the growing danger from hackers who can manipulate data, the user's security and privacy are also hampered. The lack of end-to-end information encryption, unsafe communication, and the development of cyber-related vulnerabilities are all consequences of the security and privacy issues that are also posing a danger to the adoption of wearable technology.
According to the SkyQuest's, Smart watches and fabrics that monitor a person's health in numerous ways use tiny sensors to help in comprehending and tracking these various characteristics. By using the wearable devices, these gadgets additionally simplify the payment service. The multipurpose watches that are used by people all around the world are smart watches. In this industry, ongoing research and development efforts have been crucial to the creation of novel products and services that have contributed to the market's growth in recent years. In the years to come, advanced features made possible by using these variable devices will further the market's expansion.
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Browse in-depth TOC on "Wearable Technology Market"
- Pages - 242
- Tables - 93
- Figures – 66
Wearable technology are electronic devices that can detect, analyse and send information about the body, such as vital signals, when they are worn near to or on the surface of the skin. Wearable technology, like activity trackers, is a prime example of the Internet of Things since it allows for data transmission between an object and its manufacturer over the Internet. The characteristics that always draw a buyer to a product are its elegant design and versatility, and wearable technology goods offer these advantages, which are anticipated to increase demand for wearable technology products.
Prominent Players in Wearable Technology Market
- AiQ Smart Clothing Inc.
- Alphabet Inc.
- Apple Inc.
- ASUSTeK Computer Inc.
- BAE Systems Plc
- CINOPTICS
- 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.
Consumer Electronics Segment Dominated the Market Due to High Adoption Rate
The consumer electronics segment dominated the global revenue. Applications for consumer electronics include entertainment, multifunction, apparel and fashion, fitness and sports, and many more. Industry companies are concentrating on creating gadgets that can keep end users' work hour tracking considering the rising consumer demand for wearable consumer electronics. Additionally, it is anticipated that increasing machine-to-machine communication and the proliferation of connected devices would assist the development of wearable consumer electronics and the expansion of the industry.
North America held a highly dominated the market share for wearable technology. The development of smart devices, the rising demand for more advanced wearable technologies and the affordable price of smart wireless sensor networks are driving the market for Wearable Technology in this region. The design and usability of Bluetooth smart watches are constantly being improved, which is further boosting their popularity in the US.
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Wristwear Segment Dominated the Market Due to Versatility and Convenience
The wristwear segment dominated the market and held a substantial market share. A mobile application can be coupled with a fitness wristwatch or band to provide the user with important fitness-related data and statistics. Leading producers of wristwear for sports and fitness include GOQii, Apple, Xiaomi, Fitbit and Nike. The watches and wristbands segment experienced a setback in the first half of 2020 as top Chinese manufacturers battled a manpower bottleneck and limited raw material supply. By the second half of 2021, the market experienced a slight comeback as manufacturing units started up.
Asia-Pacific region is a significant centre for manufacturing. Large manufacturing facilities for numerous industry categories are present in countries such as China and India (including consumer electronics, car manufacturing, and heavy materials, among others). The Wearable Technology market now has enormous prospects to grow at the fastest rate possible for business and industrial use. The region's high population density, rising per capita income in developing nations, and the availability of low-cost wearable 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 been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Wearable Technology Market
- In 2020, The company launched its Apple Watch lineup at that time. The health and wellness of an individual will be greatly enhanced 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 brand-new sensor. Verisense Pulse+ includes the 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 projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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